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Nifty Prediction for 1st August 2024. Nifty Expiry Day Analysis
Nifty is ready to make a new high, as it forms an Ascending Triangle Pattern on the shorter time frame which means that, it will rise above the 25,000 on Thursday, following the pattern.
Today, Nifty opened a bit higher from the previous closing and continued to trade sideways for the day between a range of 50 points (24,900 – 24,950) giving the closing at 24,951.15 with a gain of 93.85 points or 0.38% for the day.
Nifty seems to be taking support at the 24,850 level and formed an Ascending Triangle pattern in the shorter time frame with resistance at the 25,000 level and support at the 24,850 and 24,800 level for the near term.
As today is the weekly expiry of the Bank Nifty, the broader index is traded sideways as the financial sector holds a massive 35% weightage in the Nifty50. Anyway, along with this, the sectoral indices also stayed calm for today, where the Nifty Metal rose the most with 1.21% followed by Healthcare which rose 0.97%, and the rest traded sideways for the day.
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Nifty50 Prediction for 1st August 2024
The technical chart represents a beautiful Ascending Triangle pattern on the Hourly chart in the Nifty50 where the market is trying to break the 25,000 mark, but first, it fell a little and now rises again taking support at the 24,800 and 24,850 levels with resistance at the 25,000 mark.
Looking at the chart, it seems that the Nifty will break above that 25,000 mark on Thursday (on its weekly expiry day) as the Ascending Triangle Pattern is a Bullish Continuation Pattern, potentially making a new record.
Also, the short-term and the long-term trends are strongly Bullish, as the Nifty is trading above all its short and long-term DEMA, indicating a strong momentum-based buying can be seen in the Nifty on Thursday, which will ultimately take it to a new high, with the potential resistance at the 25,200 in the near term, and the support at the Ascending Trendline (shown in the above image) followed by the 24,800 level if Nifty falls from the higher levels.
What to Expect from Nifty on 1st August 2024
For Thursday, 1st August, Nifty is likely to trade higher, but it will likely open flat for the day, as tomorrow is the weekly expiry of the Nifty50, hence sellers will not let it go higher as easily as we think. So, we might see a sideways market first, and then Nifty will likely break above the 25,000 mark.
Anyway, Nifty is positive and looking Bullish for Tomorrow, and we might see Nifty to a new high on Thursday but sellers are still standing strong on the 25,000 mark with a Call OI of 74.36 Lakh compared to Put OI of 32.33 Lakh.
So, as tomorrow, is the weekly expiry of the Nifty50, we must be ready for a sideways market (instead of blindly trusting the pattern and assuming a Trending Market), hence, the Nifty might trade flat after it reaches the 25,000 mark, so be calm and look for buying opportunities in the dips.
“Here are the trading levels for Nifty – 22,050 – 22,325“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 24,500 (95.75L) | 25,500 (99.62L) |
| 24,800 (55.95L) | 25,200 (82.24L) |
| 24,600 (54.75L) | 25,000 (74.36L) |
Nifty50 Support and Resistance for 1st August 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,900 | 25,000 – 25,100 |
| 24,850 – 24,800 | 25,200 |
| 24,600 | 25,400 |
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 🙂
