Nifty Prediction for Tomorrow – Monday, 13th May 2024

On Monday, Nifty traded in green breaking the five-day losing streak and closing above the said support level of 22,000 – but this may not be the end of the downtrend in Nifty as Nifty sees Long Unwinding – which is not a good sign as the instrument is meant to fall after the Long Unwinding is over – which may lead Nifty toward the 21,800 level.

Must Read: How to Find the Best Stocks for Intraday Trading, and this is my personal method of identifying winning stocks for Intraday, which you can replicate to find the perfect one for yourself.

Nifty Prediction for 13th May 2024

It seems like the Nifty 50 has taken support at the 22,000 level as it closes at 22,055.20 in the last trading session, but the sellers are not going to give up easily, and also Nifty sees Long Unwinding on Friday, which means there might be some more downside in the Nifty in coming days.

So, what to expect on Monday, 13th May from Nifty 50,

Basically, in my opinion, Nifty may trade sideways experiencing a little downward movement as the sellers are still holding tightly on the higher level. So we can see Nifty taking support around the 21,800 level or even lower to the 21,700 and 21,600 mark this week.

Anyway, on Monday, Nifty may open a little gap down, as Gift Nifty is down by -0.33% or -73 points on Friday’s Evening session, but we need to wait for Gift Nifty to see how it will trade on Monday, so we can somewhere precisely predict the opening for Nifty.

Till then, let’s talk about the Technical Chart Analysis,

So, Nifty is in a Downtrend after forming a double top around the 23,000 level, and it’s just around its neckline support of 21,800 but, the Put Writers are trying to take nifty higher from the support level of 22,000 – but in my opinion, it’s not going to be an easy task for Bulls as Market is in its Correction phase after a pre-election rally, so that we can see a rally as the result of election starts supporting the current Government.

Anyway, on the Daily Chart, Nifty forms an Inside Candle – which indicates the continuation of the trend, and I am also in favor of this theory as Sellers are dominating in Nifty and may take Nifty around the 21,800 – 21,700 level. But the Inside Candle also indicates a Reversal when it forms around the support level which is the 22,000 level in this case, and it’s possible that Nifty may trade higher on Monday, but it needs to dominate the sellers to reverse the Trend – and it’s cool to see, that how Nifty trades on Monday, 13th May 2024.

Green Lines are the Support Levels and Red Lines are the Resistance Levels.

Nifty is above its support level of 22,000 and it seems challenging for both “Bulls and Bears” to dominate this level.

Anyway, 22,000 is still tough to crack, so we have the first support for Nifty around the 22,000 level followed by 21,900 and 21,800 levels.

On the upper side, Nifty is facing resistance from the 22,100 level followed by 22,200 and 22,300 levels.

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.

Look, I am not sure above any direction – as there are so many things happening in the Index Chart, first – Nifty sees an Unwinding of Long Positions, which indicates further downside, second – Nifty forms an Inside Candle, which indicates the continuation of the trend, third – it might pretty possible that Nifty may reverse from here as the Inside bar is formed around the support level. Fourth – Nifty is falling after forming a Double top around the 23,000 level and it is so close to the Neckline of the double Topo Pattern which is the 21,800 level.

So, for me, it’s confusing, but there is a high chance of Nifty falling on Monday as the Sellers are still dominating the Higher level.

Hence, if Nifty falls from the 22,000 level on Monday – then Short Trade can be initiated, and we may see Nifty around the 21,900 – 21,800 level but if Nifty is able to hold above the 22,000 level then we can ignore any trading in Nfity as of Monday.

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.