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Nifty Prediction for Monday, 8th July 2024.
Nifty is taking support from the lower levels but for further high it must cross the 24,400 level first to make a new all-time high on Monday, but it if falls below the 24,200 level then Nifty might turns bearish and this is more tentative that Nifty falls in coming days as it is currently trading around the upper trendline of the Ascending Broadening Wedge Pattern, which is a Bearish Pattern.
Last Friday, Nifty opened lower as expected and also traded in red the whole day but in the last hour Nifty jumped around 150 points in just 20 minutes (from almost day low to day high) making an Intraday high of 24,363.00 turning the day in green, led by Oil & Gas, Energy, and PSU Sector Stocks, where the Nifty Heavyweights including Reliance Industries and SBI rallied around 1% each in the last hour.
On the other hand, where the Energy, Oil & Gas, FMCG, Healthcare, and PSU stocks are trying to put the market higher and on the reverse side, the Banking and Finance Sector trading in Red led by the Index Heavyweight HDFC Bank, as it was down by almost 4.5% on Friday, due to missing Dalal Streel Estimates on Q-O-Q basis.
Looking at the Nifty 50 Stocks,
Top Gainers: ONGC, SBI, Reliance Industries, Britannia Industries, Hindustan Unilever
Top Losers: HDFC Bank, Titan, Tata Steel, Mahindra & Mahindra, LTI Mindtree
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 8th July 2024
Looking at the Nifty 50 chart, it seems that Nifty is trying to take a pullback to support the further Rally toward a new high but investors are not letting this happen as the Market Mood Index is in the “Extreme Greed” zone, indicating that investors are just buying blindly or you can say that they are rushing towards the stocks (like Mob Mentality).
Anyway, on Friday, Nifty tried to take a pullback but in the last hour, it reversed from the day low to the day high which indicates that Nifty still has some Buying Interest that might push Nifty higher on Monday toward the 24,500 level.
But looking further, it seems that the market is likely getting pressurized and it might fall soon as it also forms an Ascending Broadening Wedge pattern on the daily time frame which is a Bearish Chart Pattern indicating that the market may fall to the 23,500 level in the coming days. But the Overall market sentiment is Still BULLISH.
What to Expect from Nifty on 8th July 2024
On Monday, Nifty is likely to open on a positive note, but this will be more clear on Monday after viewing the reaction of Gift Nifty. From the Data Points – On, 8th July, Nifty is likely to trade higher as it has sufficient support on the lower levels that might push it higher after the opening bell but also it has strong resistance placed at the 24,400 and 24,500 level that might limit its upside potential.
But for the Upside move on Monday, Nifty must need to break the previous all-time high record or the 24,400 level and stay above that (eliminating potential sellers) to trade higher towards the 24,500 level, but if it falls below the 24,300 and then 24,200 then it might turn bearish and may fall to the 24,000 in the coming days.
“Here are the trading levels for Nifty – 24,000 – 24,500“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 24,000 (57.89L) | 25,000 (72.14L) |
| 24,200 (47.52L) | 24,500 (42.44L) |
| 24,300 (37.10L) | 24,800 (38.82L) |
Nifty50 Support and Resistance for 8th July 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,300 – -24,200 | 24,000 |
| 24,000 | 24,500 |
| 23,800 | 24,700 |
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 🙂
