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Nifty Pre Open Analysis for 12th July 24 is cut short by resistance.
Consecutive day’s resistance was hit and nifty survived all the negation by closing only in a slight red.
But my question still stands, Is Nifty headed for a 1000 to 2000 point correction?
In yesterday’s session, Nifty opened a gap up and closed in red compared to the previous close in DEEP RED!
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1) Nifty Trend Today Analysis for 12 July 24:
- In yesterday’s session, there was a fair amount of green from the beginning in the broader markets but nifty was ranging.
- Today the Nifty is below the all-time high resistance and stuck by this resistance at the 1.236 of Fibonacci Retracement.
- SGX Nifty shows slightly positive signs influencing Indian markets in today’s session.
- We hit the resistance in the Nifty trend last week and fell and I feel the falling may continue till we have some deep red.
- Another important thing is that the RSI shows that Nifty is slowly sliding down from the over-bought zone! This means Nifty may fall to balance the over-bought zone!
- Global indices were negative yesterday and so were US markets which were in deep red yesterday.
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2) SGX Nifty Trend for Today on 12 July 2024:
Today on 12th July 2024 SGX Nifty is showing a 65 Points HIGHER move at around 7:35 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 12th July 2024:
S&P 500: 49.37 (-0.98%)
NASDAQ: 364.04 (-1.95%)
Dow Jones: 32.39 (+0.08%)
Nikkei: 694.43 (-1.63%)
US markets were negative yesterday. SGX Nifty is slightly positive today in the beginning now. Indian markets also will react positively in the pre-open.
4) Nifty Supports and Resistances:
Nifty Supports: 23992, 23744, 23338
Nifty Resistances: 24396, 24608, 24680
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5) Pre-Open Nifty Analysis for 12 July 24:
- Previous resistance at 24396 was overcome and again reinstated confining the movement of Nifty again.
- 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 showed, a negative close, and another 1 showed a positive move.
- 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 still a concern as the negative foreign markets also pose a threat of fall to Nifty.
- Since SGX Nifty is slightly positive and the US markets were deeply negative yesterday, we will see some GREEN in the pre open and then we may slip to RED as is for the last 2 sessions.
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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/FLAT.
Please let me know your thoughts about today’s pre-open analysis and nifty analysis post in the COMMENTS below.
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