Nifty Prediction for Tomorrow, 19th April 2024

Indian Equity market opened a little gap-up on Thursday but wasn’t able to sustain – giving a fake breakout at the 22,300 level and then fell sharply at noon led by the Oil and Gas sector and FMCG Sector, as the key players of these sectors including ONGC and ITC were down by more than 3% and 1.5%, and not only them – Banks are also weak, where the major players like HDFC and ICICI were down by 1% each.

Looking ahead to tomorrow, the market doesn’t have any good news except for expectations, and as of the time of this article, the US market is trading mixed, where DJIA is up by 0.3%, and on the other hand NASDAQ and S&P500 are down by -0.23% and 0.02% respectively leaving no clues for tomorrow.

Anyway, we need to wait till the US market closing to conclude any further movement.

Nifty Prediction Today

The Indian Equity market witnessed a sharp selling on Thursday confirming the Strong Bearish Trend and a weak market as Nifty touched the 22,000 level after the breakout of the long-term trendline at 22,110 indicating more aggressive selling to come.

As of writing this article, Gift Nifty is down by -0.59% at 21,938 – which is a bad signal for the Indian Market for Tomorrow, but everything is eyeing the US market – in the hope of any good news otherwise we are on a falling sword.

Anyway, we cannot conclude any opening clues as we need to wait for the US market and Gift Nifty to end today’s session so that we can conclude any opening for Tomorrow’s market.

But, if we look at the Nifty then we can say that Nifty is indicating a further Bearish Sign, as it breaks a long-term trendline at 22,110 and breached the 22,000 support level settling down at 21,995 as of today.

So for Tomorrow, we think Nifty to continue its Bearish trend if it isn’t able to take it above the 22,125 level, until then we are assuming Nifty to continue the bearish trend taking 21,900 as a potential support level for today.

Anyway, everything is on the global news – so we need to look for that for any kind of potential direction for tomorrow.

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

Index breaches the support level of 22,000 so we need to look for the lower side for any support where 21,900 is acting as immediate support for Nifty followed by 21,800 and 21,700, but if Nifty opens to 22,000 tomorrow then the 22,000 level becomes the support for Nifty.

On the upper side, Nifty has an immediate resistance at 22,100 – 22,125 followed by 22,200 and 22,300 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.

We need to wait for the US market to close – to predict any moves for Nifty for tomorrow, but as of the current situation, Nifty is bearish and you need to look for short trades until Nifty crosses the trendline at settle above the 22,125 level.

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.