Dalal Street Week Ahead: #NiftyFuture Trend Decider For Feb 2nd Week 2021

NiftyFuture last close: 14930.65

What a amazing week and Indian market was seen biggest ever weekly gains more than 9% in benchmark index

On Feb 1st Finance Minister submitted a growth-oriented Budget with no new taxes which was helped to lift the markets

The another news companies declared the strong earnings report, Global cues and FIIs turned to buying. This all factors boosted the market sentiment

Nifty finally crossed the magical figure 15000 gained 1290 points (+9.5%) while Sensex rose 4450 points (+9.6%) to the week ended

Especially Banknifty index rose more than 16% and biggest gainer in last week however PSU bank index gained 25% while Midcap index gained 7.25% and Smallcap index rallied 6.4%

Biggest gain was seen SBIN and ITC. SBIN announced big result while ITC rallied 15% were Budget didn’t propose in tax for cigarettes which contribute 40-45% to the company’s revenue

On coming week major companies will declare the earnings reports likes Bpcl, ITC, Auropharma, Titan, Hindalco, Gail, Acc, Coalindia, Grasim, Suntv, Bergepaint, Muthootfin, Powergrid and Ongc

Macro economic date industrial production for Dec and CPI inflation for Jan that will be released on Feb 12

FIIs pumped more than 13500 crore in the week ended Feb and other hand DIIs continues to book profits as they sold Rs 4700 crore in the last week

The volatility index has sustained around 23 to 25 levels during the week

NiftyFuture gained 0.2% on Feb 5 and rallied more than 9% for the week

NF has formed a bullish candle on the weekly charts and formed small bodied bullish candle on daily charts which indicates some consolidation on daily but overall the view favour the bulls

NF considering the weekly trend decider 14480 and 15030

(Do you know ? Before budget week I did mention my support trend decider 14250. After broken 14250 fell up to 13670. Then in budget week I did mention resistance trend decider 14250. After broken 14250 rallied 15000)

Now, NF is facing a weekly resistance at 15030. Once if breaks and closes above the level rally will be continue up to 15230 and 15400 which is Fibonacci resistance.

On other side NF will take immediate support is placed at 14730, 14600 and 14480

Major support at 14480 which is indicated last 4 session’s low

Overall view…….. Favored for bulls…… If there is any declines can buy!!