Nifty Prediction Today, 18th April 2024. Expiry Special

Nifty opened lower on Tuesday and traded almost sideways throughout the day and yesterday was the third straight session for Nifty ending in red, as global clues are not good.

On Tuesday we experienced heavy selling in IT stocks and the worst thing is TCS is down by more than 1.5% after beating the estimate in q4 of FY24. Not only TCS, but almost all IT stocks were down, where Infosys leads the losers list by slipping more than 3.5%, followed by LTIM, Wipto, Tech Mahindra, and HCL Tech.

Looking at the Nifty stocks, where Infosys lost the most, on the other hand, Eicher Motors gained the most by 3.23% followed by Titan, Divi’s Lab, ONGC, and HUL, but the surprising thing for me is that HDFC made it to the gainers list where it is up by almost 1% after opening more than 1% lower.

Nifty Prediction Today

Nifty is in trauma and fear as the US market has continuously traded in red from the last 4 sessions, and as of writing this article, the Nasdaq is trading more than 1% lower led by giant tech stocks including Apple, Nvidia, Meta, and Amazon.

Driven by the weak global news, the Indian Equity market is also under pressure as we saw heavy selling in stocks including TCS – after beating the estimates, confirming the Strong Bearish Trend.

So for Today, we think the Indian Market will open lower on Thursday, and especially looking for Nifty – the opening clues are based on Gift Nifty (As Nifty always trades on an average of 50 points lower from Gift Nifty), so you can calculate the opening for Nifty.

Anyway, as we are still Bearish on Nifty, we Think Nifty fall and take support at the 22,000 level today. There is something we can back up this data – looking at the Daily chart, Nifty forms a Doji Candle after a strong Bearish candle, which indicates the continuation of the trend, and one more thing to note is that, Nifty is Bearish and Gift Nifty is also Trading lower (below 21,100 level). Hence, there is a huge possibility that Nifty may test the 22,000 support level today.

But, who knows – Nifty may see a rally today based on any news, so you must need to prepare for any unwanted moves. And if Nifty tries to move upward then 22,200 acts as a strong resistance for Today.

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

Currently, Nifty is trading at 22,147, after breaching the support zone of 22,200 on Tuesday, and as of today it’s also looking bearish, so we have support levels in Focus where Nifty has immediate support at 22,100 level, followed by 22,000 and 21,950 levels.

On the upper side, Nifty has resistance at 22,200 in the near term 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 is bearish as of today, and as today is the expiry of the index, so we think Nifty to trade lower on Thursday, hence we are looking for Short trades on the resistance levels.

So here it goes,

If Nifty tries to breach the 22,100 level then we can easily go short till the 22,000 level, but if it goes further down then you need to be careful as today is the Expiry – therefore we expect Nifty to respect the support level of 22,000, so it may reverse above 22,000 anytime.

But if Call Open Interests are exponentially rising at the 22,000 level and Nifty is falling drastically then we can look for 22,900 and 22,800 levels – but that’s too much for today.

so, the straight answer is to look for short trades.

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.