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Nifty Prediction for 1st July 2024. Nifty still looks Bullish.
Nifty made a new all time high of 24,174 but falls later indicating the increase of negative sentiment, and also Nifty is likely to fall in the coming days as it is trading on the upper trendline of the Ascending Broadening Wedge Pattern, which is a bearish pattern. But for Monday, its look bullish as the sentiment is positive.
In the previous trading session, Nifty tried to trade higher but after making a new all-time high of 24,174.00 it fell back to the 24,000 level during the day making the level a crucial support for Nifty in the near term.
Anyway, on Friday, Nifty made a new all-time high of 24,174, a new all-time high for the fourth straight session, but it can’t hold on to the higher levels as the Banking and Finance sector collapsed on Friday bringing the benchmark index down from its all-time high levels. On the flip side, the Oil & Gas and Healthcare sector continuously rose to a new high, giving the market support as the Index heavyweight “Reliance Industries” was up by 2.28% on Friday providing some relief to the market.
Looking at the Nifty 50 Stocks,
Top Gainers: Dr Reddy’s, ONGC, Reliance Industries, SBI Life Insurance, Tata Motors
Top Losers: IndusInd Bank, Airtel, Axis Bank, ICICI Bank, Kotak Mahindra Bank
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 1st July 2024
Nifty made a new all-time high in the previous trading session but wasn’t able to hold at the higher levels and fall back to the support level of 24,000 after facing resistance from the upper trendline of the Ascending Broadening Wedge pattern.
Also, Nifty rallied almost 800 points in just past 4 trading sessions, making it vulnerable to a fall if continues to trade higher so this is like a pullback for the next high in the coming days.
But there is a catch, as Nifty is trading higher – it is forming a bearish pattern as seen on the chart, which is the Ascending Broadening Wedge pattern which is a bearish pattern and Nifty may fall from the higher levels with a predicted correction of almost 500 – 800 points but first, it may travel higher towards the 24,300 – 24,400 level in the coming days.
FIIs Activity: They also became net sellers on Friday as they sold shares worth Rs. 23Cr, compared to the previous Thursday when they bought shares worth Rs. 7659Cr. Yes, this is not too much but the difference is too much, which somewhere shows a negative intension.
Also in the Index Futures, FIIs are looking bearish as Short Builds are increasing intended to pull the market down because the OI in the Index Futures is rising and the Price is falling, and if this trend continues for 1 or 2 days then the market will likely to slip back to the 23,500 level as predcited.
What to Expect from Nifty on 1st July 2024
So, for Monday, 1st July 2024 – Nifty is likely to trade higher as the sentiment is still bullish and it may travel to the 24,200 level making a new all-time high because the support level of 24,000 is strong enough to hold Nifty above it for the next 1 or 2 trading sessions.
But if Nifty falls below the current level and faces resistance crossing it, then it may fall to the 23,800 level and then bounce back but it will make a new high before any major fall, so as of now, Market sentiment is bullish and Nifty is ready for a new high on Monday.
The OI in the Index options shows that the negative sentiment is rising in the market as the Call OI is rising and the same in the Index futures.
“Here are the trading levels for Nifty – 23,800 – 24,200“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 24,000 (54.98L) | 24,500 (55.46L) |
| 23,500 (48.48L) | 24,000 (40.80L) |
| 23,800 (33.58L) | 24,200 (38.1L) |
Nifty50 Support and Resistance for 1st July 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,000 | 24,200 |
| 23,800 | 24,400 |
| 23,650 | 24,500 |
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 🙂
