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Nifty Prediction for Monday, 26 August 2024.
Nifty is likely to trade higher on Monday, breaking above the resistance level of 25,000 as the global sentiment is extremely bullish after the US Fed announces the Rate cut in September.
Nifty opened almost flat on Friday and closed flat in the last trading session, near the 24,800 level as this is the current seller zone for Nifty 50. Looking ahead, Nifty has the potential and the important resistance zone at the 25,000 mark.
Nifty ended in green for the seventh consecutive day, after taking support at 24,000 supported by both FIIs and the DIIs as both of them are the net buyers in the cash segment in the last two days, which is a positive sign for the Indian Market.
In the last 10 days, Nifty has rallied more than 2.90% almost retaining its all-time high level as it closes this week above the 24,800 level which is a major seller zone, but the most awaited watch is that if Nifty can hold above the 24,800 level or not on Monday, 26th August 2024.
Looking at the Nifty 50 Stocks,
Top Gainers: Bajaj Auto, Coal India, Tata Motors, Sun Pharma, Bharti Airtel
Top Losers: ONCG, Wipro, Divi’s Lab, LTI MindTree, Asian Paints
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty 50 Prediction for 26 August 2024
On the technical chart, Nifty has formed a Double Bottom pattern on the support level of 24,000, and following the pattern, it has risen more than 700 points so far, maintaining the overall market breadth positive and bullish – indicating that the bulls are in control and market is likely to rise further.
Furthermore, Nifty has a possible resistance at the 25,000 level if it advances on Monday, and it is more likely Nifty will break above this level on Monday. Still, first, it needs to sustain above 24,800 as sellers are more active on this level than the 25,000 mark.
Also, the Indicators are indicating a positive market ahead as the RSI is stable around 60 – which is a most favorable situation for a long buildup, the MACD has given a positive crossover, the MMI index is in the Fear zone indicating that the market has enough room to rise further, and if Nifty rallied above the 25,000 then we may see Nifty at the 25,500 this week.
FIIs and DIIs activity
In the last two days, FIIs have been the net buyers in the cash segment buying shares worth more than Rs.3,000 crores, and on the parallel side, the DIIs have maintained a healthy buying with an average of Rs.2,000 crores per day in the last 10 days.
In the Futures segment, FIIs are minor bullish, while in the Options segment, they are minor bearish as of the last trading session data. While the overall sentiment is looking bullish we saw more stock-specific buying in the last week while maintaining the market breadth health, ultimately leading the index higher.
What to Expect from Nifty on 26 August 2024
For Monday, 26 August 2024, Nifty is looking Bullish but first, it needs to sustain above the 24,800 level and if it manages to trade above the 24,800 in the first trading hour, then we may see Nifty reaching the 25,000 mark on Monday.
So, for Monday, it’s likely that the Market will open a gap up and trade higher as the global sentiment is bullish after the US Federal Reserve Chair Jerome Powell announced the compulsory rate cuts in September and following this small-cap stocks in the US market surges and following the remark, the US market ended more than 1% higher on Friday.
So, we have the first crucial level for Nifty at 24,800 as this is the most competitive zone as of now, and if the market sustains above 24,800 then we can see a bullish market on Monday, and Nifty may break above the 25,000 mark once again.
But if it falls below the 24,800 level then we can wait for the market to bounce back because the buyers are in the strength and stock-specific buying may take the market higher.
so avoid going short on Monday, in fact, add more long positions if the market falls.
“Here are the trading levels for Nifty – 24,700 – 25,200“
Nifty 50 Support and Resistance for 26 August 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,800 – 24,700 | 25,000 |
| 24,600 | 25,300 |
| 24,500 | 25,500 |
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 24,500 (67.03L) | 25,000 (63.37L) |
| 24,800 (61.37L) | 25,500 (59.28L) |
| 24,700 (45.03L) | 24,800 (56.05L) |
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 🙂
