Nifty Prediction Today 27th Feb 2024. Go Short till 22,000

Updated:- Nifty is Currently Trading in a range, between 22,175 and 22,100, so if it breaks above 22,200 and sustains above it, you can initiate a long trade till 22,300, and if it again falls from 22,200 you can go short till 22,100, an further till 22,000 (if the volatility increases in the market).

I am suggesting that you can leave any trade for now, until the breakdown of 22,100.

Nifty Closes in Red Yesterday indicating further Downside movement to the 22,000 level, as this is the last week of the month and the monthly Expiry is coming closer.

Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the data after analyzing the Market.

Nifty Previous Day Overview

Nifty Opens -43 points lower from the previous closing and remains almost flat for the whole day, making an intraday low of 22,075.15, and an Intraday high of 22,202.15 but unable to sustain above 22,200, and closing with a loss of 0.41% indicating further downside.

Looking at the Nifty 50 on the previous day, Larsen and Toubro gained the most +2.43%, whereas Asian Pains lost the most -3.94%. The IT sector is Yesterday’s worst-performing sector whereas the Energy Sector leads the market. Most of the Banking Stocks are also in the Red zone.

Also Read:- Best Indicators for Options Trading.

Nifty Prediction Today

Looking at the Technical chart of the Nifty 50 you can see that it is trading on a Trendline but is unable to maintain the upper level of 22,200 after a weak opening in the previous trading session but somehow managed to close above 22,100.

For Today, Nifty is looking Bearish and may open Gapdown continuing the downtrend as the monthly expiry is too close, maintaining the Support at the 22,000 level. As FIIs and DIIs are also bearish on the Indian Market, we expect Nifty to open Gap Down, take support at the 22,000 level, and then Bounce Back from there, as 22,000 is the major support for Nifty.

Nifty Support and Resistance for Today

Nifty Technical Chart for Support and Resistance

Nifty is currently trading at 22,117 after falling from 22,200 and taking support at 22,100, hence 22,100 acts as immediate support for Nifty, and 22,200 acts as an Immediate resistance for Nifty. Looking at lower levels 22,000 is the major support area as it has the highest Put OI followed by 22,900 and 22,800 levels.

On the Upper side 22,300 acts as a major resistance zone as this is the Current All-Time high of Nifty 50, followed by 22,400.

Here is the OI Data of Nifty

Nifty OI Data for Nifty Prediction Today — OI Data of Nifty via Sensibull

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Nifty Support levels

S1 – 22,100 (immediate Support)

S2 – 22,000 (Strongest Support)

S3 – 22,900

Nifty Resistance Levels

R1 – 22,200 (Current and important Resistance)

R2 – 22,300 (Previous All time high)

R3 – 22,400

How to Trade in Nifty Today

We are Following a Row Risk Trading Strategy in Nifty Today, as the Market is in a Critical Zone and the Month Expiry is just 2 days away, so there might be some heavy corrections in the stocks. So be cautious.

So, We Trade in Nifty Today, as follows,

If Nifty Opens Gap Down, then we can immediately go short till Nifty reaches the 22,000 level then we can expect a short trap reversal, and if it again tests the 22,000 level then we can go short again till the next support.

But If Nifty Opens flat then we can wait for Nifty to reach and react at any support or resistance level, and if it falls from there, then we can go short till the next support level.

As we are not expecting any upside movement, Don’t Go Long Today.

Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the data after analyzing the Market.

Happy Trading 🙂