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Nifty Pre Open Analysis for 15th July 24 is cut short by resistance.
Indian sentiment and Nifty is exaggerated, due to the fact that the nifty trend today is a tad bit positive again.
This shows uplifting sentiment and makes us more driven to buy in the market.
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1) Nifty Trend Today Analysis for 15 July 24:
- In Friday’s session, Nifty was trending like a raging bull but cut off from its highs due to some profit booking.
- Today the Nifty is above the previous all-time high resistance and above this resistance at the 1.236 of Fibonacci Retracement.
- SGX Nifty shows slightly positive signs influencing Indian markets in today’s session.
- Nifty has a great move high due to the raging highs in Reliance and other index companies.
- But Nifty has a cutting mechanism of RSI showing an overbought zone that has been sold into in the past.
- US markets were high more than 0.5%, influencing today’s move.
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2) SGX Nifty Trend for Today on 15 July 2024:
Today on 15th July 2024 SGX Nifty is showing a 65 Points HIGHER move at around 7:55 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 15th July 2024:
S&P 500: + 30.81 (0.55%)
NASDAQ: + 115.04 (0.63%)
Dow Jones: + 247.15 (0.62%)
Nikkei: −1,033.34
US markets were positive on Friday. SGX Nifty is slightly positive today in the beginning now. But Nikkei is 2.5% deep red. Indian markets may also react positively in the pre-open.
4) Nifty Supports and Resistances:
Nifty Supports: 24461, 24400, 23744
Nifty Resistances: 24592, 25000
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5) Pre-Open Nifty Analysis for 15 July 24:
- Previous resistance at 24396 was overcome and now beat the resistance on the head and rise high.
- We can see good support at lower levels as the new Fibonacci retracement we have drawn.
- In the last 4 sessions, 2 sessions of the Nifty showed, a negative close, and another 2 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 positive last week, we will see GREEN in the pre-open and then we may slip to RED as Nikkei is deeply in red and may influence Indian markets.
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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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