Nifty Prediction for Wednesday, 15th May 2024.

On Tuesday, Nifty opened a bit lower but the market traveled higher after an indecisive first-hour trading, where Nifty closed the day in green with +113.80 points or 0.51% gain.

So, on Tuesday – Nifty breached the resistance level of 22,200 – 22,250 as expected, but as the resistance is strong on this level it took Nifty down to 22,217.85 after making an intraday high of 22,270.05 which is our predicted level for Nifty.

But, these gains in Nifty may not last longer as FIIs and other big players are not interested in buying, and still, the overall sentiment of the market is Bearish, so we may see some fall of a downward sideways movement in Nifty for tomorrow.

Looking at the stocks in Nifty50,

Top Gainers: Adani Enterprises, Mahindra & Mahindra. Hero Motor Corp, L&T, and ONGC

Top Losers: Cipla, Nestle India, TCS, Tata Consumer, and Axis Bank

Nifty Prediction Today

As expected, Nifty crossed the 22,200 level and tried to breach the resistance zone of 22,250 but it was strong enough to hold Nifty below this level, so Nifty may trade around 22,000 – 22,500 level in this week.

If we look at the Chart then the Nifty seems a bit lower from its 50-day EMA and as the 22,250 level is acting as a strong resistance for the Nifty we might not see any further bull run in the Nifty until it takes support and trades above its 50 DEMA – till then, in my experience, Nifty may trade Sideways.

What to Expect from Nifty50 on Wednesday, 15th May 2024

Looking ahead to Wednesday, 15th May 2024 – Nifty seems tired of any further bull rally as FIIs are not showing any major Buying Interest, hence it may trade sideways with the support at the 22,100 level and the resistance at the 22,250 – 22,300 level. But any move above this level may end up in a bearish reversal for Short Term.

Also, till now, FIIs haven’t shown any Buying interest in the Cash Market, as they are eagerly waiting for any Clue of the General Election Results, and until FIIs didn’t show any major buying interest, we are not going to see any Bull Run in the market.

In conclusion, Indian Markets are like a Roller Coaster for at least this month.

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

Nifty is above the 22,200 level and as expected it is facing resistance from the 22,250 level so, we have the first support for Nifty at the 22,200 level followed by 22,100 and 22,000 levels.

Looking on the Upper side, Nifty has an immediate resistance at the 22,250 – 22,300 level followed by 22,400 and 22,500 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 is looking bullish, but the overall sentiment is still bearish, and also Nifty is facing resistance from the said resistance level of 22,250 therefore, we may see some fall in Nifty on Wednesday,

So, here is the trade Setup in Nifty for Wednesday, 15th May 2024

If Nifty opens Gap up then, wait for it to touch the 22,300 level, and then if it starts falling along with the RSI then a short trade can be initiated till the next support level, but if Nifty maintains to stay above the 2,300 level then 22,400 is may be the next destination for Nifty on 15th May 2024.

But in my view, Nifty may trade sideways, as tomorrow is the expiry of Bank Nifty so the market may take a rest at its current level, so staying away from the market on Wednesday, 15th May 2024 is a nice strategy.

Instead of trading, you can analyze the live market on Wednesday.

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.