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Nifty Prediction Today 29th Feb 2024. Look for Short Trades.
Nifty is trading below 22,000 after heavy selling seen in the stocks, and it may continue to trade in Red for today taking support at 21,800 level.
As we predicted yesterday, the Nifty fell to the 22,000 level after heavy selling seen in stocks before the Monthly Expiry, and this trend may continue today, dragging the Nifty to the 21,800 level.
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 50 just bled on Wednesday after heavy selling seen in stocks in almost all sectors including Energy, power, Banking, and Auto which includes companies like Reliance Industries, ICICI Bank, Adani Enterprises, Maruti Suzuki, Wipro, Power Grid Corporation to name some.
After Opening almost flat Nifty tries to break the level of 22,200 but fails and slides sharply in the early trading session after making an intraday high of 22,229.15, as heavy selling takes place in stocks ahead of monthly expiry, as predicted, dragging Nifty below the support level of 22,000, making an Intraday low of 21,915.85 closing Nifty -247.20 points or -1.11% lower.
Related: Bank Nifty Prediction Today 29th Feb 2024
Nifty Prediction Today
Looking at the Nifty 50 Technical chart, it seems like there is no rest for Nifty on the Lower side until the 21,800 level, as the major support zone of 22,000 broke yesterday and sellers have captured the spot.
So for Nifty Prediction Today, we think Nifty to continue falling further taking support at the 21,800 level (because the market has previously acted from these levels), as the market is weak and FIIs are selling heavily, and also today is the Monthly and Weekly Expiry of both Nifty and Bank Nifty, and all the stocks.
It may open a little gap up of Flat today but after testing the 22,000 level it may fall further. So be cautious as we can see some corrections in the stocks on expiry day, making the market more volatile.
Nifty Support and Resistance for Today
In the above image, the Green lines are the support levels, and the Red lines are the resistance levels.
We can see that Nfity just broke the Trendline and after rejecting that trendline it falls below the 22,000 level, indicating a weak market.
Hence 22,000 is going to act as a major hurdle for Nifty today, as 81.87L Call OI were added at the 22,000 level yesterday. So for Support Nifty have to look at the lower side which is 21,800 and 21,700, and looking at the upper side after the 22,000 level, 22,055, 22,100, and 22,200 are taking the charge.
Here is the OI data of Nifty for Today,
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Caution: Currently the PCR is at 0.53, and Calls OI is almost Double the Puts OI indicating a Bearish market, but be cautious if you are trading Options, as the Market may reverse completely as today is the Weekly and Monthly Expiry.
Nifty Support levels
S1 – 21,900 (immediate Support, may not work properly)
S2 – 21,800 (important level)
S3 – 21,700
Nifty Resistance Levels
R1 – 22,000 (Current and important Resistance)
R2 – 22,100
R3 – 22,200
How to Trade in Nifty Today
We are Bearish in Nifty Today as today is the Expiry day, but the market may remain sideways, who knows,
So, here is the trade setup in Nifty for 29th Feb 2024,
If Nifty opens Gap Down you can go short till the 21,800 level, but if starts to move up after opening you can wait for Nifty to test the resistance level of 22,00 and then fall back.
If Nifty Opens Flat, then you must wait for Nifty to react from the 22,000 level, as it is the most important level, and if it starts falling from 22,000 then again you can go short till the next support level (mentioned above).
If Nifty OIpens Gap Up you can leave the trade for Nifty as Nifty is Weak and we can’t suggest you go in long trades 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 🙂
