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Nifty Prediction for Tomorrow 13th March 2024.
Nifty may fall to 22,250 or 22,200 level on Wednesday 13th March, as market is turning bearish but we need t keep a closer look at US inflation data.
Nifty is turning bearish as it erases yesterday’s early gains in a single bow, after the heavy selling pressure seen in Banking stocks, indicating further Correction that may lead Nifty to the 22,200 level.
Nifty Previous Day Overview
Also Read:- 7 of the best Indicators for Options Trader (RSI, VWAP, EMA, and more).
The index opened flat yesterday maintaining support at the 22,300 level. It suddenly spiked to 22,452 as we saw heaving buying in Index heavyweights including Reliance, HDFC Bank, and TCS. Still, it suddenly fell making an intraday low of 22,256, led by the sudden selling pressure in all the stocks because of the Inflation Data, that may come in the evening and then traded flat for the whole day.
Nifty Prediction for 13th March 2024
Nifty is turning bearish as Index heavyweights continue to fall in the previous sessions and you can also verdict this on yesterday’s trading session, as even after the top 5 companies of Nifty 50 traded in green (except ICICI) where HDFC and TCS rose by more that +1%, but Nifty ended flat, indicating that market sentiment is turning bearish.
So for Today, we are expecting the Nifty to fall a little bit, somewhere or near to 22,250 levels, as it is turning Bearish. So Nifty may open a little gap down, and at the 22,300 level, and if it falls below it immediately then, it can further fall to the 22,200 level. But if it manages to stay above 22,300 then we can see Nifty trade in a range of 22,300 and 22,430.
Anyway, if it breaks, the support then you can go short for today.
Related: Bank Nifty Prediction for 13th March 2024
Nifty Support and Resistance for Today
Nifty is currently trading at 22335.70 after dancing on yesterday’s session as if faces resistance from the 22,430 levels which is an immediate resistance for Nifty followed by 22,500 and 22,6000.
And on the other side, NIfyt may take support at the 22,300 level followed by 22,225, and 22,100.
Here is the OI data for Nifty 50 for tomorrow,
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Nifty Support levels
S1 – 22,300 (immediate Support)
S2 – 22,225
S3 – 22,100 (Major Support)
Nifty Resistance Levels
R1 – 22,430 (Current and important Resistance)
R2 – 22,500
R3 – 22,600
How to Trade in Nifty Today
Nifty is Turning bearish so we are expecting Nifty to fall further to 22,200 levels, as tomorrow is the Bank Nifty Expiry so we think Nifty to fall a little bit.
Any way if Nifty falls below the 22,300 level then we can go short till the next support level, and if it is able to maintain above the 22,300 level then we can leave the trade for today.
Happy Trading 🙂
