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Nifty Prediction for Tomorrow, 11th July 2024. Expiry Analysis.
It is likely that Nifty may fall on Thursday as it falls today after facing resistance from the higher levels, and if Nifty falls then it might take support at the 24,000 level on Thursday.
Nifty fell nearly 1% in the early session after making a new all-time high of 24,461 (with gapup opening) taking support at the 24,150 level but as the day passed it somehow managed to recover some points and closed at 24,324.45 which is -108 points lower from the previous day’s closing.
The main reason behind this fall is the Auto and IT sector as some of the highly weighted stocks from those sectors slipped badly where Mahindra & Mahindra fell by nearly 7% and the IT giants including TCS and HCL Tech fell by an average of -1.5% and following them some of the leading banks also contributed in this fall including SBI, Kotak, and HDFC Bank.
Looking at the Nifty 50 Stocks,
Top Gainers: Asian Paints, SBI Life Insurance, Divi’s Lab, Britannia, Grasim Industries
Top Losers: Mahindra & Mahindra, Tata Steel, TCS, Hindalco, Hero MotorCorp
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 11th July 2024
As I said in some of the past Nifty Predictions, Nifty is forming an Ascending Broadening Wedge Pattern, which is a bearish pattern Nifty may fall in the coming days, and today it seems to be happening as Nifty falls from its resistance level of 24,500 where the sellers almost dominated in the first 2 hours – indicating that this fall might stay longer.
Anyway, on the Chart, the Nifty is looking weak as it falls from its resistance level and also from the Upper trending line of the Ascending Broadening Wedge Pattern and this fall might be intense if the Nifty breaks the support level of 24,000 in the coming days.
What to Expect from Nifty on 11th July 2024
Looking ahead to Thursday, 11th July 2024, Nifty is likely to fall further on its weekly expiry day as sellers start dominating the market, and it is more likely that Nifty will open a gap down tomorrow and continue to fall throughout the day taking support at the 24,000 level, as we Expect some profit booking on the higher levels.
But if Nifty takes support at the 24,200 and bounces back making a bullish Candlestick then it might turn Bullish for the day but it’s interesting to see Nifty tomorrow, as tomorrow is the weekly expiry and we expect a highly volatile market on Thursday as the results season starts on the D-Street.
“Here are the trading levels for Nifty – 24,000 – 24,500“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 24,000 (85.46L) | 24,500 (95.51L) |
| 24,200 (60.50L) | 24,600 (88.62L) |
| 24,300 (57.16L) | 24,400 (87.23L) |
Nifty50 Support and Resistance for 11th July 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,200 | 24,400 |
| 24,000 | 24,500 |
| 23,800 | 24,600 |
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 🙂
