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Nifty Prediction for Tomorrow, 29 August 2024. Nifty Expiry Analysis
Nifty closed the day above 25,000 mark after falling from the new high on Wednesday driven by IT and Healthcare Stocks - but there were some profit booking at the higher levels indicating that, the market participant are also not clear of any potential direction as tomorrow is the weekly expiry of the Index.
Nifty opened flat and after a shortfall, it immediately rose back and started trading higher crossing the 25,000 mark once again and forming a new all-time high of 25,129.60 today, but in the last hour, it fell back from its record high and ended the day at 25,052.35 up by 34.60 points or 00.14 percent.
Today’s Nifty rally is led by the Nifty IT and Healthcare sectors as they rose 1.64% and 1.19% respectively while all the other major sectoral indices are trading in red including Midcap and Smallcap indices.
India Vix also rose significantly today by 2.35% as Nifty approaches a new high, while the PCR along with Nifty’s fall in the last trading hour, indicates a potential profit booking at the higher levels.
Looking at the Nifty 50 Stocks,
Top Gainers: LTI MindTree, Wipro, Divi’s Lab, IndusInd Bank, Bharti Airtel
Top Losers: Asian Paints, Adani Enterprises, Nestle, Maruti Suzuki, Britannia Industries
Also Read: Nifty 50 Stocks Weightage
Nifty 50 Prediction for 29 August 2024
Looking ahead to Thursday, 29th August 2024, Nifty is likely to trade in a range-bound market, as tomorrow is the monthly and weekly expiry of the Nifty 50 hence we expect a high volatility in the market keeping Nifty around the 25,000 levels.
And if Nifty manages to stay above 25,000 tomorrow, then we may see a Bull run in the Market in the coming days and weeks – as the global market is looking for the US Fed rate cut which is expected this September pushing a fresh money flow in the market – which ultimately lead the market higher.
Following the Weekly Expiry Nifty – where a range-bound market is expected, Nifty has strong support at the 25,000 level followed by 24,900 and 24,800 levels – indicating that the buyers are in control. On the upper side, every round number is a possible resistance for the market, as Nifty is yet to reach that level.
What to Expect from Nifty on 29 August 2024
The Market view is positive, as Nifty closes above the 25,000 mark, and it added almost 80% more Put OI than the Call OI – suggesting a strong buying sentiment, stating that the market is in an uptrend – and likely to remain in an Uptrend in the coming month.
So, for Thursday, 29 August 2024 – Nifty is likely to open flat, near the 25,000 level, and possibly trade with a range (24,800 – 25,200). But any intense selling or Buying in the early trading session can completely turn the market direction as market participants exit the positions in Fear.
Also, Remember that tomorrow is the weekly expiry of the Nifty – so the market is expected to be volatile where we may see the Nifty moving around the 25,000 level frequently – so instead of Buying options (and trying to become a HERO) try Option Selling as the market is likely to remain sideways.
“Here are the trading levels for Nifty – 24,800 – 25,200“
Nifty 50 Support and Resistance for 29 August 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 25,000 | 25,200 |
| 24,900 | 25,400 |
| 24,800 | 25,500 |
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 25,000 (1.19Cr) | 25,500 (91.12L) |
| 24,800 (98.60L) | 25,100 (88.82L) |
| 24,900 (93.11L) | 25,400 (83.17L) |
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 🙂
