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Nifty Pre Open Analysis for 5th July 24 is held by resistance hit right on the head.
You know the meteorological department guesses there may be rain but they cant predict how much the rainfall will be exactly.
So is technical analysis. So now the question is, Is Nifty headed for a 1000 to 2000 point correction?
Yesterday’s Nifty opened the gap up by 0.6% but closed lower by 65 points and closed in RED compared to the opening!
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1) Nifty Trend Today Analysis for 05 July 24:
- In yesterday’s session, Nifty is raging with multiple supports and least resistance and has seen another All-time High.
- Today the Nifty may be STUNG by the resistance BEE at the top of Fibonacci Retracement.
- SGX Nifty is negatively driven by the slight profit booking.
- We had hit the resistance in the Nifty trend today and fell.
- Another important thing is that the RSI shows that Nifty is way above the over-bought zone! This means Nifty may fall heavily to balance the over-bought zone!
- Global indices are mixed and yesterday US markets were closed due to Independence Day.
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2) SGX Nifty Trend for Today on 05 July 2024:
Today on 5th July 2024 SGX Nifty is showing a 75 Points LOWER move at around 8:45 AM when I write this article.
SGX Nifty Trend on the Live Chart denotes that the Indian Markets will react NEGATIVE.
So Indian markets especially Nifty Trend Today would have a NEGATIVE start.
3) World Market Analysis for 5th July 2024:
S&P 500: 28.01 (+0.51%) UNCH
NASDAQ: 159.54 (+0.88%) UNCH
Dow Jones: -23.85 (-0.06%) UNCH
Nikkei: 137.55 (+0.34%)
US markets were closed yesterday for Independence Day celebrations. SGX Nifty is negative today in the beginning now. Indian markets also will react negatively in the pre-open.
4) Nifty Supports and Resistances:
Nifty Supports: 24392, 24608, 24680
Nifty Resistances: 24396, 24608, 24680
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5) Pre-Open Nifty Analysis for 5 July 24:
- It is imperative to say that 24123 is a huge support but 24396 is a huge resistance.
- We can see good support at lower levels as for the new Fibonacci retracement we have drawn from the long-time lows to the highs.
- In the last three sessions of the Nifty show, negative close in every session.
- The positive trend has been held for now but the continuous bombardment of over-bought by RSI and consecutive red candles show there is definitely selling pressure at the top!
- Nifty is hitting all-time highs daily but is not consecutively closing higher.
- Since SGX Nifty is negative and the US markets were closed yesterday, we will see some RED across the board in today’s session, probably a small correction after a rise.
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All in all, today Nifty will see some NEGATIVE moves in the beginning and may scale to resistance levels later.
Considering the trends globally and Technical Analysis Nifty Trend Today will start NEGATIVE.
Please let me know your thoughts about today’s pre-open analysis and nifty analysis post in the COMMENTS below.
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