Nifty Prediction for Tomorrow – 12th April 2024. Market may Fall.

Nifty opened a little gap up yesterday but remained sideways for the rest of the day as yesterday was the weekly expiry of nifty.

Looking ahead to Friday, nifty is looking Bearish, because on Wednesday – the US Bureau of Labour Statistics released the US CPI data or Inflation data which comes out at 3.5%, more than Wall Street estimates of 3.4%, a 3.5% year-on-year increase, and an increase of 0.4% from the last month.

And this affected very badly, as US key indices including DJIA, S&P, and Nasdaq all tumbled more than 1% each in the early trading session. Also, Gift Nifty futures also fell more than 175 points or 0.75% when the CPI data was released – which may pause the Indian Market Rally.

Related: Bank Nifty Prediction for 12th April 2024.

Nifty Prediction Today

Nifty is Bullish as of now, but it is facing a hurdle after making a new all-time high of 22,775 with a spike and fall down on Wednesday, saying that it may not be able to stay at its upper level, and waiting for a correction – after the hotter than expected US Inflation data.

Anyway, the Indian market will fall on Friday (high probability), as the CPI data cut the hope of US Fed rate cut in June till September according to experts, and this will affect Indian markets too.

So for Today, We expect Nifty to open a gap down below the support level of 22,700 and may continue to fall till the next major support level of 22,600 or if the selling is too intense then 22,500 will provide a cushion for the market- as Gifty Nifty is continued its fall on the next day (Thursday), trading around 22,630, 0.25% lower from the previous closing.

Hence, as a trader you need to be cautious – and keep faith in charts, as they indicated the coming fall by making a hanging man and a shooting star pattern on the 4-hour chart which is a bearish reversal pattern.

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

Nifty is currently trading at 22,753.80, near its all-time high, but it is set for a reversal as it formed a hanging man and shooting star pattern side-by-side on a 4-hour chart, and US CPI data also play a major role in taking nifty down.

So we have support levels in Action, therefore nifty has immediate support at 22,700 which is not so capable of holding nifty up followed by 22,650, 22600, and 22,500 levels.

On the upper side, Nifty has an immediate resistance at the 22,775 – 22,800 level followed by 22,900 and 23,000 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.

Looking at the Nifty and the World market, the Indian market is set for a bearish reversal, therefore we only look for short trades for today.

Look for Short Trades with a target of potential support levels.

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.