Nifty 50 Analysis for 08-08-2024: Support & Resistance Levels

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The Nifty 50 index had a positive session today, opening at 24,287.80 points and closing at 24,297.50 points, marking a gain of 1.27%. The index reached an intraday high of 24,336.25 and a low of 24,186.20. This performance was driven by broad-based buying across various sectors, with significant contributions from ONGC, Coal India, Adani Enterprises, and Adani Ports, which saw gains of up to 7.45%. The broader market indices exhibited impressive performance today, with the Nifty Next 50 leading the charge with a 3.01% increase. Following closely were the Nifty SmallCap 100 and Nifty MidCap 100, both showing significant upward movement.
Support Levels
The Critical support zone to watch is 24,000 - 23,900 if breached 23,800 will act as strong support.
Resistance Levels
24,350 will act as initial hurdle for the Nifty if crossed next hurdle is at 24,500.
Open Interest (OI) Analysis
Call Options:
Significant call writing observed at the 24,500 and 25,000 levels, indicating strong resistance as traders expect the index to face difficulty crossing these levels.
Put Options:
Major put writing at the 24,000 and 23,800 levels suggests these are strong support zones, with traders expecting the index to hold above these levels during any downward move.
Technical Indicators for Nifty 50:
Max Pain: 24,300
PCR (Put-Call Ratio): 0.70 Bearish
IV (Implied Volatility): 17.40 as of the closing on 07-08-2024.
RSI (14): Neutral at 50.398, indicating no extreme overbought or oversold conditions.
MACD: Shows a sell signal, suggesting possible downside pressure.
Market Sentiment and Expiry Impact
The market is expected to be volatile due to the weekly expiry. Traders should be cautious and watch for reactions around the key support and resistance levels mentioned. Profit-taking could occur at higher levels, particularly if the index fails to break through significant resistance zones.
Stay tuned for more updates on Nifty prediction to navigate the volatile market conditions effectively.
Disclosure: The publisher of this idea is not a SEBI registered analyst. The information shared here is solely for educational purposes and should not be interpreted as financial advice. Always consult with a qualified financial advisor before making any investment decisions. The publisher does not endorse social media shares on any platform.