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Nifty Prediction for Tuesday, 14th May 2024
The Nifty index opened lower but rebounded, closing higher after forming a Hammer Candle on the support level. Despite potential resistance at 22,200-22,250, it may open higher on Tuesday. Traders can go long on an upward movement, but overall, trading is expected to be bullish. Support at 22,000, resistance at 22,250.
On Monday, Nifty Opened around -65 points lower and continued to trade in the red territory in the early trading session, with a loss of more than 1% making an intraday low of 21,821.05 but before touching the said support level of 21,800 it traveled higher as the selling in Nifty took it in the Oversold Zone, and the reversal in Predicted – which took Nifty above the resistance zone of 22,100 which is good for Nifty.
Anyway, Nifty formed a Hammer Candle on the daily chart on the support level which indicates a Bullish Reversal which can be seen on the Chart, as Nifty closed 48 points higher after slipping more than 200 points in the early trading session.
But in my view, this reversal is not going to be changed in a Rally towards new high, at least in this week. So, Nifty may travel higher but the resistance on the higher levels are strong enough leading Nifty trade Sideways.
Loking at the Stocks in the Nifty 50,
Top Gainer: Cipla, Asian Paints, Adani Ports, Divi’s Lab, Adani Enterprises
Top Looser: Tata Motors, BPCL, Shriram Finance, NTPC, Bharti Airtel
Must Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty Prediction for 14th May 2024
After Opening on a Negative note, Nifty continued to fall till it reached the marked support level of 21,800 and then reversed from the lower level making a Hammer Candlestick on the daily chart, as the buyers pushed the market higher and took Nifty above 22,100 level.
Look this is the perfect time for Option Buyers to make money, as tomorrow’s move in the Nifty 50 is almost predicted because Nifty once again takes support around the marked support level of 21,800 and made a Hammer Candlestick on the lower level and traveled more than 1% higher from the day’s low and settled over the 22,000 level.
What to expect on Tuesday, 14th May 2024
So, for Tuesday, I am expecting a Gap Up opening in Nifty 50 as the market just saw some buying interest from the oversold zone and made a Hammer Candle on the support level – but in my view, this is not going to become a Rally and neither this buying will take Nifty towards a New High, instead Nifty is trying to stay Calm after some profit booking.
Hence, for tomorrow, Nifty may trade higher again, but the 22,200 – 22,250 level is still an important resistance for Nifty, and it may face a hurdle crossing these levels. Also, today’s rally is nifty after the selling pressure because it’s trading in the Oversold Zone, so I am not excited about this reversal.
But, be careful about going after Naked Long Positions, as Put Writers left the positions from the 22,000 level on Monday, so Nifty may fall slightly to take support around the 22,000 level, and then it may travel higher.
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Nifty Support and Resistance for Tuesday, 14th May 2024
Green Lines are the Support Levels and Red Lines are the Resistance Levels.
Nifty ended the day in Green above the Resistance level of 22,000 – 22,100, hence, 22,100 may act as an immediate support level for Nifty followed by 22,000 and 21,900 levels.
On the Upper Side, Nifty still has a tough resistance around the 22,200 – 22,250 level followed by 22,300 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 – 22,100 (immediate Support, may not work properly)
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 on 14th May 2024
Nifty may open higher on Tuesday, 14th May 2024, but the resistance on the 22,200 – 22,250 level may stop Nifty from going up.
So here is the trade setup in Nifty for Tuesday, 14th May 2024
If Nifty Opens Gap Up and starts travelling higher then a long trade can be initiated till the 22,250 level, but if Nifty starts testing the support level of 2,100 and the RSI on the shorter time frame seems falling, then a Short trade can be initiated till the 22,000 level.
But, Overall Nifty is set for Trading Green, so a long trade can be placed on a Dip.
That’s it for Tuesday.
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 🙂
