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Nifty Prediction for Monday, 15th July 2024
Nifty is looking bullish as it rose subsequently on Friday as the TCS results beats the market estimates in making less loss than expected, taking the Nifty IT index up by 4.52% and the Nifty by 0.77 percent.
On Friday, Nifty opened a bit high from the previous closing around the 24,400 level and somehow maintained the early gains and continued to trade higher throughout the day despite the selling pressure turning the MMI into the Extreme Greed Zone again.
so, after opening, sellers tried to take the market down, but the buying in IT stocks took Nifty to a new high of 24,592.20 on Friday, which is around 1% higher than the previous closing – cutting all the odds of Selling or Long Unwinding, where the Nifty gained 200 points (from 24,390 to 24,590) in a single bow within a span of just 12 minutes.
TCS Results beats the market estimates, taking the Nifty IT index up by 4.52% and so the Nifty50
The main reason for today’s rally in the Nifty is the TCS Q1 FY25 earnings result, where the TCS reported a consolidated net profit of Rs 12,040 crore for Q1, a decline of over 3% from the previous quarter, but the Revenue from operations increased by 2.2 percent quarter-on-quarter to Rs 62,613 crore.
But surprisingly the rise in the TCS stocks is because it beats the market estimates about the net profit as the TCS’s revenue was projected to rise 1.6 percent Q-O-Q to Rs 62,190 crore (but it rose by 2.2%), with net profit expected to fall 3.5 percent sequentially to Rs 11,999 crore (but it falls a bit less from the 3.5%, around 3% [LoL]).
Sectoral Indices Performance
As the TCS rose on beating the market estimates, the other tech companies rose subsequently in the hope of good results taking the Nifty IT Index up by 4.52%, but the rest all the sectoral indices suffered to rise more than a half percent, and on the flip side, the Nifty Realty Index fall by 1.50% followed by Auto and PSE index as they fall 0.44% and 0.30% respectively.
Looking at the Nifty 50 Stocks,
Top Gainers: TCS, Wipro, Infosys, HCL, LTI Mindtree
Top Losers: Maruti Suzuki, Divi’s Lab, Coal India, Asian Paints, BPCL
Also Read: Intraday Trading – Strategies, Tips, Entry & Exit, and Best Stocks
Nifty50 Prediction for 15th July 2024
Looking at the charts, the Market is trading in a range after it crosses the 24,000 mark, forming an Ascending Channel Pattern, and trading near the upper trendline of the channel, and this makes it easy to predict the market direction – as you simply need to wait for the breakout in either direction to confirm the direction or it will simply trade inside that channel, making higher highs and higher lows.
On the hourly chart, the Nifty rose above its 50-day moving Average indicating that the market may likely to trade higher for a few more days, but it first needs to retest the 24,500 level as a key support level for further highs.
On the Daily timeframe, Nifty is above all its key moving averages and the good thing is that it hasn’t eroded its early gains on Friday, indicating that the buyers are active and interested in taking the market higher. But these are all just expectations, as the results season just started and still there are many more heavyweights who have to announce their results and any bad results announcement leads the market to slip badly.
What Technical Indicators are Suggesting, including PCR, RSI, and MACD
The PCR is at 1.04 which is a good sign indicating that there are more Put Open Interests than Call Open Interests, which means the Nifty has a decent support at lower level which might put the market higher.
The MACD on the daily chart is on the verge of a Negative Crossover despite the market makes a new high, and the RSI is above 70, which is considered in the overbought zone – indicates that Nifty may corrects in the near term.
What to Expect from Nifty on 15th July 2024
Looking ahead to Monday, 15th July 2024, the Nifty is looking bullish, and likely to open on a positive note, but first it needs to sustain over the 24,500 to confirm any bullish move and make its way to the 24,600 and 24,800 levels. Either than this, we can expect much from the Nifty as the results session has started and the results of the Index Heavyweights are capable of turning the market direction despite any odds.
But if Nifty falls below the 24,500 level in the pre-open session, or in the opening hours, then it may fall further assuming the first support at the 24,400 level, and if Nifty breaks below this level then Nifty can make its way to the 24,200 level and then 24,000.
“Here are the trading levels for Nifty – 24,300 – 24,700“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 24,000 (53.35L) | 25,000 (68.17L) |
| 24,400 (51.45L) | 24,500 (39.52L) |
| 24,300 (45.9L) | 24,900 (37.19L) |
Nifty50 Support and Resistance for 15th July 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 22,500 – 24,400 | 24,600 |
| 24,200 | 22,700 |
| 24,000 | 22,800 |
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 🙂
