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Budget Day – Nifty Prediction for Tomorrow 23 July 2024.
Nifty ended flat for the day after witness a volatile early session, leaving no clue for tomorrow, but it is likely that Nifty is going to be highly volatile on the Budget day making intense spikes on both sides.
Nifty recovered the opening loss and then traded flat, closing the day with a loss of 21.65 points of 0.09% after making an intraday low of 24,362.30 and an Intraday high of 24,595.20 following the Budget2024 which will be presented on 23rd of July 2024 on around 11 A.M. by our Finance Minster “Nirmala Sitaraman”.
Nifty witnessed high volatility in the early session ahead of the Union Budget 2024 but traded in the red for the 2nd day, and on the other side, BSE Midcap and Small cap roses, where midcap rose 1.3% and the small-cap index is up by 0.8 percent.
Auto and Healthcare sectors shine ahead of the Budget adding 1.15% and 1.10 %v respectively along with the PSE Index which rose 1.82% in the hope of better money management by the government in the Public Sector. On the other side, the Realty, Energy, and Oil & Gas sectors continue to fall – dipping an average of 0.5% each.
Looking at the Nifty 50 Stocks,
Top Gainers: Grasin Industries, NTPC, UltraTech Cement, HDFC Bank, Dr. Reddy’s
Top Losers: Wipro, Kotak Mahindra Bank, Reliance Industries, ITC, SBI Life Insurance, SBI
Also Read: Top 10 Mutual Fund Companies in India in 2024
Nifty50 Prediction for 23 July 2024
First of all, let’s discuss the Chart, Nifty has taken support at the lower trendline of the Ascending Channel Pattern, and following this it is likely that Nifty might trade in green on the Budget day, targeting the 24,800 and further 25,000 levels.
But, tomorrow is a special day in Indian History – As the NDA-led BJP government is going to present the Union Budget for the 3rd time, and this will impact the whole of the finance sector of the country from the Banking to the Stock Market to Real Estate to Loans to Taxes, everything – and potentially the major impact would be on the Stocks Market.
so, let’s talk about how the market should react to this budget.
In the last 14 budget Sessions, the market has given 7 green sessions and 7 red sessions leaving no clue for tomorrow’s budget session. But in more than 70% of the times, Nifty has given positive returns 10 days after the Budget date, and the average return is around 1.6%.
Here is an image showcasing the return of the Index during the Budget.
Look, the Market will remain volatile on the Budget day and it will move in either direction as the Finance Minister’s announcement tends to impact the sector-specific stocks. So expecting a highly volatile session, Nifty may break the support or the resistance level on the budget day – and as of the current situation, where markets are likely overvalued – we may see a major movement in the lower side if the support is broken which is place at the 24,200 and 24,000 levels.
What to Expect from Nifty on 23 July 2024
I suggest Stay Out of the Market on the Budget day as the market is going to be highly volatile and it may witness one or multiple spikes as the Finance Minister presents the budget.
So, let’s talk about level, for Tomorrow 23rd July 2024 – Nifty is likely to trade sideways in the early session, but as the budget presentation starts, Nifty will most likely see a bunch of spikes in both directions leaving no clue for relation option traders – so the best way to take the most out of this budget is hedging as the spike is going to be intense with very less reaction time – so trading naked options is a joke.
My view is Positive for Nifty on the Budget Day, but if Nifty falls below the 24,400 level then it can fall towards the 24,200 and 24,000 levels, and on the other hand, a rally above the 24,600 and if it sustains then it may lead the index towards the 24,800 level and a new high of 25,000.
“Here are the trading levels for Nifty – 24,000 – 25,000“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 24,000 (67.9L) | 25,000 (68.93L) |
| 24,500 (56.69L) | 24,800 (48.72L) |
| 24,300 (31.79L) | 24,500 (47.76L) |
Nifty50 Support and Resistance for 23 July 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,400 | 24,600 |
| 24,200 | 24,800 |
| 24,000 | 25,000 |
How to trade in Nifty on the Budget Day 23rd July 2024.
Single word Answer – Stay Out of the Market.
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 🙂
