Indian Benchmark indices opened on a positive note on Wednesday and continued to trade higher around 22,450 – 22,500 throughout the day but in the last trading hours, it fell below 22,400 as we saw selling in large-cap stocks like Reliance and TCS.

But anyway Nifty closed in the green for the 4th consecutive day, but we are witnessing selling pressure after a strong opening, so I am assuming that Something big may happen in Nifty for this, Nifty needs to cross 22,500 with a healthy Green candle for any rally or it must cross the 22,200 level for any major correction.

Looking at the stocks, where Hindalco gains the most with 3.94% as we are seeing a huge rally in Steel and other Metal Stocks from the start of April, on the other hand, Tata Consumer Products fell the most by -5.39% on Wednesday.

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Nifty Prediction Today

Buyers are trying to move the market higher but selling pressure from the upper levels makes nifty trade in a Downward slope direction from the last 3 trading sessions, but it still managed to end the day in green.

Looking at the technical chart, we think Nifty to open on a negative note on Thursday but it depends on Gift Nifty and how the Indian market will open on Thursday,

If we look at the US stocks then it’s trading in red with a minor loss in the opening session, and Gift Nifty is also trading 0.16% lower in the evening session, and if it traded in red throughout the night then the Indian market will like saw a downfall on Thursday.

Anyway, for Thursday, I think that Nifty may see some volatility as tomorrow is the weekly and monthly expiry of Nifty 50, so I am expecting some correction till the 22,250 level, but if Nifty stays above 22,400 in the early trading session, then it may move above the 22,500 resistance level and give closing above this level.

As of today, Nifty is just 24 points away from the 22,500 level but selling pressure in big Giants like Reliance and TCS takes Nifty below the 22,400 level indicating further correction as tomorrow is also the monthly expiry of stocks, so we may see some correction in stocks that may cause Nifty to fluctuate more often.

Nifty Support and Resistance for Today

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

As of now, Nifty closed above 22,400 but this is not the support level for Nifty as 22,400 has more Call OI than Put OI, hence it is on the verge of falling, so we are assuming the nearby support at the 22,300 level, followed by 22,200 and 22,100 levels.

On the upper side, Nifty may have difficulty crossing the 22,500 level on Thursday, followed by the 22,600 and 22,700 levels. And for 22,400, its action is decided after the opening, if nifty survives above it, or falls below in the early trading session.

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.

Tomorrow is the weekly expiry of the Nifty 50, so I am expecting a slightly frustrating day for Option buyers as Nifty is seeing selling pressure from the upper side, but buyers are not letting Nifty fall below, indicating a sideways trend.

But as tomorrow is the expiry, we may see some ups and downs in Nifty so, for that we need to work on support and resistance levels as follows.

So, if the Nifty opens gap up then, you can immediately see the Nifty rise above the 22,500 level but as it crosses the 22,500 level then be cautious that the Nifty may fall anytime to its support level.

But if Nifty opens flat then wait for it to fall below the 22,400 level then you can initiate a short trade till the next support level.

But in my opinion Option Buying is not a good idea for tomorrow, if Nifty will not make a huge move, which is rare on Expiry. Hence, you can try Option Selling, assuming Nifty expires around the 22,500 level.

Remember, if you are in Option selling, then You must hedge your position.

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.