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Nifty Prediction for Tomorrow, 26 July 2024
Nifty opened lower but recovered the opening loss by making higher highs and higher lows but it facing resistance from the higher levels and as it forms a Falling channel, it is possible that Nifty may fall on Friday.
Nifty opened nearly 200 points lower today at 24,230 but soon started rising making higher highs and higher lows recovering all its opening losses and ending just 7.40 points or 0.03% lower from the previous closing.
As today is the weekly expiry of the Nifty 50, we expect a highly volatile market and bearish market but on the contrary, the market shows a recovery with very little volatility as it made over the resistance level of 24,400 and managed to close above this level.
Despite the broader index being down today where the Bank Nifty is down by more than 1.5% during midday along with the Smallcap and Midcap Index, the Nifty Energy, PSE, Auto, and Oil & Gas Sector continue to rally as they were up by 1.26%, 1.17%, 1.25%, 2.21% respectively.
To your knowledge, this is the fifth straight session, where Nifty closes the day in Red and will probably continue to end in red tomorrow, but there will be no surprise if Nifty rallies on Friday, as buyers are giving tough competition to Sellers.
Looking at the Nifty 50 Stocks,
Top Gainers: Tata Motors, ONGC, SBI Life Insurance, BPCL, Sun Pharma
Top Losers: Axis Bank, Nestle, Titan, ICICI Bank, Tata Steel,
Also Read: Best Semiconductor Stocks in India. Expert Picks
Nifty50 Prediction for 26 July 2024
On the Technical Chart, Nifty Seems to be recovering from its lower levels but at the same time, it is facing resistance from the higher levels, and the selling pressure is so intense that the buyers won’t be able to close the day in green for the fifth straight session, somewhere putting mental pressure on the Investors.
So, if Nifty falls from this level or even after touching the 24,500 then we may see a bearish market for tomorrow which might take Nifty down to the 24,000 level. Also Nifty is currently trading below its short-term moving averages on the hourly chart, which gives a negative sign for the coming days and Nifty may trade with a Negative bias for the day and the coming days.
If you look carefully at the chart, the Nifty forms a falling channel in the last five sessions, and is currently trading near the upper trendline of that falling channel which means it might trade lower on tomorrow and continue the channel formation.
On the larger timeframe, the Nifty is forming an Ascending Broadening Wedge Pattern as seen in the Featured image above and it will most likely fall towards the 24,000 level and then to the 23,800 in the coming days, as this pattern is mostly a berish reversal pattern.
What to Expect from Nifty on 26 July 2024
My view for the Nifty on Friday, 26 July 2024 is Negative, and Nifty is likely to open a gap down tomorrow, where its nearest support is at the 24,300 level followed by 24,200 and 24,000 levels, as it currently trading inside a falling channel which is a bearish pattern and it is most likely that Nifty will continue to Trade following the falling channel Pattern.
But if Nifty opens gap up and continues to trade higher and sustains above the 24,500 level then we may see a Bullish market and Nifty might cross the 24,600 level on Friday, turning the sentiment to bullish with a potential target of 25,000 in the coming days.
“Here are the trading levels for Nifty – 24,000 – 24,600“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 24,000 (36.12L) | 25,000 (48.07L) |
| 24,400 (25.32L) | 24,500 (29.66L) |
| 24,300 (23.79L) | 24,400 (27.77L) |
Nifty50 Support and Resistance for 26 July 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,300 | 24,500 |
| 24,200 | 24,800 |
| 24,000 | 25,000 |
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 🙂
