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Nifty Prediction for Monday, 29 July 2024.
Nifty made a new all time high on Friday led by Metal, IT, Pharma, and Auto stocks and made a Marubozu Candlestick on the daily chart which means it will likely to trade higher on Monday, potentially reaching the historic 25,000 mark.
Bulls are Back, and Nifty ended its First Green Day after the Union Budget 2024.
Nifty opened almost flat for the day but soon started moving higher breaching the resistance level of 24,500, and as expected, Nifty sustained above the 24,500 level and we saw a bull run on the Dalal Streel today as Nifty as the Index rallied more than 1.85% today, making an intraday high of 24,861.10 (making a new all-time high) led by Metal, IT, Auto, Pharma, and Nifty Consumption.
It is expected that the Nifty may fall today, as the bears are gripping the market but the market once again rallied (despite the odds that, the technical indicators are giving a negative signal, FIIs are selling heavily as they sold shares more than Rs. 11,000 Crores from the India Market Post Union Budget 2024) on Friday making a (almost) Bullish Marubozu Candlestick which indicates that the Nifty is ready to reach the historic 25,000 mark on the Next Trading session.
Nifty ended 428.76 points or 1.76% higher, at 24,834.45 after making a new all-time high of 24,861.15 on the last trading day of the week, breaking the 5-day losing streak, where the top performer was the Nifty Metal, followed by Nifty Healthcare, Auto, and IT Index that gained 3.01%, 2.73%, 2.43%, 2.40% respectively.
Looking at the Nifty 50 Stocks,
Top Gainers: Shriram Finance, Divi’s Lab, Cipla, Bharti Airtel, Apollo Hospitals
Top Losers: ONGC, Tata Consumer, Nestle India
Also Read: Intraday Trading – Strategies, Tips, Entry & Exit, and Best Stocks
Nifty50 Prediction for 29 July 2024
On the Technical chart, Nifty can be seen breaking the upper trendline of the falling channel with a big green candle on the hourly chart, which gives the nifty an early push as it also sustains above the resistance level of 24,500 in the first hour of the day, which ultimately pushes the market higher above the 24,800 level once again and made a new all-time high today.
But Nifty leaves 140 points behind the historic 25,000 level on Friday. Still, it made a Bullish Marubozu Candlestick on the Daily chart, which is a Bullish Continuation Candlestick Pattern, which means the Nifty is likely to trade higher on the next trading day, which strengthens the possibility that the Nifty could cross the 25,000 level on Monday, 29 July 2024.
As seen on the chart, Nifty is once again above its short-term EMA, and SMA, as it moved above its 50 DEMA, and 50 SMA on the hourly chart in the first hour of the trade, and continued to trade higher throughout the day, which indicates that the Nifty is likely to be positive for short term with potential support at the 24,800, 24,700, and 24,500 levels.
What to Expect from Nifty on 29 July 2024
It looks positive, so for Monday, 29 July 2024 – NIfty is likely to be positive and may open gap up, continuing the past-day trend and most likely trade with a Positive bias, winning the 25,000 mark.
As it made a Bullish Marubozu-type candlestick on the daily chart, it is likely that Nifty could trade higher for the 2-3 sessions, which means it could get over the historic 25,000 mark on Monday, and then 25,200, and 25,500 levels in the coming days.
But if Nifty falls back after touching the 25,000 level, then it has it first support placed at the 24,800 level followed by 24,600 and 24,500 levels. And, if it falls straight in the opening session without touching the 25,000 mark or without making a new high then, we could see a bearish market on Monday.
“Here are the trading levels for Nifty – 24,500 – 25,000 – 25,200“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 24,500 (71.02L) | 25,000 (55.86L) |
| 24,600 (57.26L) | 25,500 (55.07L) |
| 24,700 (50.76L) | 25,100 (39.14L) |
Nifty50 Support and Resistance for 29 July 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,800 – 24,700 | 25,000 |
| 24,600 | 25,200 |
| 24,500 | 25,500 |
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 🙂
