Nifty Tomorrow: Prediction, outlook and Trend for 18th Mar 2021

Medium Term Trend:  👇Down (Changes to up above 15200)

Nifty @ 14721 Down 190 points  : Downward Bias continues

Nifty's failure to give a consecutive close above 15150-15200 last week, had raised a possibility of market continuing its sideways to down move for some more time. The trend continued & this has now encouraged bears to go on offensive and drag Nifty back towards 14700 levels. In the process, option buyers continue to suffer and Puts and Calls continue to lose premium ( just 6 trading days remaining for monthly expiry). 

In the last post we had mentioned that "Moving ahead, we see good support in 14800-14900 zone and resistance ofcourse is at 15200 levels. As a trader one should be patient and not try to trade market on both side"

Nifty broke below 14800 on Monday which suggested that current down-move or sideways range can get extended a bit lower (towards 14500-14700 probably). 14500 & 14700 are previous swing long and ideally should offer some support of markets going forward and since the entire pattern is looking like a channeled corrective or sideways downmove, chances of any serious sell off which takes Nifty below 14500 is looking unlikely for now but if we continue to see weakness below 14500 levels then we will have to reanalyze things. On the upside theres a strong resistance around 15050-75 levels ( yesterdays high) and if Nifty could move over it next 2-3 sessions then Nifty could retest 15200 levels & start a fresh leg on the upside.

In Nutshell, for short term, there could be some more pain and Nifty could drag a little more but overall Nifty should break on the upside (whenever this consolidation gets over).

Happy Trading

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