Nifty 50 Prediction for 22 July 2024 along with Support & Resist
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Following the election results, markets rose sharply without correction, pushing RSI into the overbought zone before the Union Budget. A negative RSI crossover and 'Bearish Engulfing' pattern suggest a potential correction; traders should consider booking profits.
However, the index has initial support at around 24,400-24,300, in case of a time-based correction. If broken, the next support levels are at 24,250-24,200 and 24,150 will act as a strong support zone. On the other hand, resistance is at 24,650 and 24,800 to 24,850.
Since the market is overbought it has experienced a negative RSI crossover.
Max Pain: 24500 PCR: 0.99 IV: 18.55 as on 19-07-2024.
The market can witness low to medium volatility and can end in green zone.
However, the index has initial support at around 24,400-24,300, in case of a time-based correction. If broken, the next support levels are at 24,250-24,200 and 24,150 will act as a strong support zone. On the other hand, resistance is at 24,650 and 24,800 to 24,850.
Since the market is overbought it has experienced a negative RSI crossover.
Max Pain: 24500 PCR: 0.99 IV: 18.55 as on 19-07-2024.
The market can witness low to medium volatility and can end in green zone.
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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. Tweets are neither advice nor endorsements.
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