Disclaimer: Information on this site is only for Education Purpose. Don't take our Articles as any Investment or Trading Advice, as we are not SEBI Registered.
Nifty Prediction Today – 25 July 2024. Nifty weekly expiry day
Nifty is holding below the lower trendline of the Ascending Channel Pattern and following this it may fall to the 24,000 today. Also the Global Market is trading in Red, where the Nasdaq is down by more than 2.5% and the S&P is down by more than 1.5%, and the Asian Market is also trading lower where the Nikkei and Hang Seng is down by 1% each.
Nifty is facing resistance from the resistance level of 24,500 and after opening almost flat, it traded with a negative bias for the day taking support at the 24,300 level.
It closed in the red for the 4th consecutive day whereas the Nifty ended the day with a loss of 65 points or 0.27% as the banking and finance sector witnessed a sharp decline on Wednesday.
Although the banking sector witnessed the most selling yesterday where the Nifty Bank Index was down by 0.89% followed by FMCG which was down by 0.52 percent, other sectors performed really well after the Union Budget where the Nifty PSE, Energy, and Oil & Gas rallied the most with 1.22%, 1.23% and 1.68% respectively.
Most importantly, the Broder Index witnessed some weakness after the Union Budget while the Nifty and BSE SamllCap index rallied around 2% each while the Midcap index rallied an average of 1% each.
Looking at the Nifty 50 Stocks,
Top Gainers: HDFC Life Insurance, BPCL, Tech Mahindra, NTPC, Tata Motors,
Top Losers: Bajaj Finserv, Tata Consumer, Britannia Industries, Axis Bank, Hindustan Unilever
Also Read: Best Semiconductor Stocks in India. Expert Picks
Nifty50 Prediction for 25 July 2024
Looking at the technical chart, Nifty is below its short-term moving average including 50 and 100 SMA on the hourly chart, and so on the daily chart – as it is below its 10 SMA which is likely a negative sign for the Market in the short term, and Nifty may find its support at the 24,000 level if falls on Thursday.
However, as seen on the technical chart, Nifty has formed an Ascending Channel Pattern and for the last 27 days it has been trading inside that Ascending Channel Pattern making higher highs and higher lows – but yesterday it once again fell below the lower trendline of that pattern, and faces resistance crossing it over, which indicates that market may turn bearish in the short term.
Following this, the current resistance level for Nifty50 is 24,500 above this Nifty may trade higher for the day, but if sustains below then the nearby support is placed at the 24,300 level followed by 24,200 and 24,000 levels.
What to Expect from Nifty on 25 July 2024
So, for Thursday, 25 July 2024 – Nifty is likely to open Gap Down around the 24,300 level, and if forms a Bearish Belt Hold Candlestick Pattern then it may be traded lower for the day and may fall to the 24,000 today.
Also, the Global Market is giving a negative sign – as the US market is bleeding badly on Wednesday where the Nasdaq is down by more than 2.5% followed by the S&P 500, which is down by more than 1.5% as the Tesla shares crashed more than 10% along with major IT giants including Apple, Microsoft, and Nvidia that were down by more than 2% each.
Not only the US Market, but Asian markets are also trading in red where the Nikkie and the Hang Seng are trading lower by 1% each at the time of writing this article.
And following this, the Indian market is also likely to fall on Thursday, 25 July 2024 and if it falls below 24,300 and sustains then we can see Nifty at 24,000, and if it goes even lower then 23,800 may act as crucial support for Nifty today.
But if Nifty rises above the 24,500 on Thursday and sustains above it, then it will further rise towards the 24,700 and 24,800 levels.
“Here are the trading levels for Nifty – 24,000 – 24,800“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 24,000 (1.17Cr) | 25,000 (1.51Cr) |
| 24,400 (52.38L) | 24,800 (89.85L) |
| 24,500 (47.31L) | 24,500 (83.39L) |
Nifty50 Support and Resistance for 25 July 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,300 | 24,500 |
| 24,000 | 24,700 |
| 23,800 | 24,800 |
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 🙂
