Dalal Street Week Ahead: #NiftyFuture Trend Decider For 3rd Week Of March 2021

NiftyFuture last close: 15051.40 (-1%)

Indian market witnessed a volatility trade in last week

The benchmark Nifty50 was climbed 0.68% and Sensex rose 0.7% in the week ended 12 March

Smallcap index spiked 1.35% while Midcap index almost in flat note on last week

In last 10 days index was opened 6 gap up and 4 gap down

Indian equities was seen huge volatility in March so far due to global sentiment, US bond shot up and Covid-19 cases resurging

FIIs net bought Rs 3327 crore in March so far while they bought 1129 crore in last week

DIIs net sold Rs 1396 crore in March so far and they bought 272 crore in last week

Industrial production came by 1.6% in January. Meanwhile, retail inflation rose to a 3 month high pf 5.03% in February Vs 4% on Jan

As the increasing price of oil continues to have a ripple effect across the all sectors

Tomorrow, WPI inflation, WPI Food, WPI Fuel and WPI Manufacturing report will be out around 12 pm

I am expecting WPI inflation will be come out above 3% Vs 2.03%

Indian markets facing a two big troubles, Covid-19 cases resurging and expecting fresh lockdown in selected cities and another trouble spiking a oil price

On global side, After the signing of the $1.3 trillion US stimulus package, now all eyes will on the US Fed policy meeting on March 17

US bond yield continues to rise its out weighted markets sentiments

NiftyFuture weekly trend decider 14860 and 15375

On Friday, NiftyFuture was erased opening gain and lost more than 150 points

NF was formed a big bearish candle on daily chart and a Doji pattern formation on a weekly chart. However, Nifty has closed above 15000 mark

On previous week, NF was came 15320 then hammered and bottom-out at 14860 and last week NF was came 15375 then fell 14960 in single day

In last two weeks, NF trading range between 14850 to 15400.

Let’s see technical levels

NiftyFuture is sustains above 15200, we can see bulls action up to 15320-15450

But, As per technical chart…………. be cautions at higher level and avoid fresh buying

On other side, NF can be considered as weekly support at 14860 which was indicated previous week low

Once if breaks and closes below 14860 then will see further weakness up to 14650 and 14520

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Updated: 10.52 am / 14th March 2021