Nifty Prediction:
Where will Nifty be in next week?
Nifty 50 Prediction Next Week 3 - 6 Oct 2023 | Detailed Expert Analysis
Contents:
1. Nifty 50 This Week Levels
2. Nifty Weekly Candlestick Chart Analysis
3. Nifty FII DII Option Data and Analysis
4. Nifty Open Interest Analysis
5. Nifty Option Strategy for Next Week
6. Next Week Nifty Prediction
1. Nifty 50 This Week Levels
Nifty Opening, Closing, Weekly High, Weekly Low
Week Opening on Monday: 19,678.20Week Closing on Friday: 19,638.30
This Week High: 19,766.65
This Week Low: 19,492.10
Weekly Candlestick type formed: A red candle with small body and long wicks on both sides. A kind of spinning top candle.
Nifty Weekly Chart Support and Resistance Levels
Support 1: 19,500-19450Support 2: 19,225
Support 3: 18,900
Resistance 1: 19,675
Resistance 2: 19,766
Resistance 1: 20,200
2. Nifty Weekly Candlestick Chart Analysis For Next Week
Nifty 50 Daily Candlestick Chart Technical Analysis
In the daily chart, after four consecutive red bodied candles, Nifty formed a doji follwed by a bearish candle, a bullish engulfing candle, a large bearish engulfing candle. The most recent daily candlestick is a small green candle whose body is completely inside the previous red candle.
The level of 19,500 should act as an immediate support
The RSI(14) is hovering at 47 in the daily charts.
Nifty 50 Weekly Candlestick Chart Technical Analysis
In the weekly chart, Nifty 50 has formed sort of a spinning top candle follwing a large bearish candle of the previous week. There is a bearish divergence playing out with the Nifty price movement and MACD & RSI signal lines as marked in the chart image above. The MACD siganl line is just about to give a bearish crossover signal in the weekly time frame.
When it comes to support, 19,225 will act as an immediate support, and if 19,225 is broken, then the level of 18,900 may be seen in Nifty.
The RSI 14 is at 60.72 in the weekly chart.
Nifty 50 Monthly Candlestick Chart Technical Analysis
In the monthly chart, there is the formation of a green candle with a significant rejection wick on the upside. Nifty is continuing to make higher-highs and higher-lows; therefore, the price action is still bullish; neither the candles nor the price action are suggestive of any significant bearishness. Just looking at the price action, Nifty might come to test the previous swing high of 18900 before heading higher again, that is, if at all Nifty comes to test the 18,900 level.
However, there is one thing that is concerning in the monthly chart (that is, if at all it can be called concerning): the continued bearish divergence of the Nifty price levels and the MACD and RSI signal lines. While the Nifty price level is making higher highs, the MACD and RSI signal lines are making lower highs, creating a bearish divergence.
The RSI 14 in monthly chart is at 62.94.
3. Nifty FII DII Data Analysis
FII, DII, Client, and Pro Overall INDEX FO Open Interest Data as on 29 Sep 2023
INDEX Call Options
| Entrant | Long Calls | Short Calls | Net Calls |
|---|---|---|---|
| FII | 774K | 664K | +109K |
| DII | 0 | 0 | 0 |
| Client | 4091K | 4186K | -94K |
| Pro | 1239K | 1254K | -14K |
| Total | 6105K | 6105K | 0 |
INDEX Put Options
| Entrant | Long Puts | Short Puts | Net Puts |
|---|---|---|---|
| FII | 904K | 658K | +246K |
| DII | 136K | 0 | +136K |
| Client | 3522K | 3971K | -448K |
| Pro | 1272K | 1206K | +65K |
| Total | 5836K | 5836K | 0 |
INDEX Futures
| Entrant | Long Futures | Short Futures | Net Futures |
|---|---|---|---|
| FII | 41K | 106K | -65K |
| DII | 51K | 69K | -18K |
| Client | 222K | 149K | +73K |
| Pro | 49K | 39K | +10K |
| Total | 364K | 364K | 0 |
FII INDEX OPTION Activity On 29 Sep (Friday)
| Long Calls | Short Calls | Net Calls | Long Puts | Short Puts | Net Puts |
|---|---|---|---|---|---|
| 84 | 19 | 103 | 84 | 19 | 103 |
| 79 | 45 | 124 | 84 | 19 | 103 |
| 27 | 17 | 44 | 84 | 19 | 103 |
| 36 | 43 | 79 | 84 | 19 | 103 |
| 35 | 22 | 57 | 84 | 19 | 103 |
FII DII Cash Market/Stocks Activity This Week (25 - 29 Sep 2023)
| Entrant | NET BUY/SELL (in Crores ) |
|---|---|
| FII | -8430 |
| DII | +8142 |
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4. Nifty Open Interest(OI) Analysis for Next Week
Open Interest Chart Monthly Expiry (Date)
Max Pain: 19350
PCR (Put Call Ratio): 0.8
Highest Call Option OI at: 19500 (162 Lakhs)
Highest Put Option OI at: 19300 (131 lakhs)
India VIX: 11.8 (-0.43%)
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5. Option Strategy For Nifty Next Week
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6. Nifty Prediction For Next Week
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ALSO SEE - Bank Nifty Next Week Prediction
DO NOT COPY REPUBLISH OR REPRODUCE THIS ARTICLE. The text in this article is protected under Indian Copyright Act, 1957 and Digital Millennium Copyright Act (DMCA).
Copyright © NiftyPredictions.com | All Rights Reserved.
DO NOT COPY REPUBLISH OR REPRODUCE THIS ARTICLE. The text in this article is protected under Indian Copyright Act, 1957 and Digital Millennium Copyright Act (DMCA).
Copyright © NiftyPredictions.com | All Rights Reserved.
