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Nifty Prediction for 08 August 2024. Nifty weekly Expiry analysis.
Nifty rebounded from the lower levels after and holds higher above the opening levels for the day, breaking the 3 day losing streak. Other global markets also giving a positive sign after we saw recovery in the US and the other Asian Indices. For Thursday, RBI Monetary Policy will be in focus that might direct the market moves.
Today, Nifty opened a gap up and continued to trade higher, in a range throughout the day, as predicted, where Nifty sees taking support at the 24,200 level with very little volatility compared to the previous sessions, led by the positive global cues.
Along with Nifty, other Indian Benchmark Indices perform well, where the Midcap Nifty leads the market with a gain of 2.69% indicating that the correction is over, but it’s not as easy, as it sounds.
Nifty traded within a range of 100-150 points today showing a less volatile day, after an extensive sell-off in the last three trading sessions, and also breaking the 3-day losing streak, which might provide some strength among the market participants.
More than that, we have seen a global cool down in the equity segment selling, as the US indices traded higher in yesterday’s session, and Japan’s NIKKEI has also recovered its losses.
Anyway, Nifty ended the day at 1.27% or 304.95 points higher at 24,297.50 led by the PSE, CPSE, Oil & Gas, Metal, and Energy sectors, and most importantly the Nifty Midcap and the Smallcap sector jumped the most among traditional indices with more than 2.5% each.
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 08 August 2024
Nifty traded flat today, taking support at the 24,200 level and rising above the 50DEMA indicates a potential strength in the market, and may push the market higher in the coming days.
For Wednesday, the market moves are mainly going to be RBI’s monetary policy focused but the market participants are expecting that the Repo rate is going to be unchanged at 6.5% for the 9th consecutive term and will maintain its stance of “withdrawal of Accommodation”.
On the chart, Nifty has shown quite a good recovery from the lower levels and managed to maintain its gains which is a positive sign for the overall market, and Nifty is likely to trade higher in the coming days with the nearby support at 24,000 levels and the resistance at the 24,500 levels and till Nifty cross this level, we can’t fully anticipate that the market correction is over.
Technical Indicators are showing a sign of recovery where the RSI has risen to 50 on the hourly chart, and also seen a sharp U-Turn on the daily timeframe, while the MACD is also giving a positive crossover on the hourly timeframe. As well as the PCR has also risen from 0.5 to 0.7 indicating a strong Buying driven market ahead.
What to Expect from Nifty on 08 August 2024
For Thursday, we might see a volatile market, as tomorrow is the weekly expiry of the Nifty50 index and we have a hands-on delivery of the RBI monetary policy, so we expect a flat opening on Thursday 08 August 2024, with a positive bias, and the market may try to find its way higher around the 24,500 level.
So, on Thursday, 08 August 2024, My view is positive, with strong support for Nifty at the nearest psychological level of 24,000 while the resistance and the nearest psychological level at 24,500.
Despite a strong market today, we may once again see selling on Thursday, if there are any weaker signs in the monetary policy as the food inflation is still high, so any selling in the market will lead the market to the 24,000 level and below that we may enter a bearish market for the coming weeks.
“Here are the trading levels for Nifty – 24,000 – 24,600“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 24,000 (86.81L) | 25,000 (1.04L) |
| 24,100 (76.77L) | 24,800 (76.09L) |
| 24,200 (46.15L) | 24,500 (68.8L) |
Note: 24,600 has more Put OI than 24,200 of 69.11L but that is not relevant for tomorrow’s trading session.
Nifty50 Support and Resistance for 08 August 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,200 | 24,400 |
| 24,100 | 24,500 |
| 24,000 | 24,600 |
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 🙂
