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Nifty Prediction for 19th July 2024. Will Nifty touch the 25,000 mark?
On Thursday, Nifty rallied 0.76% and made a new all time high of 24,837.75 led by IT and FMCG stocks where the IT giants posted an impressive quarterly results, spreading the positive sentiment in the market. But Traders need to be cautious as RSI is trading in the Overbought zone and India Vix is rising despite the market is in Uptrend.
Nifty opened lower as expected but after some ups and downs, it traveled to a new all-time high on the weekly expiry day, crossing the resistance level of 24,800 led by IT and FMCG stocks.
Looking at the technical chart, the Nifty was previously trading inside an Ascending Channel Pattern, and today, it broke above its Upper trendline, and made a new all-time high of 24,837.75 which is around 0.90% higher than the previous closing.
The reason behind today’s unexpected rally in Nifty was IT stocks where two of the major players announced their quarterly results on Thursday including Infosys and Persistent Systems where, the IT giant Infosys reported a 7.1% increase in net profit Y-O-Y and revenue by 4% and the Persistent Systems reported a 33.94% rise in net profit 17.92 % rise in Revenue on Y-O-Y basis.
Following this, other IT ginats including TCS and HCL Tech rallied as investors sees more potential in IT sector – taking Nifty towards a new high.
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 19th July 2024
ON the Technical Chart, Nifty formed a Bullish Engulfing Candle on the daily chart, indicating the continuation of the trend – might leads Nifty above the 25,000 mark in the coming days.
But, if we look at the cahrt patterns, then Nifty is previously trading inside an Ascending Channel Pattern, and today its breaks above this pattern with a Bullish Candle moving above the resistance level of 24,800 after rally in IT Stocks – indicating that Nifty is willing to travel higher on Friday, and Nifty might touches the 25,000 on 19th June 2024.
On the same side, India Vix also rises 2% in a bullish environment which giving a soft signals about the rising fear in the market.
So, its interesting to see that – if Nifty touches the 25,000 on tomorrow right away or first it falls a little bit to take support at the 24,750 – 24,700 and then rally towards the 25,000 mark.
What to Expect from Nifty on 19th July 2024
My view, is positive for Friday and its likley that Nifty opens Gap up on Friday, and it may touches the 25,000 mark if the response the globa market is postive as the US market sees a correction in the previous trading session where the Nasdaq corrects 2.77% and S&P 500 corrects 1.39% on Thursday.
So, hoping for a postiive global response is quite obivious if Nifty wants to tocuh the historic 25,000 mark.
For Nifty, the Short-Term Trend is still positive with the support at the 24,600 and 24,500 level and only below this level Nifty becomes Negative in the near term.
So, on Friday, 19th July 2024 – Nifty is likely to touch the 25,000 mark (despite the odds that the RSI is in the overbought zone and India VIX is rising) but it needs to sustain above the 24,800 in the early trading session, for a bullish market.
But if Nifty falls below this level and then below the 24,700 and sustains below it, then Nifty might fall towards the 24,600 on Friday.
In my opinion, Nifty will cross the 25,000 on Friday taking the benefit of the momentum and only after then we may see a profit booking.
“Here are the trading levels for Nifty – 24,600 – 25,000“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 24,500 (48.69L) | 25,500 (76.4L) |
| 24,600 (36.52L) | 25,000 (48.76L) |
| 24,800 (32.98L) | 24,800 (33.13L) |
Nifty50 Support and Resistance for 19th July 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,700 | 24,900 |
| 24,600 | 25,000 |
| 24,500 | 25,200 |
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 🙂
