Nifty Prediction for Tomorrow, 30 July 2024. Nifty missed the 25,000 level.

Today’s Summary –

Nifty opened higher on Monday and after some consolidation, it rallied towards the 25,000 mark, but sadly Nifty left behind just 0.25 points from the historic 25,000 mark, making a new all-time high of 24,999.75, indicating a strong presence of sellers at the higher levels.

Nifty witnessed a sharp selling from the record high of 24,999.75 where it fell more than 200 points within a span of 30 minutes, erasing all its early gains and taking support at 24,800 and then continuing to trade sideways for the day – ending totally flat for the day.

Today’s sharp selling was seen in Large Banking stocks, including HDFC, ICICI, and Kotak Mahindra that sees sharp selling midday as ICICI Bank sank 2% during the selling -from its day high, even though ICICI Bank’s Quarter 1st result beats the market estimates – followed by HDFC Bank and Kotak Mahindra Bank, that dipped around 1% despite trading more than 1% higher in the early session.

On the sectoral side, every sector performed well, except the IT and the FMCG sectors which traded lower by 0.38% and 0.34% respectively, while Nifty Realty, Oil & Gas, and PSE traded higher by more than 1% each.

Looking at the Nifty 50 Stocks,

Top Gainers: Divi’s Lab, BPCL, L&T, UltraTech Cement, Bajaj Finserv

Top Losers: Titan, Bharti Airtel, Cipla, ITC, Kotak Mahindra Bank

Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%

Nifty50 Prediction for 30 July 2024

In today’s session, Nifty gives a kiss to the 25,000 mark and slips down from the 25,000 mark as we saw a sharp selling in the banking stocks midday, taking Nifty down by more than 1% in a while, where Nifty takes support at the 24,800 level which is going to be a key support for Tomorrow as well.

Anyway, on the technical chart, Nifty made a hanging man pattern on the hourly chart, and following this, it fell down towards the support level of 24,800, following this we have the nearby resistance for Nifty at the 25,000 mark for Tuesday.

If Nifty continues to fall or opens gap down or even trades below the 24,800 mark, we may see a short-term selling in Nifty which might take it towards the 24,500 level which has the current highest Put OI of 62.5Lakh quantity. So, if Nifty falls on Tuesday, then 24,500 may hold the market from going further low.

Market View is still BULLISH for both Short and Long Term, as Nifty is trading above its both short-term and long-term moving averages after taking support from the 15 DEMA on the hourly chart.

What to Expect from Nifty on 30 July 2024

Nifty is likely to trade higher on Tuesday, as it continues to counter the selling pressure by making a bullish candle after the selling one on the hourly chart, indicating that, this is just a pullback for the further high, and most likely it will cross the 25,000 mark on Tuesday.

But first, it needs to sustain above 24,800 in the early trading session, and then we may see a bullish move in the market, but if Nifty falls below this level then we can see a Bearish Market, and Nifty may fall towards 24,500 Tomorrow, which might turn the short term sentiment to bearish.

On the Chart, Nifty gives a false breakout from the previous high of 24,850 level, making a new high of 24,999.75 and then fell back to 24,800, leaving no clue for retail traders, but “if it falls below 24,800 and sustains the lower level then it’s a False Breakout and Nifty may turn bearish for Short Term, but if it once again rallies and conquer the 25,000 mark, then its a pullback and we may see Nifty hitting 25,000 this week”.

“Here are the trading levels for Nifty – 24,500 – 25,000“

Nifty Put and Call Open Interest Data

Nifty50 Support and Resistance for 30 July 2024