Indian Share Market Prediction:
Where will Nifty go tomorrow?
Nifty 50 Prediction Tomorrow 29 Sep 2023 (Friday) | Detailed Expert Analysis
Contents:
1. Nifty 50 Today Levels
2. Nifty Candlestick Chart Analysis
3. Nifty FII DII Option Data and Analysis
4. Nifty Open Interest Analysis
5. Option Strategy for Nifty Tomorrow
6. Nifty Prediction for Tomorrow
1. Nifty 50 Today Levels
Nifty Opening, Closing, Day's High, Day's Low
Open: 19,761.80Close: 19,523.55
Intraday High: 19,766.65
Intraday Low: 19,492.10
Daily Candlestick type formed: A red candle with long body and short wick. The body of today's large red candle completely engulfs the previous day's green candle thereby forming the bearish engulfing candlestick chart pattern.
Nifty Support and Resistance Levels for Tomorrow
Support 1: 19500Support 2: 19450
Support 3: 19225
Resistance 1: 19560
Resistance 2: 19765
Resistance 3: 19800
2. Nifty Candlestick Chart Analysis For Tomorrow
Today was a clear trending day for Nifty, with the direction of the trend being downward since the market opened. Nifty tried to bounce from the levels of 19700 and 19680 in the first hour; however, it couldn't sustain the bounce, and the selling pressure was constant thereonwards, which made Nifty lose close to 1%. Whatever Nifty gained yesterday, it lost more than that today. Let's see what the charts have to say.
Nifty 30 min time-frame chart analysis
Except for the two red candles, one in the first hour and the other in the last half-hour, Nifty made a series of red candles which makes today's trend quite evident.
As can be seen in the chart above, the immediate resistance for Nifty is 19560 if Nifty clears it then today's high of 19765 will serve as resistance followed by the next resistance of 19800.
Coming to the supports, 19500 will act as immediate support, and if broken 19450 will be the next support as highlighted in the chart above. These are very important intraday levels that should be kept in mind
The RSI(14) in 30 min chart is at 32.49
Nifty 3 hour time-frame chart analysis
In the three-hour time-frame chart, Nifty continues to be in the downtrend, as indicated by the Supertrend indicator on the 20th of this month.
19765 will act as a resistance, as is also indicated by the supertrend, whose red line is at 19770, which acts as a resitance line. Once it is broken on a closing basis, the indicator will give an indication of the beginning of an uptrend.
If 19550 and 19450 are broken on a closing basis, then the immediate support in the 3-hour chart is the nearest previous swing-low of 19225. If the 19225–19200 is broken, then 19000 will act as a strong support, followed by 18900.
Since the March 20 2023 swing low of 16900, Nifty has been continuously making higher-highs and higher-lows, and this price action speaks of an uptrend. Unless Nifty breaks the 19225–19200 support and trades lower, it would still make a higher low and continue to be in the uptrend.
The RSI(14) in 3-hour chart is at 32.49
Nifty 1 day time-frame chart analysis
As seen in the chart above, Nifty has made a large bearish engulfing candle in the daily timeframe with good volume. Except for the one green candle that formed yesterday, the bearish trend from September 18 with six consecutive red candles looks to be continuing with the formation of the bearish engulfing pattern. Nifty has been making higher-highs and higher-lows since the 20th March swing-low of 16900, and if it reverses before 19225-19200, it would continue to make higher-lows.
The bearish divergence of the MACD and RSI with the Nifty's price action, as drawn in the chart above, has played out neatly.
The RSI(14) in the daily chart is at 42.14
3. Nifty FII DII Data Analysis
FII, DII, Client, and Pro Overall INDEX FO Open Interest Data (28/09/23)
INDEX Call Options
| Entrant | Long Calls | Short Calls | Net Calls |
|---|---|---|---|
| FII | 672K | 505K | 166K |
| DII | 0K | 0K | 0K |
| Client | 3395K | 3315K | 80K |
| Pro | 1097K | 1343K | -246K |
| Total | 5165K | 5165K | 0K |
INDEX Put Options
| Entrant | Long Puts | Short Puts | Net Puts |
|---|---|---|---|
| FII | 843K | 473K | 370K |
| DII | 107K | 0K | 107K |
| Client | 2092K | 2663K | -570K |
| Pro | 1212K | 1120K | 92K |
| Total | 4256K | 4256K | 0K |
INDEX Futures
| Entrant | Long Futures | Short Futures | Net Futures |
|---|---|---|---|
| FII | 45K | 102K | -57K |
| DII | 47K | 69K | -22K |
| Client | 225K | 165K | 60K |
| Pro | 57K | 38K | 19K |
| Total | 374K | 374K | 0K |
FII INDEX OPTION Activity On 28 Sep (Thursday)
| Long Calls | Short Calls | Net Calls | Long Puts | Short Puts | Net Puts |
|---|---|---|---|---|---|
| -5,93,753 | -6,24,626 | 30,873 | -6,44,382 | -6,79,123 | 34,741 |
FII DII Cash Market/Stocks Activity On 28 Sep 2023 (Thursday)
| Entrant | NET BUY/SELL (in Crores ) |
|---|---|
| FII | -3364.2 |
| DII | +2711.5 |
FII September 2023 Net Buy/Sell
FIIs have been in selling mode for most of September. In the entire month of September, they have net bought for only 3 days and have net sold for the rest of the days. FIIs have sold in the cash market a net worth of close to 26700 crore rupees. This is the second month on the trot where foreign investors have net-sold. They sold 20,700 shares in the month of August.
4. Nifty Open Interest(OI) Analysis
Open Interest Chart for 05 Oct 2023 Weekly Expiry (Thursday)
Max Pain: 19650
PCR (Put Call Ratio): 0.85
Highest Call Option OI at: 19800 (8733K contracts)
Highest Put Option OI at: 19600 (7687K contracts)
India VIX: 12.75 (+10.8%)
5. Option Strategy For Nifty Tomorrow
Nifty Call/Put Sell/Buy Options for Tomorrow
We had taken a sell position in the 19800 call option yesterday. We will consider to take a sell position in the 19500 put option tomorrow early in the day. At the end of the day, we will look to square-off sell positions in both call and put options.
6. Nifty Prediction For Tomorrow
Summary
Nifty has made a bearish englufing today, but there may be small bounce of 0.3% to 0.5% from 19500 levels tomorrow on Friday. Market is likely to not give any big move tomorrow.
ALSO SEE - Bank Nifty tomorrow Prediction
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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.
