Nifty Prediction for tomorrow 24th April 2024.

All the Benchmark Indices traded in a range or you can say a little bit on a downslope on Tuesday. But the best thing is Nifty has continued its gaining session as this was the third straight day of closing in Green for Nifty after the recovery from a strong downturn.

All the stocks in Nifty 50 traded mixed except Grasim Industries and Bharti Airtel which are up by 3.93% and 3.45% respectively. On Tuesday Auto Sector performed well but the Pharma Sector was down by 0.96% whereas the leading Pharma company, Sun Pharma slipped more than 3.60% on Tuesday.

Nifty Prediction Today

Nifty is sideways or you can say, Trading in a range on Tuesday between 22,350 and 22,450 levels, and this is the third day of Nifty closing in Green after a strong downturn.

Looking at the technical chart, it seems that Nifty is feared of Resistance and OI buildup on 22,500 and is slowing down before touching it. But don’t underestimate it, as it has changed its trend with a strong reversal, and maybe it is preparing to jump the resistance level of 22,500 level, Who Knows?

So, for Wednesday, I am bullish on Nifty and Nifty may break the resistance zone of 22,500 if everything stays fine, and other world markets perform well in the night, especially the US market, and there will not be any bad news for the Indian Market.

But, as of Today’s trading session, all Benchmark Indices seem weak and if the Nifty falls on Wednesday then NO matter, there is strong support for the Nifty at the 22,250 and 22,200 levels so Nifty will bounce back from the support level to go further high.

Green Lines are the Support Levels and Red Lines are the Resistance Levels.

Nifty is falling before reaching the resistance zone of 22,500 and I am assuming that it will cross this level today after we see the strong Recovery in Nifty from the last 3 days.

So, here are the support levels for Nifty, as per the technical chart, where Nifty has immediate support at 22,300 level followed by 22,200 and 22,100 levels. Where Nifty may face resistance from the 22420 level, followed by 22,500 and 22,600 levels.

Here are the OI data of Nifty 50 for Today,

Note:- This OI Data is provided via Sensibull and it has a lot of features if you are an Option Trader, and you access all the Pro Things for “FREE” by opening your Demat Account with Zerodha.

Nifty is in range, and all the trading strategies failed as an option buyer, so I am suggesting watching the Gift Nifty and Global Makets for any hints.

Anyway, based on Technical, here is the trading strategy in Nifty for Wednesday.

If Nifty opens gap up then we can target 22,500 in Nifty, and if it opens flat, then we can wait an watch for Nifty to show any momentum in any direction to find any trade setup till then, you can follow my Telegram Channel for Live Trading Quotes.

But if Nifty starts falling then we will wait for the 22,300 support level to breach and then we will go short till 22,200 as this is the strongest nearby support for Nifty.

Or,

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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.