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Nifty Prediction for 24 July 2024. Post Budget Analysis.
Nifty fell more than 1,70% during the day but soon it recovered the losses and started trading in green but ended the day with a loss of 30 points. It made a Hammer candlestick on the daily chart indicating that the Nifty is likely to trade higher and also the India Vix has fallen more than 17% post budget which indicates that the Investors takes this budget positively.
Nifty ending in RED for the Third Consecutive Day.
Today is the most important day for the Indian stock market for FY24-25 as Finance Minister “Nirmala Sitaraman” announces the Union Budget focusing more on her party allies states “Bihar and Andhra Pradesh” allocating Rs. 26,000 crore to Bihar for Roads, Highways, Bridges, Hospitals, Sports facility and more, and Rs. 15,000 crore for the construction and development of Amaravati as the sole capital of Andhra Pradesh.
Anyway, the Market responded to the budget by falling by nearly 1.75% during the mid-session at around 12:30 PM as the FM “Nirmala Sitaraman” announced the STT, Short Term Capital Gain, and Long Term Capital Gain hike but soon it recovered the losses and closes the day flat, with a minor loss of 30 points or 0.12 percent.
On the sectoral side, Nifty Bank, Nifty Fin Services, Oil & Gas, PSE, and Realty sector saw a major decline of around 1% each while Nifty Realty fell 2.28%, and on the flip side, Nifty FMCG and Consumption leads the market by rising 2.67% and 1.13% as Agricultural and Allied Activities got major chunk from the budget.
Looking at the Nifty 50 Stocks,
Top Gainers:
Top Losers:
Also Read: Best Semiconductor Stocks in India. Expert Picks
Nifty50 Prediction for 24 July 2024
Focusing on the Technical Analysis – Nifty saw a major decline during the day as FM presented the Budget 2024 but sooner the market recovered the losses and ended flat for the day below the resistance level of 24,500.
Looking at the technical chart, Nifty is currently trading inside the Ascending Channel Pattern after breaking the lower trendline and falling towards the 24,000 level. But it takes support at the 24,050 level and suddenly bounced back above the 24,500 indicating that the market participants are looking convinced by this budget, and seems to continue its Uptrend in the coming days.
Also, the Chart Pattern indicates that the Nifty is likely to trade higher on Wednesday 24 July 2024 as it continuously takes support at the lower trendline of the Ascending Channel Pattern with support placed at 24,450 – 24,500 and the potential resistance at 24,800 and then 25,000 level.
What to Expect from Nifty on 24 July 2024
Nifty might trade in green on Wednesday, as it recovered the losses after falling more than 1.7% during the day, which forms a Hammer Candlestick on the Daily Chart, indicating that the market will trade higher on Wednesday.
On the chart, Nifty is likely to move upwards with nearby support at 24,400 and the resistance at the 24,600 and 24,800 levels but Nifty needs to sustain above the 24,500 level to move higher and if it can’t hold above this level and fall below eh 24,400 and faces resistance crossing the 24,400 level then we may see Nifty again falling towards the 24,000 level in coming days.
For Wednesday, 24 July 2024 – Nifty is likely to open above the 24,500 level and continue to trade higher, but the technical indicators are giving a negative sign as the RSI continues to fall and the MACD has also given a negative crossover but the India VIX has fallen more than 17% today – indicating that the Investors are looking charged and will likely take Nifty higher in the coming days, towards a new high.
“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) |
|---|---|
| 24,000 (90.88L) | 25,000 (1.13Cr) |
| 24,500 (61.21L) | 24,500 (71.14L) |
| 24,300 (43.42L) | 24,800 (63.35L) |
Nifty50 Support and Resistance for 24 July 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,400 | 24,600 |
| 24,300 | 24,800 |
| 24,000 | 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 🙂
