Pre-Market Data for tomorrow's trading Session - NIFTY Prediction for Sept 10, 2024

 NIFTY Today's Overview

As mentioned yesterday, NIFTY closed above the 20 SMA on September 6th, using it as support and forming a green candle today. NIFTY ended at 24,936, higher than the previous session's close but lower than the open. It’s evident that NIFTY found support at 24,750. Check the daily chart for today.

NIFTY 1- Day Chart on 09-09-2024

From the chart, it’s clear that NIFTY is above the support level, and a trend reversal might only be expected if it falls below this support zone.

Open Interest Data

OI Data Sept 9, 2024

Looking at the data, the maximum call options are written at 25,000, and the maximum put options are written at 24,500. The PCR stood at 0.6726, unchanged from yesterday. Refer to yesterday's data here. The chart shows that while the market is in an uptrend, factors like PCR and OI data suggest some pressure on prices, with bears currently dominating over bulls.

Other Factors 

Asian markets, except for the GIFT Nifty, fell today, and US markets also ended in the red due to weaker-than-expected US job growth, signaling an economic slowdown. On the other hand, European markets closed in the green. The USD/INR fell by 0.03%, while other commodities showed positive movement.

Expectation for tomorrow

In the lower time frame, the price channeled between 24,750 and 24,960 today, ending at the next resistance zone. If NIFTY manages to cross the key level of 24,960, it could extend up to 25,100 in the next trading session tomorrow. Overall, the trend remains bullish, with the price respecting the 20 SMA line and closing above it today. FIIs have been net buyers in the cash market for the past two sessions, while DIIs have been sellers. In the derivatives market, significant selling pressure has been observed over the last three trading sessions.

For tomorrow, a bullish outlook is expected, as the current trend of the Indian market isn’t aligning perfectly with global pressures. Immediate support is at 24,800, and resistance is at 24,960. If the market fails to break through the 24,960 level, the outlook may reverse, potentially leading to a further decline.

See yesterday's report on: NIFTY Analysis for September 9, 2024 and Pre-Market Data

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