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Nifty 50 Intraday Prediction for Monday, 15th July 2024:-Today we are looking in to the Intraday Analysis of Nifty 50 Indices for Monday, 15th July 2024. On last Friday, Nifty Opened Gap up at 24388 price levels and then moved to the support level 24350 then from there it give a good movement to make a intraday High of 24592 level. Then again Give some price correction from at area to close at 24512, which is 0.77 percentage in Green. 

Nifty 50 Intraday Prediction for Monday, 15th July 2024

The Main Reason for the Upward movement for Nifty Indices because of the TCS excellent Results. TCS share reported a consolidated net profit of 12040 crores, lesser 3 percentage from previous quarter. But Revenue from operations improved by 2.2 percentage. 

With the Movement of TCS stock, other Similar Tech Companies moved with TCS expecting a good results. Nifty IT moved more than 4.5 percentage. On the other Side Nifty Auto, PSE index falls 0.44 percentage and 0.30 percentage Respectively. Nifty Reality is Most effected one with a fall of 1.5 percentage.

Top Gainers on Previous day are TCS, Wipro, Infosys, HCL, and LTI Mindtree led the pack, showcasing strong gains and investor confidence in the tech sector. On the other hand, some stocks faced declines, with Maruti Suzuki, Divi’s Lab, Coal India, Asian Paints, and BPCL being the top losers.

You may Also Like To Read Our Previous Post About the Topic " Intraday Breakout F&O Stocks to Trade on Monday, 15th July"

Nifty 50 Latest Chart Analysis for 15th July 2024

Nifty 50 Latest Chart Analysis for 15th July 2024

When we look in to The Hourly chart Of Nifty 50 for Monday, We can see that overall Trend is Bullish. But we cannot Jump into the Trade on Opening. As i have shown in the chart Above, Consider Nifty on Bullish side only above the Major Resistance Levels of 24580 to 24600. If Nifty Gives a good breakout above these levels or Gap up opening above this level, then you can consider bullish side with stoploss below 24540 levels.

But If Nifty opens Below the current Resistance Levels, then you can see Nifty to move towards 24480, 24440 and 24380 levels. If Nifty Break's the Support 24300, then it can move further down to 24250, 24200 levels soon. So these are the Major Support and Resistance Levels you can consider for Intraday Trading on Monday's market.

Nifty 50 Latest Option Chain Data Analysis

Analyzing the Nifty Put and Call Open Interest (OI) data provides valuable insights into market sentiment and potential support and resistance levels. As of the latest data, the highest Put OI is observed at the 24,000 level with 53.35 lakh contracts, suggesting strong support. The next significant Put OI is at 24,400 with 51.45 lakh contracts, followed by 24,300 with 45.9 lakh contracts. On the Call side, the 25,000 level has the highest Call OI at 68.17 lakh contracts, indicating substantial resistance. This is followed by the 24,500 level with 39.52 lakh contracts and the 24,900 level with 37.19 lakh contracts. This data suggests that the market may encounter strong resistance around the 25,000 mark while finding robust support near 24,000. Traders and investors can use this information to make informed decisions and strategize their trades accordingly.

Conclusion

So we have seen the Major Levels to Trade on Nifty for Monday. A bullish stance is advisable only if Nifty breaks above the major resistance levels of 24580 to 24600, with a stop loss below 24540. If Nifty opens below these resistance levels, it may move towards 24480, 24440, and 24380. A break below the support level of 24300 could push Nifty further down to 24250 and 24200. These key support and resistance levels provide critical insights for intraday trading strategies. Stay informed and strategize accordingly to navigate the market effectively on Monday.