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Nifty Prediction for 16th July 2024
Nifty is looking bullish as of now, and its likely that the Bullish Trend may continue for next few day, but as Nifty made a spinning top on the daily time frame - it represents an indecisiveness for the futures moves.
Today, Nifty made a new all-time high of 24,635.05 after opening a little higher from the previous closing day and continued to trade in green in ascending order, ending flat for the day as the opening price.
This forms a Spinning Top on the daily time frame representing an indecision about future moves. But Nifty is still in the Ascending Channel Pattern trading at the upper trendline of the pattern near the resistance level of 24,600. But this will most likely end in a Reversal of the Uptrend, which I will discuss later in this article.
Sectors that moved the Market Today: Today’s market is led by some of the Nifty’s lowest Weightage Sectors, including Nifty Oil & Gas, Nifty Energy, Nifty CPSE, Nifty Realty, Nifty Healthcare, and Auto Sector, where the Oil & Gas sector was up by nearly 2% and rest around 1.0% – 1.5% respectively.
Looking at the Nifty 50 Stocks,
Top Gainers: ONGC, SBI Life Insurance, Shriram Finance, Dr Reddy’s Laboratories, Bajaj Auto
Top Losers: LTI Mindtree, Asian Paints, Grasim Industries, Tata Steel, Axis Bank
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 16th July 2024
On the Technical Chart, Nifty made a Spinning Top pattern on the Daily Time Frame which represents indecisiveness about the Future Moves in the Market, so Nifty may go higher around 24,800 or fall to the support level of 24,400 Tomorrow, but this is just an assumption if we only look at the charts, according to this Candlestick Pattern.
And, for more optimized prediction we need to analyze some other factors so that we can somewhere relate today’s happening to predict the market moves on 16th July 2024.
So, first – let’s talk about Technical Indicators,
Looking at the RSI, which is in the overbought zone, at 74.02 (above 70, it is considered overbought) this symbolizes strength but also fear of reversal among traders.
Now, the PCR which is at 1.17 – indicates strength in the market as there are more Put Writers compared to the Call Writers indicating that the market may go higher on the Next day.
The MACD has risen above the Signal Line, indicating that the market is again gaining momentum and its likely that the current trend may continue till it reaches 25,000 mark.
What FIIs are Doing?
Yesterday, FIIs became the net buyers as they bought shares worth Rs. 2,685 Crores, along with this they also bought Nifty Futures worth Rs. 874 Cr – indicates that FIIs are bullish on Nifty50.
The FIIs OI in the Index Futures are also rising along with Nifty50 which indicates strength behind the price move.
What to Expect from Nifty on 16th July 2024
So, for Tuesday, 16th July 2024 – Nifty is likely to open gap up, or a little bit higher from the previous closing above the 24,600 level and if it sustains above this level in the early trading session, then it might go higher towards the 24,800 on Tuesday.
But, as Nifty made a Spinning top on the daily time frame, it is equally possible that the market may go down towards the support level of 24,400 but it first need to breaks the support level of 24,500 which seems difficult as FIIs are looking bullish on the Nifty50.
Hence, I am bullish on Nifty50 for today, aiming for 24,700 – 24,800 level but if Nifty breaks from the lower side and trades below the 24,500 then we can go short aiming for 24,400 level.
“Here are the trading levels for Nifty – 24,400 – 24,800“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 24,500 (63L) | 25,000 (93.2L) |
| 24,000 (59.51L) | 24,900 (52.92L) |
| 24,400 (52.42L) | 24,600 (42.83L) |
Nifty50 Support and Resistance for 16th July 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,500 | 24,650 – 24,700 |
| 24,400 | 24,800 |
| 24,200 | 24,900 – 25,000 |
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 🙂
