Nifty Prediction for Monday, 29th April 2024

All the benchmark Indices opened in Green on Friday but Nifty looked weak throughout the day as it traded in a downward-sloping channel taking Nifty down from 22,600 to around 22,400 levels, as it also broke its 5-day winning streak.

Looking at the stocks of Nifty 50, then there are not any major changes in top weightage stocks. But we saw a huge downfall in stocks like Bajaj Twins, IndusInd Bank, Kotak Mahindra, Nestle, and M&M which are down by 7.7%, 3.52%, 3.32%, 2.07%, 3.12%, and 2.48% respectively, and these are mainly because bad results and some government restrictions.

Other than that Tech Mahindra, Vedanta, Divi’s Lab, and LTIM are in the top Gainers list which is up by 7.43%, and 4.07%. 4.49%, and 3.31% respectively.

Nifty Prediction Today

Nifty tried to continue its Winning Streak as the Index opened on a positive note above 22,600 on Friday, but was not able to hold at its upper level as we saw selling pressure from the start taking nifty down to 22,400. This is mainly because of FIIs selling, and this may continue as FIIs are still bearish on the Indian Market.

But looking ahead to Monday, Nifty is looking for an up move as there is so much exciting news for the market, including good q4 results of major stocks including ICICI Bank, and also the US market ended in Green after Tech Stock earnings, where Google, Microsoft, and Nvidia jumps around 10%, 2%, and 4% on Monday after strong Q4 results backed by AI Boom.

Also, if we look at the Gift Nifty then it is currently trading above 22,600 and Nifty is at 22,400 the market tries to fill this gap either by making Nifty UP above 22,500 or taking Gift Nifty down below 22,500, and in my opinion, there is a high chance that Nifty will open Gap Up on Monday.

Looking at the Technical Chart, the Nifty must cross and stay above the 22,500 level for any further Bull Run but if it falls below 22,300 then market sentiment may turn bearish and we may see the Nifty around 22,000 this week.

Green Lines are the Support Levels and Red Lines are the Resistance Levels.

Nifty ended in the red on Friday, but an Upmove is expected on Monday, so resistance levels are in the focus, so for Nifty 22,500 is looking like an immediate resistance for Nifty followed by 22,600 and 22,700 levels.

On the lower hand, we have immediate support at 22,400 levels, followed by 22,300 and 22,225 – 22,200 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.

I am Expecting Nifty to be Bullish on Monday, so we need to look for Long Trades but only after the Nifty crosses and stays above the 22,500 level once it crosses the 22,500 level then we can Target Nifty for the Next Resistance.

Other than that I advised you to wait and watch to Turn Nifty Bullish, but you can also Go Long in Nifty if Nifty is trading and continuously taking support at 22,400 levels.

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