Outlook for Tomorrow - NIFTY Prediction and Pre-market data for Sept 11, 2024

Yesterday's Prediction and Today's Market Review

As I mentioned yesterday (Read the post here), today NIFTY took support at 24,960 and extended to 25,100. In my previous post, I explained that "If NIFTY manages to cross the key level of 24,960, it could extend up to 25,100 in the next trading session." Let's look at today's chart.

NIFTY DAY CHART SEPT 10

Tomorrow's Prediction

In the daily chart, we can see that, as expected, the strong support by the 20 SMA channel was taken and extended up to 25,115 today, closing at 25,041. Let’s examine the support and resistance zones in lower time frames to predict NIFTY’s movement for tomorrow.

NIFTY 15 MIN CHART SEPT 10

As with yesterday, in the lower time frame, the market closed near the 20 SMA Line. Please see the above image. Tomorrow’s prediction also depends on how the market responds to this 20 SMA Line. If there are no major changes, the chances are NIFTY will take support at this 20 SMA level and extend up to the all-time high level of 25,335. Conversely, if a strong red candle forms below this SMA, a downturn is expected, potentially reaching the 24,800 level for immediate support.

In my view, tomorrow the moving average support may break, leading to a fall to a lower level before a forward run.

Open Interest Data

Maximum call options are written at the 25,500 level, and maximum put options are at 24,600. The next immediate resistance level is 25,100. The PCR has risen to 0.7878, indicating that the bulls are looking for a comeback.

Global Indices

US markets ended in the green today, with the Dow Jones gaining a 1.19% rise. GIFT NIFTY retained its level. European indices also did not experience significant changes.

FII/DII Activity

In the cash market, both FII and DII were net buyers, showing an optimistic view for this week. In index options, the net long position increased by 6,513.4 crores.

Overall, today’s performance was better and has entered an unpredictable level for tomorrow. Despite the positive factors explained above, expect a fall if the price goes below the 20 SMA line. If NIFTY can retain the current level, the current rally may extend to the all-time high levels.

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Related Article : NIFTY Analysis for September 9, 2024 and Pre-Market Data