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Nifty Prediction for 13 August 2024. Will Nifty cross 24,500 Level?
Nifty opened lower after the frustrated Hinderberg Research Fake report with a major focus on Adani Shares, but in the first hour, it managed to rise above the previous closing and start trading in the green and make the day high of 24,472.80.
It actually traveled more than 1% higher from the day low, against all the odds that might put the Market into trouble like more than 18 months ago, but this time, the Indian Market slapped the Hindenburg Team hard, and managed to trade in green throughout the day, but in the last, Nifty fell back and ended the day with a loss of 20 points.
Major stocks that witnessed the most selling were NTPC and Adani Ports which fell more than 2% each followed by Dr. Reddy’s and Britania which fell more than 1.5% each.
Sectors that moved the most include Nifty Realty and Nifty Metal which rose 1.31% and 0.75% respectively, while the bears dragged down Nifty FMCG and Nifty Energy by 0.78% and 0.69% respectively.
Looking at the Nifty 50 Stocks,
Top Gainers: ONGC, Hero Motorcorp, Axis Bank, Infosys, JSW Steel
Top Losers: NTPC, Adani Port, Dr. Reddy’s Lab, Britannia Industries, SBI
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 13 August 2024
On the Technical Chart, Nifty follows the pattern (Ascending triangle) and continues to trade following the support and resistance level, where it found the support near the lower trendline at the 24,200 level, and following the support, it rose and challenged the resistance level of 24,400 but ended the day below 53 points from the resistance level of 24,400.
Following the Pattern, it is likely that Nifty might trade within a narrow range on Tuesday, but as it shows strength from today’s lows amid the selling pressure, it is expected that Nifty will likely rally in the coming days if it passes the 50% retracement level of the current correction, which is somewhere exactly near the 24,500 mark.
Following this pattern, we are still not convinced that Nifty will rally easily as the formation of a bullish continuation pattern on the lower levels is mostly a trap and it is strongly possible that the market may fall after reaching 24,400 or 24,500 and only after then, we may look for any bull run in the market.
Following this, we have the first nearby resistance at the 24,400 level followed by 24,500 and 24,600 levels, and on the lower side, the first support is around the 24,300 level followed by 24,200 and 24,000 levels.
Technical Indicators
RSI is still not in the positive zone or you can say in the buying zone on the daily chart as it just crossed the 50 mark, and is on the verge of a fall again, while the MACD is still creeping on the lower side.
The MMI is in the extreme fear zone, usually considered as the best strategic investment period. Also, the Nifty is facing resistance crossing the 20 DEMA on the daily timeframe.
FIIs and FPIs Activity
FIIs pulled out Rs. 4,681 Cr rupees from the cash segment (NSE Data) on Monday following the Hinderburg Report Paper, while the DIIs counter Buy Nearly the same amount worth of shares, saving the market from a major fall.
In the Futures Segment, they also sold combined Futures worth Rs. 423 Cr, where they sold Nifty futures worth Rs. 515 Cr but bought Bank Nifty Futures.
What to Expect from Nifty on 13 August 2024
For Tuesday, 13 August 2024, Nifty is likely to trade flat, following the Hindenburg Report Paper, as there is still some fear among the investors, as they put more pressure on the Authority.
But following the chart Pattern, the Nifty is likely to trade higher, and might breach the resistance level of 24,500 but first, it has to conquer the resistance level of 24,400 first and needs to sustain above it, as it is the current resistance level and one of the most important seller zone for Nifty following the Ascending Triangle Pattern.
But if it falls or faces resistance from the 24,400 level then we can see it fall to the 24,300 level and once this level is breached then it may fall to the 24,000 once again. But I think, till the Hindenberg Report Paper is completely out of the Play, Investors might play cautiously, ultimately holding the market at the current levels till this Hindenberg Shit reaches any conclusion.
“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 (52.85L) | 25,000 (1.24Cr) |
| 24,300 (40.45L) | 24,800 (51.13L) |
| 24,200 (34.66L) | 24,500 (48.38L) |
Nifty50 Support and Resistance for 13 August 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,300 | 24,400 |
| 24,200 | 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 🙂
