Nifty Trend Today Analysis for 24 Jan 24 is Hit by Bear Paws

Pre Open Stocks and Nifty Analysis for 24 Jan 24 is Hit by Bear Paws with multi-level resistances.

Yesterday’s Nifty was down by 333 points and closed deeply in red compared to the opening! This is a resistance bear fling to Nifty!
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1) Nifty Trend Today Analysis for 24 Jan 24:

1. Nifty is faced with multiple resistances and has seen a huge correction due to technicals in yesterday’s session.
2. Today the Nifty may be hit by yet another negativity till it has reached its support levels.
3. SGX Nifty is not very supportive or hugely positive to reach the highs.
4. We are very near to the supports in Nifty trend today.
5. Global indices are mixed and has least influence on Indian markets today.

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2) SGX Nifty Trend for Today on 24 January 2024:

Today on 24th Jan 2024 SGX Nifty is showing a 35 Points HIGHER move at around 8:35 AM when I write this article.

SGX Nifty Trend on the Live Chart denotes that the Indian Markets will react SLIGHTLY POSITIVE.

So Indian markets especially Nifty Trend Today would have a POSITIVE start.

 

3) World Market Analysis for 24th Jan 2023:

S&P 500: 14.17 (+0.29%)
NASDAQ: 73.83 (+0.49%)
Dow Jones: 96.36 (-0.25%)
Nikkei: 249 (-0.68%)

US markets were mixed yesterday. SGX Nifty is positive today in the beginning now. Indian markets also will react slightly positively following Global cues in the pre-open. 

 

4) Nifty Supports and Resistances:

Nifty Supports: 21238, 21033, 21000, 20869

Nifty Resistances: 21421, 21543, 21716
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5) Pre-Open Nifty Analysis for 24 Jan 24:

1. It is imperative to say that 21500 – 700 is a huge resistance.
2. We can see good support at 20800 as for the new Fibonacci retracement we have drawn from the recent lows to the highs.
3. The last three sessions of Nifty show negative moves showcasing there is a slight negative trend we can see.
4. The negative trend has been held for now but today’s session may break this with positivity.
5. Since SGX Nifty is positive and the US markets have been mixed yesterday, we will see some Green across the board in today’s session.

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All in all, today Nifty will see some POSITIVE moves in the beginning and may scale to support levels today and again bounce back.

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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