Disclaimer: Information on this site is only for Education Purpose. Don't take our Articles as any Investment or Trading Advice, as we are not SEBI Registered.
Nifty Prediction Today – Wednesday, 27th March 2024
Nifty is trading above 22,000 but its not looking that it can hold up above it longer as market is weakening.
On 26th March Nifty 50 opened almost 1 % lower at 21,947 but it immediately shoot up above the 22,000 level after we saw heavy buying in the IT stocks in the early trade making Nifty to move upward. But the IT sector was the worst performing in yesterday’s trading session followed by Major Banks including HDFC, ICICI, and SBI Bank.
Related: Bank Nifty Prediction for 27th March 2024.
Nifty Prediction Today
The index is weak as of now, as it opened almost 1% down yesterday but somehow managed to go upward above the support level of 22,000, but it was unable to break the resistance level of 22,100 and continues to slip throughout the day taking support at 22,000.
So for today, we think the Nifty to fall a little bit below 22,000 and take support at 21,900 or fall even lower, as the market is weakening due to weak global clues. But if Nifty is able to hold above the 22,000 level then it can break the resistance level of 22,100 as it is forming an Inverse Head and Shoulder Pattern at a longer time-frame.
But before it makes it straight to the upper side following the Inverse head and shoulder pattern it may fall a little bit to trap retailers.
Nifty Support and Resistance for Today
Green Lines are the Support Levels and Red Lines are the Resistance Levels.
Nifty is currently trading above its support level of 22,000 which is one of the major support levels in the near term, followed by 21,900, 21,800, and 21,700.
And on the other side Nifty is facing resistance from the 22,070 level, followed by 22,125, and 22,200.
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 Support levels
S1 – 21,900 (immediate Support)
S2 – 21,800
S3 – 21,700 (Strongest Support)
Nifty Resistance Levels
R1 – 22,070 (Current and important Resistance)
R2 – 22,125
R3 – 22,200
How to Trade in Nifty Today
Updated: 9:40 AM / Wed, 27 March 2024
Nifty is looking strong so it may reach the resistance level of 22,200, so you can go long till 22,200, but wait for it to survive above the 22,200 level, and if it falls then it can fall aggressively till 22,000 levels.
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 🙂
