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Nifty prediction for 07 August 2024. Nifty below the 24,000 mark.
Nifty is below the 24,000 level but it is taking support at the 50 DEMA which indicates that the market will likely to trade higher on Wednesday, and also the global market is showing a sort of recovery today.
On Tuesday, Indian Benchmark Indices opened a Gap Up along with Nifty50 but sooner it started falling sloping downward and entering the red territory in the last hour of the trade, taking support at the 24,000 level.
The Nifty fell more than 400 points from the day’s high, equivalent to 1.73%, and ended the day with a loss of 0.26% or 63.05 points below the support level of 24,000.
But, we can say that it is likely taking support at the 24,000 level and it is likely that it will rise on Wednesday, as the global markets are recovering with the US Markets trading 1% in the early trading session, and the NIKKEI has recovered more than 10% today.
Today, Nifty Financial Services leads the losers with a loss of 1.06% followed by the PSE, Auto, and Banking Sectors, while Nifty Realty outperformed the market by rising 0.83% in the weak market.
Also Read: Nifty Midcap Select Index Weightage
Nifty50 Prediction for 07 August 2024
Nifty is taking support at the 50 DEMA on the daily chart and is likely to take support at the 24,000 mark, but it failed and ended the day at 23,992.55, which is a key support level for Nifty50 and if it needs to recover from here, then it must have to stay above the 24,000 level otherwise if it falls below the 50DEMA and sustains below it then we can see that Nifty has entered the bear market.
As of Now, Nifty has not shown any sign of strong support at any level but it’s trying to stay positive the fear among the market participants results in profit booking – which ultimately takes the Index down.
But for tomorrow, it is likely that Nifty will rise a little if it continues to sustain above the 50 DEMA as we have seen a significant rise in the global market, where the Nikkie has recovered more than 10% on Tuesday after the intense selling on Monday, and the US market is also trading 1% higher as of writing this article.
FIIs and FPI Activity
On Monday, FIIs has net sold shares worth Rs. 3,531 Cr (Data from NSE). In the Futures segment, FIIs have sold Nifty Futures worth Rs. 1,272 Cr, while the OI in the Futures is decreasing, from 1.1L to 78,719. In the Index Option, FII has bought more Puts that Call resulting in significant downward movement in the Index.
What to Expect from Nifty on 07 August 2024
For Wednesday, the Nifty is likely to rise and might open a little higher above the 24,000 mark as the Nifty is taking support at the 50 DEMA, and it has the highest Put OI at the 24,000 level of 65.59Lakhs, and also the global market has seen some recover after a quite intense correction in the last couple of days.
While it’s likely that the nifty will trade higher on Wednesday, it has its first resistance at the 24,200 level followed by 24,300 and 24,500 levels. Also in the last trading hour today, Nifty showed some buying activity from the day low around the 24,000 level, which is a positive sign for the market.
As the market is weak, traders should avoid building any long positions till Nifty has found any strong support as any recovery for now will not last longer and the market may fall anytime as the uncertainty continues.
“Here are the trading levels for Nifty – 23,800 – 24,300“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 24,000 (65.59L) | 25,000 (1.3Cr) |
| 23,500 (53.77L) | 24,800 (79.27L) |
| 23,000 (52.65L) | 24,500 (66.7L) |
Nifty50 Support and Resistance for 07 August 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,000 – 23,800 | 24,200 |
| 23,700 | 24,400 |
| 23,500 | 24,500 |
Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the Trade Setup after analyzing the Market.
Happy Trading 🙂
