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Nifty Prediction for Tomorrow – 10th April 2024. Losing Momentum
Nifty makes a new all-time high of 22,765 on Tuesday, but wasn't able to hold the gains indicating further downside in the market.
Indian Market opened on a positive note (+0.38%) on Tuesday but wasn’t able to secure the early gains and started falling, making an intraday low of 22,612.25 and closing in a loss of 23 points of 0.10% – led by Index heavyweights Reliance and TCS which were down by 1.5% and 0.65% respectively.
Nifty made a new all-time of 22,765.10 today but fell immediately after opening taking support around 22,600 level. If we look at the Index Heavyweights then ICICI and Infosys lead the market by moving more than 1.20% each, on the other hand, Reliance and TCS fell by 1.5% and 0.65% while HDFC stayed neutral on Tuesday.
Nifty Prediction Today
After Opening on a positive note Nifty lost momentum as it formed a Hanging man Pattern on the hourly chart indicating a Bearish Market, and that’s why Nifty lost all the early gains and ended in Red.
So for Wednesday, as per the Technical Analysis, Nifty needs to fall a little bit and take support around the 22,500 level. Tomorrow is the Weekly Expiry of both the Index, Nifty, and Nifty Bank – hence we expect some volatility in the market, so traders need to be cautious.
Looking at the chart, Nifty is taking support at the 22,600 level but it signaling a Bearish Sign for Wednesday, so if Nifty falls, then it has the first support of the Trendline around the 22,580 level, and if falls further then 22,500 is strong support for Nifty for Tomorrow with the highest put OI of 89.57L.
For the most accurate trend, you need to track Nifty’s first 10-minute candle as it moves above its opening point or not – and if not then Nifty is weak and a fall is coming, but if the second 10-minute candle moves above its opening point then you need to look for Support and Resistance to trade.
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Nifty Support and Resistance for Today
Green Lines are the Support Levels and Red Lines are the Resistance Levels.
Nifty is currently trading around its all-time high but today’s fall indicates a bearish sign, so supports are crucial.
So, Nifty has immediate support at the 22,600 level followed by 22,520 – 22,500 and 22,400 levels, and on the upper side, Nifty is facing resistance at the 22,700 level followed by its all-time high of 22,767, and 22,900 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 – 22,600 – 22,580(immediate Support and Trendline support)
S2 – 22,520 – 22,500
S3 – 22,400
Nifty Resistance Levels
R1 – 22,700 (Current and important Resistance)
R2 – 22,767 – 22,800
R3 – 22,900
How to Trade in Nifty Today
Tomorrow is the Weekly Expiry of Nifty 50, and looking at today’s movement – it seems like Nifty is looking at its momentum as it wasn’t able to cross its opening points indicating a strong Bear Grip, and also it formed a Hanging man pattern at the top on the hourly chart – hence I expect further fall in the market.
so, if you are looking for trades in Nifty then be cautious as today is the expiry as there may be high volatility in the market.
Anyway, in my view, you need to look for short trades keeping 22,500 as the potential support level for tomorrow. Nifty may open gap-up or flat or Gapdown but you need to wait for the 22,600 level to break to go for andy short trades, until wait and watch.
But if Nifty opens below 22,600 then you need to wait for Nifty to go up and test the 22,600 as the resistance to confirm the fall, and then initiate any short trades.
Disclaimer: Who Knows, Nifty may go up and make a new all-time high, so don’t take my words for granted as it is just an analysis.
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 🙂
