NiftyFuture last close: 14714.95
The Indian equity markets witnessed side-ways movement in the week ended on May 14
The net tally was, Nifty50 dropped 145 points or 0.97% to close at 14677 while Sensex fell 474 points or 0.95% to ended at 48732
The last week was seen mixed global, higher inflation in USA, huge shortage of vaccinations, and rising Covid-19 cases in India
Many states to extend the full lock-down to end of May month like Kerala, MH, WB, Telugana, TN and Karnataka. More than 85% of cases coming from these states
However, CPI inflation and IIP data came better than expected but failed to provide support to Indian equities!!
The overall all indices was fell limited, Mid-cap index fell 0.5%, Small-cap index ended in flat, Large-cap index dropped 0.75% IT declined 2.5%, and metal index fell 4.5%
FIIs (Foreign Institutional Investors) sold 3620 crore while DII (Domestic Institutional Investors) sold 1244 crore in the week ended May 14
However, in the month of May FIIs sold Rs 8713 crore worth of stocks and DIIs net bought Rs 891 crore in cash segment
After long time volatility index closed below 20 mark
On 17th May, April month WPI inflation data is there
Following company will be declaring earnings reports on coming week. Like on Monday Bhartiartl, Colpal. On Tuesday Canbank, Tatamotors, Tatamtrdvr. On Wednesday Ibullhsgfin, IOC. On Thursday Bosch, HPCL, Havells. and Friday Shreecem, Hindalco
Investors worried about local sentiment and many states announced the strict lock-down
India reported around 3.5 lakh daily infections in last few days and recovery rate stood around 85%. As on 15 May active cases are 36.55 lakh
NiftyFuture weekly trend decider 15025 and 14450
NF formed a small bodied bearish candle on weekly scale and formed a bearish candle on a daily scale carrying lower shadow which was indicating buying support at lower levels
NF is facing a resistance 14760 which was indicating 50 DMA if stays above the level will try to move 14940 and 15025-15050.
Very strong resistance around 15025-15050 for short term if closes above the level, Further bulls action will be expected up to 15200+
On other hand, NF continues to hold above 100 DMA around 14600 which is acts as minor support
If sustains below 14600, bears will be dominating up to 14450. Thereafter we see further weakness but chances are remote only!!
Don’t short at very lower levels
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Updated: 09.04 pm / 15th May 2021
