Nifty opened 28 points lower on Friday and continued to trade sideways throughout the day – closed with just 1 1-point loss at 22,513.70. We are expecting a move in both Nifty and Bank Nifty after RBI’s policy but Nifty remains sideways as all the major sectors remain sideways or fall a little bit including the IT and media sector but the Banking sector remains strong.
Nifty gainers: Kotak Mahindra, SBI Life, HDFC Bank, Bajaj Finserv and ITC
Nifty Losers: UltraTech Cement, Grasim Industries, Bajaj Auto, Bajaj Finance and L&T.
Related: Bank Nifty Prediction Tomorrow – 8th April 2024
Nifty Prediction Today
As we can See in the technical chart Above, the Nifty is continuously trading between a range of 22,550 – 22,300 and this is from the last five trading sessions, which means that Nifty is getting ready for a big explosion on either side if it Breaks the zone with strong momentum.
So for today, we didn’t go with just a single side as the market is sideways and we don’t know which news will affect the market on Monday as to how it reacts – so we are safely witnessing both sides and observing the market, but if you look closely then you can see that – Nifty is Sideways but the RSI is falling – indicating a further fall in the market, as RSI is a leading Indicator.
Anyway, Nifty has strong support at the 22,350 and 22,200 levels so if Nifty falls from here then it may take support at these levels, and if we need to see a rally towards the 22,800 and 23,000 level then Nifty must need to break the resistance level of 22,600. Otherwise, you can safely trade between these ranges.
Nifty Support and Resistance for Today
Green Lines are the Support Levels and Red Lines are the Resistance Levels.
Nifty is currently trading at 22,513.70 as it continue to trade sideways from the last 5 session, in a range of 22,300 and 22,550.
So if we look at the lower side, then Nifty has an immediate support at 22,400 level followed by 22,350 – 22,300 and 22,200 levels. And on the uppr side Nifty has an immediate resistance at 22,600 level as it fall from there in the previous trading session followed by 22,700 and 22,800 levels.
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 – 22,400 (immediate Support)
S2 – 22,350 – 22,300
S3 – 22,200 (Strongest Support)
Nifty Resistance Levels
R1 – 22,600 (Current and important Resistance)
R2 – 22,700
R3 – 22,800
How to Trade in Nifty Today
No trade setup as of now, as we are looking for a breakout of the zone, so till then you can use range bound trading strategies and if there is any breakout then you can go in the breakout side till the potential suport and resistance zones.
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 🙂
