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Nifty Prediction for Tomorrow – Tuesday, 9th April 2024
Nifty is looking Strong, as it makes a new all-time high on Monday led by Auto and Energy Sector, but for Nifty to reach 23,000 it need not to breach any support levels.
On Monday, Nifty opened almost 65 points or 0.28% higher and continued to trade higher throughout the day leading all the benchmark indices and made a new all-time high of 22,697.30 led by the Auto, Realty and Energy Sector.
Looking at the Stocks, Eicher Motors (+4.33%), Maruti Suzuki (+3.57%), M&M (+3.22%)NTPC (2.52%), and JSW Steel (2.26%) gained the most whereas Adani Ports (-1.96%), Nestle (-1.56%), and Apollo Hospitals (-1.44%) lost the most in Nifty 50.
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Nifty Prediction Today
The index is trading at a new high of 22,666 after leaving 3 points behind from touching the 22,700 mark for the first time. As of today Nifty opened gap up above the resistance level of 22,522 and continued to trade higher throughout the day.
So for Tuesday, Nifyt is looking Strong as it fearlessly breaks out of the resistance zone after five days of the range-bound market, moving upward fearlessly and marching toward the historic level of 23,000.
Hence, we expect Nifty will continue its Bull Run but there is a resistance level of 22,700 from where Nifty falls back on Monday, so we need to wait for it to break it with a Strong Candle then we can see a rally toward 22,800 and 22,900 otherwise it may take support at 22,600 level for today.
Related: Bank Nifty Prediction Today – 9th April 2024
Nifty Support and Resistance for Today
Green Lines are the Support Levels and Red Lines are the Resistance Levels.
Nifty moves out of the range and breaks the resistance level of 22,500 – 22,550 today and makes a new high of 2,697.30, so for Nifty the nearest resistance level is 22,700 followed by 22,800 and 22,900 levels.
On the lower side Nifty has immediate support at the 22,600 level followed by 22,520 and 22,400 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.
Nifty Support levels
S1 – 22,600 (immediate Support)
S2 – 22,520 – 22,500
S3 – 22,400
Nifty Resistance Levels
R1 – 22,700 (Current and important Resistance)
R2 – 22,800
R3 – 22,900
How to Trade in Nifty Today
Looking at Nifty – it seems strong but the fall from the 22,700 level raises concern for Tuesday’s long trades, anyway, you can wait for Nifty to break the 22,700 level and then one’s take support at 22,700 in the formation of Higher Lows – then you can plan a Long trade till the next resistance level.
Otherwise, You can wait for Nifty till it touches the support level of 22,600 and then move upward, but if it breaks the 22,600 level then you can plan a short trade till the 22,500 level.
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 🙂
