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Nifty Prediction Today – 12th July 2024. Nifty is likely to Fall Further
Nifty is facing hard time crossing the 24,400 and 24,500 levels as sellers starts dominating the market and also we see Long Unwinding in the Nifty Futures indicating that market may fall to the 24,000 and further more to 23,500 in the coming days.
Nifty opened a bit higher from the previous closing day, but as the resistance is so strong on the 24,400 level taking Nifty down from the opening bell, where Nifty fell to 24,250 in the first hour and further fell to the support level of 24,200 as expected – but later the day Nifty witness a slow but steady recovery, turning the day in green but at the end it closes in red with a minor loss of just -8.50 or 0.03 percent.
Yesterday the Nifty Realty and Healthcare sectors saw some selling as these indices were down by -11.48% and -0.64% respectively and on the flip side, the Nifty PSE index and the Oil and Gas Index rose the most with a fain of +1.09% each.
Looking at the Nifty 50 Stocks,
Top Gainers: ONGC, BPCL, Coal India, ITC, Tata Motors
Top Losers: Tata Consumer, Bajaj Finance, M&M, Divi’s Lab, NTPC
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 12th July 2024
If we look at the technical chart, the Nifty has formed a Symmetrical Triangle Pattern in the shorter time frame with a high at 24,450 and a low at 24,100 – which indicates that Nifty may go in any direction according to the breakout. Looking at the current scenario, where the sellers are dominating the first trading hour, it is less likely that Nifty will go up, which indicates that Nifty may create a Trap if it breaks in the upward direction.
What the FIIs are indicating about Nifty
Also, the FIIs are not interested in Buying as they were net sellers on Thursday in the cash segment where they sold shares worth Rs. 1,137Cr.
In the Index Futures, FIIs are also negative as from the last two days they have been selling more and more Futures Contract, which indicates that the market is more likely to fall in the coming days.
The same is seen in the Futures OI where the OI is decreasing day by day with the decrease in price which means there is Long Unwinding in the market, indicating that the market is turning bearish and traders are exiting their long positions (more likely in a panic).
What to Expect from Nifty on 12th July 2024
Looking ahead to today, 12th July 2024, Nifty is likely to fall as of my analysis, as the sellers are dominating the market first hours, which signals a fear in the market that there might be a sharp selling soon, which results in panic selling as what we saw in the past two days, that the market is trying to go higher but Smart Money are exiting their long positions putting pressure on the market resulting in a panic selling if breaks the support levels.
So, For Today, Nifty might open a gap down, below the 23,300 level, and may continue to fall till it touches the support level of 24,200 but if Nifty breaks the resistance level then it might fall further in the coming days with support at the 24,000 level followed by 23,800 and 23,500 levels.
But if Nifty opens in green and continues to trade higher then the 24,400 and 24,500 levels are going to be a tough Resistance for Nifty to cross, and further ahead, Nifty may rally towards the 25,000 in the coming days.
“Here are the trading levels for Nifty – 24,000 – 24,500“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 24,000 (34,68L) | 25,000 (47.60L) |
| 24,300 (29.69L) | 24,400 (32.04L) |
| 24,200 (24.49L) | 24,500 (27.74L) |
Nifty50 Support and Resistance for 12th July 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,400 | 24,200 |
| 24,500 | 24,000 |
| 24,600 | 23,800 |
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 🙂
