Nifty Prediction for 25-07-2024: Support & Resistance Levels
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Trade the Zones Today was a volatile day for the markets following the significant Budget event. Negative announcements, particularly concerning capital gains taxation, created a negative sentiment, resulting in a downtrend for both Nifty and Bank Nifty.
Examining the broader structure post-Budget, the Nifty 50 Index appears to have entered a corrective phase. This follows a rally leading up to the Budget, with the RSI oscillator showing a negative crossover from the overbought zone. The correction might be time-based, suggesting a potential phase of consolidation.
Today, the Nifty 50 Index opened at 24,500 and quickly dropped to 24,300. It then found support at the pre-defined level of 24,300-24,200. In the near term, consolidation is expected in this range. Therefore, traders should adopt a stock-specific approach, seeking opportunities on both sides of the trade. Additionally, the Nifty 50 Index will present intraday trading opportunities on both sides.
For those looking at Nifty and Nifty 50 predictions for tomorrow, it's crucial to consider this consolidation phase and prepare for potential fluctuations. Staying updated on market news and technical indicators will be vital in making informed trading decisions.
Overall, while the broader trend may seem bearish due to recent announcements, there are still opportunities for savvy traders to capitalize on both upward and downward movements within the Nifty 50 Index. Nifty Support & Resistance Levels for Tomorrow: Support Levels: The first support level is at 24,200 to 24,100, with stronger support at 24,000 Resistance Levels: On the upside, the initial resistance is at 24,500 and strong resistance at between 24,650 and 24,800. Technical Indicators for Nifty Prediction: Max Pain: 24,400 PCR (Put-Call Ratio): 0.76 Neutral to mild bearish IV (Implied Volatility): 14.72 as of the closing on 24-07-2024. Stay tuned for more updates on Nifty and Nifty 50 prediction for tomorrow to navigate the volatile market conditions effectively. Disclosure: I am not SEBI registered. The information provided is for educational purposes only and should not be considered financial advice. Consult a qualified financial advisor before making any investment decisions. Social media shares on any platform are not endorsed or supported by the publisher.
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