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Nifty Prediction for Tomorrow 7th March 2024. Weekly Expiry Day
Nifty is Strong but its at is resistance level of 22,500 hence it may consolidate on 7th of March, as US market is weak, and Asian Markets are trading flat.
Nifty opened marginally lower but gained momentum after midday, as Index heavyweights including Reliance and TCS gained momentum along with Private sector Banks taking Nifty to a new all-time high of 22,497.20, indicating further upside to 22,300 level in the coming weeks.
Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the data after analyzing the Market.
Nifty Previous Day Overview
Nifty opened a little lower on Wednesday and continued to trade lower taking support at the 22,200 level till halftime, making an intraday low of 22,224.35 after that it started to move upward as the private as the Index heavyweight started to go up including Reliance and TCS, taking Nifty to a fresh all-time high at 22,497.20 (up by +117.75 points or 0.53%), as there is a huge resistance on the 22,500 level.
Looking at the stocks, All the major Stocks performed well even after plunging in the early trading session, including Reliance, TCS, SBI, Infosys, and so on. Today is the day for Private players as we saw a rally in Private Sector Companies including Banks, and other Industries, and on the other side Public Sector Stock tumbled the most today, including NTPC, ONGC, Power Grid and So.
Also Read: Bank Nifty Prediction Today 7th March 2024
Nifty Prediction Today
In the chart, we can see that Nifty is trading at its Resistance level of 22,500 after taking support from the 22,200 level in the previous trading session, as we saw a rally in the Private Sector Banks, and other Private Sector Stocks, including Index heavyweights.
So, for Today, We think Nifty to trade in a range, between 22,300 and 22,500 as there is major resistance at the 22,500 level and Bollinger Band also indicates that Nifty is in an Overbought Zone, So we think Nifty to fall a little bit making Higher low, not too much as the market is currently in Uptrend testing the support zone of 22,300, and 22,250 levels, and then it make test the upper resistance zone of 22,500.
Anyway, Our predictions may not be accurate as 7th March is the weekly Expiry for Nifty so the market may be volatile, or it may trade flat for the whole day on Expiry as it’s already on its all-time high.
Nifty Support and Resistance for Today
Nifty is trading at one of the major resistance levels of 22,500 as nifty hasn’t reached there previously, so it’s a tough level for Nifty to crack, and also the US market is weak, so we think this level acts as a major hurdle for nifty on 7th March.
On the Lower side, it is taking support at the 22,300 level, from the last five trading sessions, and its working great, pushing the index upward, as it reaches that level, followed by 22,200 and 22,000 which has the highest PUT OI of 1.24Cr.
And on the upper side, Nifty has the major resistance at the 22,500 level which seems a major challenge for Nifty followed by 22,600 and 22,700. (We are taking round numbers as Nifty hasn’t reached there yet).
Here is the OI data for Nifty,
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Nifty Support levels
S1 – 22,430 (immediate Support, may not work properly)
S2 – 22,300
S3 – 22,200 (Major Support)
Nifty Resistance Levels
R1 – 22,500 (Current and important Resistance)
R2 – 22,600
R3 – 22,700
How to Trade in Nifty Today
Nifty is Bullish and overall all the major Indices are Bullish, but tomorrow is the weekly expiry of Nifty, so we need to be careful while trading in Nifty as the market may be highly volatile or just consolidate within a range.
So, here is the trade setup in Nifty for 7th March,
First of all, we need to wait till Nifty hits 22,500 and then wait for Nifty to make a major move in either upside or downside, so we can confirm the trading area.
So If it starts falling from the 22,500 level you can immediately go short till 22,300 as this is a crucial support level for Nifty, but if it opens the gap down then you can look for long trades, after it takes support from the support levels.
What if I told you that, you can leave any trade in Nifty for Today, as there is no clue because the US market is falling, and Asian and European markets are trading flat?
Anyway, it’s your choice.
Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the data after analyzing the Market.
Happy Trading 🙂
