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Nifty Pre Open Analysis for 8th July 24 is held by resistance hit right on the head.
On Friday I told you there may be rainfall on the stock market, seeing the signs of being overbought!
So now the question is, Is Nifty headed for a 1000 to 2000 point correction?
In Friday’s session, Nifty opened the gap down but closed higher by 21 points compared to the previous close in RED!
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1) Nifty Trend Today Analysis for 08 July 24:
- In Friday’s session, Nifty was raging with bottom fishing stalwarts not letting Nifty slide.
- Today the Nifty may be STUNG by the resistance BEE at the top of Fibonacci Retracement.
- The slight profit booking negatively drives SGX Nifty in today’s session.
- We had hit the resistance in the Nifty trend on Thursday 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 08 July 2024:
Today on 8th July 2024 SGX Nifty is showing a 55 Points LOWER move at around 6:45 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 8th July 2024:
S&P 500: 30.17 (+0.54%)
NASDAQ: 164.46 (+0.9%)
Dow Jones: 67.87 (+0.17%)
Nikkei: 61.58 (-0.15%)
US markets were positive on Friday. 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: 23992, 23338, 23744
Nifty Resistances: 24396, 24608, 24680
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5) Pre-Open Nifty Analysis for 8 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 4 sessions, three sessions of the Nifty show, a negative close.
- The positive trend has been held for now but the continuous bombardment of over-bought by RSI and consecutive red candles show there is selling pressure at the top!
- Nifty is hitting all-time highs almost every alternative day but is now hit by an all-time high resistance and an overbought zone.
- Since SGX Nifty is slightly negative and the US markets were positive on Friday, we will see some GREEN 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 SLIGHT 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.
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