Nifty Prediction Today, 30th April 2024. Will it Cross 23,000 mark?

As I predicted earlier, Nifty traded higher throughout the day where it is up by 1.00% and closing above the 22,600 level, fueled by Banking Stocks, where ICICI bank is up by 4.72%, SBI is up by 3.14%, and HDFC is up by 1.30%, as Banks are seeing a rise in their Profits compared to last quarter.

Currently, it is the earning season in the Indian Stock Market, hence we saw some stock-specific movement instead of any sector-related movements. As of Monday the top loser in Nifty was HCL Tech because of bad Q4 results, but other major IT stocks closed the day in Green followed by Apollo Hospitals (down by -4.64%) and SBI Cards (-3.51%) respectively.

Anyway, Nifty managed to cross the resistance levels of 22,500 and 22,600 on Monday and closed the day around 22,650 indicating a bullish sentiment in the market, which may take Nifty to the Historic 23,000 mark this month, or even in the current week (who knows)?

Must Read: Best Solar Energy Stocks in India for 2024, where the sector is expected to grow with a CAGR of 30%.

Nifty Prediction Today

Yesterday, Nifty seemed to weaken in the morning as selling pressure increased from the 22,500 level, but Nifty took support from the 22,450 level and traveled above 22,650 as Banking Stocks fueled the rally in the broader index.

Now, the 22,500 level is the strongest support level for Nifty for this week, as Call Writers leaves the position and Put Writers captured the seat at the 22,500 level, indicating a further New High for Nifty this week.

So, for today, I expect Nifty to open Gapup as yesterday’s rally charged traders and the rally may continue for Today, but everything is just an expectation, anyway as of Now, the Global Market is trading flat along with Gift Nifty which is trading 0.01% higher at 8:00 PM, around 22,765.

Hence, if everything remains as it is – then Nifty will open gap up as Gift Nifty is currently trading at 100 points higher than Nifty, so Nifty may try to narrow this gap by opening GapUp on Tuesday.

Therefore we may see Nifty making a new all-time high today, but to rally towards the 23,000 mark, Nifty needs to cross the 22,800 level with a strong Candle.

But if Nifty sees any weakness after opening GapUp then 22,600 may push the market higher as it is the current support for Nifty, towards the 22,800 level which is the expected resistance level.

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

For Today, Nifty seems strong so, we have resistance at the 22,700 level on the upper side, followed by 22,800-22,850, and 22,900 levels.

On the lower side, Nifty has immediate support at 22,600 levels followed by 22,500 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 Bullish, hence look for long trades, taking 22,600 and 22,500 as the support level from where the market may reverse to the upper side, aiming for 22,800 level.

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