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Nifty Prediction Today, 30th May 2024. Weekly Expiry Analysis
Nifty is likely to trade sideways with a negative bias on Thursday. But as today is the expiry we may see some volatility taking nifty up and down between 22,600 and 22,800 levels.
Nifty50 fell -183.45 points or 0.80% on Wednesday, slipping below the 22,800 level and closing the day at 22,705 as predicted. The main reason for the fall is the Baking stocks that slipped by an average of 1% each, where the large-cap stocks fell the most including HDFC, ICICI Bank, SBI, and AXIS Bank which fell more than 1% each.
Not only the banking stocks, Technology and Oil & Gas stocks also dipped more than average, and the selling was seen in the large stocks in every sector, as the Smallcap and Midcap Index fell the least by an average of around 0.5%, which is an overall good sign for the market.
Looking at the technical chart then we can see that Nifty is once again below the 22,800 level which is a major seller zone as seen earlier and it’s looking tough for Nifty to break and sustain above it in today’s trading session.
Looking at the Nifty 50 Stocks,
Top Gainers: Hindalco, Power Grid, Divi’s Lab, Nestle, and Sun Pharma
Top Losers: HDFC Life Insurance, SBI Life Insurance, Tata Consumer, Tech Mahindra, ICICI Bank
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 30th May 2024
Once again Nifty is below the 22,800 level which is a major resistance and acts as the resistance previously, and this is not any surprise because everyone is looking for some profits before the election results.
As of the current situation, it is going to be tough for the Nifty to break and sustain above the 22,800 level, also today is the weekly and the monthly expiry of the Nifty so, it may close the day below this resistance level but it may close the day above this resistance level but this is less likely because the market is in the indecisive phase and the sellers are getting strength as the general election comes to an end.
But the overall Market is still Bullish, so looking for Buying opportunities in the dip is a great idea.
What to Expect on Thursday 30th May 2024
So, on Thursday, 30th May 2024, Nifty may open flat or a little lower but it may trade sideways for the day between the 22,600 and 22,850 level as today is the last expiry before the election result, hence I am not expecting any major shift in the market sentiment.
Anyway, Nifty seems weak, and it may fall further, but this is less likely to happen and it may trade around the 22,800 level throughout the day.
But if it manages to trade lower below the 22,700 level, then we can see Nifty taking support around the 22,600 and 22,500 levels. If we look at the Technical indicators then, like RSI, which is falling but stable, along with MACD which is also not indicating any major changes.
Any upside in Nifty may be stopped around the 22,800 – 22,900 level because this is the major resistance zone followed by the 23,000 level.
Important Point to Note:
First Selling in Large-cap stocks is not a sign of bearishness instead it is the sign of an upcoming major event and in this case, it is the General election results – and this indicates that the market is in an indecisive phase, waiting for the event to occur.
But if you see the correction starting from the mid and small-cap stocks and then slowly turning towards the large-cap stocks then it is a considerable situation, because any headwinds will trigger first selling in the small and mid-cap stocks because these companies can go out of Business in no time.
So here are the trading levels for Today, 30th May 2024 – 22,500 – 22,850
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 22,000 (83.01L) | 23,000 (1.31Cr) |
| 22,500 (81.22L) | 22,900 (84.71L) |
| 22,700 (62.64L) | 22,800 (82.11L) |
Nifty50 Support and Resistance for 30th May 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 22,150 – 22,100 | 22,800 |
| 22.000 | 22,900 |
| 21,900 | 23,000 |
Nifty Trade Strategy for 30th May 2024
Nifty may trade sideways with a negative bias, so I advised them to take a break from trading for today and wait for the election result to come.
But traders can look for buying opportunities in the dip for a short-term perspective as market sentiment is still Bullish.
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 🙂
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