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Nifty Pre Open Analysis for 10th July 24 is flying high above the resistance.
Yesterday’s resistance was overcome in nifty, but definitely see the signs of being overbought!
So now the question is, Is Nifty headed for a 1000 to 2000 point correction? My question stands!
In yesterday’s session, Nifty opened gap up and closed higher by 112 points compared to the previous close in RED!
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1) Nifty Trend Today Analysis for 10 July 24:
- In yesterday’s session, there was a fair amount of green from the beginning and the broader markets were raging.
- Today the Nifty is above the all-time high resistance and above the 1.236 of Fibonacci Retracement.
- The slight profit booking negatively drives SGX Nifty in today’s session.
- We had hit the resistance in the Nifty trend last week and fell but today may be all the way higher.
- 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 10 July 2024:
Today on 10th July 2024 SGX Nifty is showing a 13 Points LOWER move at around 7:25 AM when I write this article.
SGX Nifty Trend on the Live Chart denotes that the Indian Markets will react POSITIVE.
So Indian markets especially Nifty Trend Today would have a POSITIVE start.
3) World Market Analysis for 10th July 2024:
S&P 500: 4.13 (+0.07%)
NASDAQ: 25.55 (+0.14%)
Dow Jones: 52.82 (-0.13%)
Nikkei: 151.36 (+0.71%)
US markets were positive yesterday. SGX Nifty is slightly negative today in the beginning now. Indian markets also will react positively 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 10 July 24:
- Previous resistance at 24396 is broken and has given room for Nifty to have a free fly passport.
- 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, two sessions of the Nifty show, a negative close, and another 2 show super positive.
- 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 consecutively but is now cleared of the all-time high resistance also as it’s flying high and closed above it but now the only concern is an overbought zone as per RSI.
- Since SGX Nifty is slightly negative and the US markets were positive on yesterday, 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 POSITIVE moves in the beginning and may scale to support levels later.
Considering the trends globally and Technical Analysis Nifty Trend Today will start POSITIVE.
Please let me know your thoughts about today’s pre-open analysis and nifty analysis post in the COMMENTS below.
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