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Nifty Prediction for 10th July 2024.
Nifty is trading at its all-time high level but there is a huge resistance for Nifty at 24,500 on Wednesday as it heading towards the 25,000 level. And its more likely that Nifty may cross the 24,500 level of Wednesday, but holding above that level might seems difficult for Nifty50.
Today, Nifty opened higher and continued to trade higher throughout the day, making a new all-time high of 24,443.60, ending the day with 112.65 points gains as Auto, FMCG, and Healthcare stocks shone.
While Nifty headed higher on Tuesday, the Smallcap 100 index traded flat despite bumper opening gains indicating that market participants are losing buying interest and there might be a bubble forming as Nifty slowly gets new highs day by day.
Looking at the Nifty 50 Stocks,
Top Gainers: Maruti Suzuki, Mahindra & Mahindra, ITC, Divi’s Lab, Britannia Industries
Top Losers: Tata Consumer, Reliance Industries, Shriram Finance, ONGC, Bajaj Finance
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 10th July 2024
As the Earning week starts, the Nifty is likely to trade flat or you can say the Nifty might trade Momentum less as the Q1FY25 earning week starts and companies are yet to announce their results including the Index heavyweights that might shake the market as we saw previously in the HDFC Q1 results case.
Looking at the charts, Nifty is still trading near the upper trendline of the Ascending Broadening Wedge Pattern and trading near its strongest nearby resistance level of 24,500.
So, as this pattern is considered Bearish, it is likely that the Nifty might fall back if it isn’t able to hold above the 24,500 level of faces resistance crossing this level – taking the Nifty below 24,000 or even lower to the 23,500 level.
Taking the earnings of the biggest giants into account – then it is predicted that the Tech companies are likely to underperform the Dalal Street estimates – which you can see in the preview of TCS which is set to announce its first-quarter results on June 11, and it is likely to see a -3.5% dip in the Q-O-Q profit – ultimately participating in taking Nifty down.
Must Read: Bank Nifty Prediction for 10th July 2024.
What to Expect from Nifty on 10th July 2024
for Wednesday, 10th July 2024, Nifty is likely to open on a positive note, and it may trade higher crossing the 24,500 level then it’s interesting to see if it holds above that level or falls back to 24,400 during the day.
So, on 10th July, Nifty is likely to trade higher as the overall sentiment is bullish as Nifty is consistently making new all-time highs but if we look at the technical chart, then Nifty looks tired, and it needs some rest, hence it may fall to the 24,000 level in coming days.
Also, the FIIs are not interested in Buying as they are creating more short positions compared to long positions indicating that the market is likely to take a dip in the coming days.
“Here are the trading levels for Nifty – 24,200 – 24,600“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 24,000 (69.32L) | 25,000 (85.52L) |
| 24,300 (61.19L) | 24,500 (54.79L) |
| 24,200 (54.00L) | 24,400 (49.11L) |
Nifty50 Support and Resistance for 10th July 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,400 – 24,300 | 24,500 |
| 24,200 | 24,600 |
| 24,000 | 24,700 |
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 🙂
