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Nifty Prediction for 27 August 2024
Market traded in green on Monday, following the US Fed Assurance of Interest rate cut in September.
Nifty also trade higher but as a respect, it traded flat after reaching the 25,000 mark once again, indicating that the Market is ready for a rally - and may reaches 25,500 this week.
As expected, Nifty opened higher and continued to trade higher throughout the day, reclaiming the 25,000 mark, as it closed at 25,010.60 on Monday, led by metal, IT, and the Realty sector stocks.
Nifty showed a very positive movement today, after opening the gap up and maintaining its early gains, and traded also flat after reaching the 25,000 mark, indicating that the bulls are in control, which can lead the market towards a new high in coming sessions this week.
It left 35 points below the all-time high level but ended the day with a gain of 0.76% or 187.45 points, making an intraday high of 25,043.80 and an intraday low of 24,874.70 while maintaining the PCR around 1.2 indicating a significant long buildup, which ultimately takes the Nifty higher in the coming days.
Looking at the Nifty 50 Stocks,
Top Gainers: Hindalco, HCL Tech, NTPC, Baja Finserv, ONGC
Top Losers: Apollo Hospitals, Hero Motocorp, Adani Ports, Maruti Suzuki, Eicher Motors
Also Read: Top 10 Mutual Fund Companies in India in 2024
Nifty 50 Prediction for 27 August 2024
On Monday, Nifty opened higher as expected, and continued to trade higher following the resistance at the 25,000 mark, but ended above the 25,000 mark despite being the most important resistance in Nifty as of today, which tells the most of the story.
Also, there is a significant Long Buildup in the Nifty Options as Nifty has added more than 1.75 Crore Put OI around the current market levels, indicating that the bulls are under control and likely to take the Nifty higher to a new high on 27 August 2024.
In the Bigger picture, we have seen a double bottom in Nifty at 24,000 level which means this buying in Nifty will last longer and we may see Nifty above 25,500 this week.
Technical Indicators
Also the RSI on the daily chart, is still in the favorable Buying zone as it is currently at 64.57 which indicates an UpTrend in the market, also the PCR remains around 1.2 which is also a Bullish Signal, and lastly, we have the most Put OI added at the current market levels on Monday, indicating that the support in Nifty is rising, hence we could expect that the Nifty will likely break above its all-time high on Monday.
What to Expect from Nifty on 27 August 2024
The market view is Positive, hence Nifty is likely to trade higher on Tuesday, possibly breaking above its all-time high.
So, on Tuesday, 27 August 2024, Nifty may open gap up around 25,100 and is likely to trade higher throughout the day with nearby resistance at the 25,200 level, so for trading higher, staying above the 25,000 mark is crucial for Nifty.
But there may be a case that Nifty will fall below the 25,000 mark as a pullback then, we have nearby support at the 24,900 and 24,800 levels, hence we can expect a bounce back from any of these levels if Nifty falls below the 25,000 on Tuesday.
But if it continues to fall further then be cautious and avoid going long in Nifty till it jumps back over the current support levels.
Following the Positive market sentiment, Nifty is likely to be bullish with the current resistance at the 25,200 level followed by the strongest resistance at the 25,500 level.
“Here are the trading levels for Nifty – 24,800 – 25,500“
Nifty 50 Support and Resistance for 27 August 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 25,000 | 25,200 |
| 24,850 – 24,800 | 25,400 |
| 24,600 | 25,500 |
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 25,000 (88.75L) | 25,500 (77.87L) |
| 24,800 (75.95L) | 25,000 (70.19L) |
| 24,500 (75.59L) | 25,200 (46.89L) |
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 🙂
