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Nifty Prediction for 28th March 2024. Expiry Analysis
Nifty is facing resistance from the 22,200 level, so it may fall till 22,000 level as today is the weekly and monthly expiry.
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Nifty opened on a positive note (up by almost 50 points) yesterday above its support level of 22,000 and continued to trade higher throughout the day making an intraday high of 22,193.60, led by Index heavyweights Reliance Industries which is up by +3.56% or 102.55 points, and HDFC Bank which is up by +1.07% or 15.30 points.
Anyway, the rally in the Nifty in the previous trading session somewhere stopped after we saw selling in IT stocks in the last hours and the Underperformance of PSU Banks that let the Nifty close at 70 points lower from the day high at 22123.65.
Related: Bank Nifty Prediction for 28th March 2024.
Nifty Prediction Today
We witnessed a good buying in Index heavyweight stocks including Reliance and HDFC Bank, that let Nifty touch its Strongest nearby resistance of 22,200 but it was unable to break the resistance level as IT stocks saw heavy selling in the last trading hour.
So for Today, we expect Nifty to fall further to the 22,000 level as today is the weekly and monthly expiry of both the index and Stocks, so we may see some corrections in stocks taking the Index lower.
But, be careful as today is the Expiry day so Nifty may remain sideways and trade between a range of 22,200 – 22,100, but I am not seeing this happen as this is unusual on monthly expiry day.
Nifty Support and Resistance for Today
Green Lines are the Support Levels and Red Lines are the Resistance Levels.
Nifty is just 7 points away from crossing the resistance level of 22,200 but it falls once again taking support at 22,100, so Nifty has the immediate support at the 22,100 level followed by 22,000 and 21,900.
And on the upper side Nifty has a resistance level of 22,200 in the short term which is a strong resistance level followed by 22,300 and 22,400
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.
Nifty Support levels
S1 – 22,100 (immediate Support)
S2 – 22,000
S3 – 21,900
Nifty Resistance Levels
R1 – 22,200 (Current and important Resistance)
R2 – 22,300
R3 – 22,400
How to Trade in Nifty Today
We are expecting Nifty to fall a little bit taking support at 22,100 or 22,000 and we saw selling pressure as Nifty touches 22,200 level which is a strong resistance for Nifty as of now.
So for Today, We suggest going short in Nifty – If Nifty opens lower below 22,100 then go for short trades till 22,000 and if Nifty opens flat then wait for it to breach the support level or take rejection from the resistance levels.
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 🙂
