In Stock market today, the Nifty closed below 19,700, Sensex falls 300 pts FMCG, and metals were a major drag.
Stock Market Nifty Chart Prediction.
In the current market conditions, the bears seem to have an advantage, and the Nifty index is encountering a formidable barrier at the 19800 level due to aggressive call writing. This resistance zone has become a significant challenge for the bulls. To elaborate further, if the index remains below the 19700 level, it could trigger further downward movement towards the support zone of 19600-19550, where the next support level is apparent.
As traders navigate through this volatile environment, it is essential to exercise caution and use both the resistance and support levels strategically when making trading decisions. These levels can provide valuable insights into potential market movements and act as points of reference for setting stop-loss and profit targets.
It’s important to conduct thorough technical and fundamental analysis to identify potential trading opportunities and assess the overall market sentiment. Additionally, risk management should be a priority, and traders should avoid making impulsive decisions based solely on short-term market fluctuations.
For Tuesday NIFTY can open flat to slight Red but all depend upon the Global cues.
There are good chances of flat to slight Gap down opening for Tuesday as NIFTY is closed below 19700. If Nifty gives a Gap down opening, it may move to the level of 19500. But all these aspects depend upon the Global cues.
For Tuesday resistance will be 19800 and then 19900 where else support will come at the level of 19500
Bank Nifty Daily Chart Prediction
Today, BANK NIFTY was more strong as compared to nifty it was mostly range Bound but highly volatile. Today bank nifty has closed below its critical level of 46000 which has made bank nifty weak again For tomorrow you can go with the strategy of sell on rise.
Tuesday Bank nifty resistance will be 46100 and 46250 where else support will be 45850 and 45650.
If you’d like to know how do we analyze the market and provide accurate levels every day. then click on the Free Demo button below and change your trading life for good. 5X returns is possible in options trading, If you have Spider Software in your trading system.
Also, Check out our article on Why should you trade in BSE Options?
Disclaimer: The information provided in this Blog is for educational purposes only and should not be construed as financial advice. Trading in the stock market involves a significant level of risk and can result in both profits and losses. Spider Software & Team does not guarantee any specific outcome or profit from the use of the information provided in this Blog. It is the sole responsibility of the viewer to evaluate their own financial situation and to make their own decisions regarding any investments or trading strategies based on their individual financial goals, risk tolerance, and investment objectives. Spider Software & Team shall not be liable for any loss or damage, including without limitation any indirect, special, incidental or consequential loss or damage, arising from or in connection with the use of this blog or any information contained herein.
