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Nifty Prediction for 17th May 2024. Is Nifty Ready for a New High?
Nifty experienced a roller coaster day, with unexpected gains and losses. Despite bullish signs, caution is advised for trading on Friday, May 17th. Resistance levels around 22,500 may pose a challenge.
Nifty is Dancing Up and Down, as it opened more than +0.50% higher but early selling in Nifty took it down from 22,325 to 22,111 and further took it around the 22,050 level, just above the strongest support level of 22,000 and suddenly in the last hour Buyers got active taking Nifty from the 22,050 to 22,400 level in an hour which is around 1.6% gain in an hour, and this is crazy.
The Call Options shot like crazy in just 1 hour where the 22,200 Call Option premium went from Rs 3.15 to Rs 218.90, which is around a 7000% gain between 2;15 and 3:15 PM
Looking at the technical Chart, Nifty made a Bullish Marubozu candle in a one-hour time frame, which is a Bullish sign and Nifty may rally above the resistance level of 22,800 and cross the 23,000 level this time.
Looking at the Nifty 50 Stocks,
Top Gainers: Mahindra & Mahindra, Bharti Airtel, Tata Consumer, Tech Mahindra, LTIM
Top Losers: Maruti Suzuki, Tata Motors, SBI, BPCL, Power Grid
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 17th May 2024
As I said Earlier, Nifty is like a Roller Coaster for this month and it seems correct because on Thursday, after opening Gap Up, Nifty erased all its early gain during the day and started trading in red at around -0.60% loss but the buying in the last hour took Nifty from 22,050 to above 22,400 level, up by more than 1% from the last closing, and more than +1.6% gain from the day low of 22,050 which is mind-boggling.
Anyway, for Friday, 17th May Nifty seems bullish as it made a couple of bullish signs on the Technical chart which indicates a Bullish Move in the Nifty in the coming days.
- On the Daily time Frame, it made a Hammer Candlestick during an Uptrend, which indicates the continuation of the Uptrend.
- It formed a Double bottom Pattern around the 21,800 level and made a Hammer on the support level of 21,800 on the Daily Chart, which is a Bullish Sign.
- On the Hourly Chart, it made a Bullish Marubozu Candlestick, which also indicates a further Upward Move in Nifty.
All these things indicate a coming Bull Run in the Market, and today’s market turned the overall sentiment from Neutral to bullish.
But you need to be careful because this is not as simple as I explained in my words. Real things can be different and the market may give some pullback before going towards a New High.
What to Expect on Friday 17th May 2024
On Friday, Nifty may open gap up around the 22,500 level but a pullback can be seen from the 22,500 level as this is the current strongest resistance for Nifty and sellers may try to pull the market lower from this level, but if Nifty manages to stay above the 22,500 on Friday then we may saw Nifty towards 23,000 next week.
But in my view, Nifty may settle below the 22,500 level as sellers are still holding the upper level strongly and Nifty may find a tough time crossing the 22,500 level on Friday, 17th May 2024.
So here are the trading levels for Tomorrow – 22,300 – 22,550 – 22,600
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 22,000 (31.22L) | 23,000 (32.73L) |
| 22,200 (26.87L) | 22,500 (30.88L) |
| 22,300 (20.59L) | 22,800 (21.82L) |
Nifty50 Support and Resistance for 17th May 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 22,300 | 22,450 – 22,525 |
| 22,200 | 22,600 |
| 22,100 | 22,800 |
Nifty Trade Strategy for 17th May 2024
Market sentiment is turning Bullish, as we saw a rally in the last hour on Thursday where Nifty moved 350 points in an hour, closing above the 22,400 level.
So, on Friday I am expecting a bullish market but in a range between 22,300 – 22,500 – 22,600.
So, In my view, Nifty may open a little Gap Up, and then a long trade can be initiated after it takes support around the 22,400 level till the next resistance level.
You can also wait for it to show a Dip and then bounce back because the market is bullish and it might try to out the retailers by showing a fear Sign, but a long trade can be initiated on the lower support level and yeah always focus on the formation of Candle stick to place the trade.
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 🙂
