Market Prediction for 29 May: Today is Nifty’s monthly expiry, and volatility continues to dominate the market narrative. India VIX has been rising consistently, keeping traders on the edge. Most investors are now waiting for the index to break its range and show a strong directional move. While stock-specific rallies are emerging across various sectors, the conviction is missing due to Nifty’s indecisiveness.
Day traders and option buyers are facing tough conditions, as Nifty is swinging 200 points up and down within hours. In such conditions, traders are hesitant to carry forward positions, and intraday moves lack follow-through.
Yesterday (28 May), just before the expiry day, we correctly predicted a sideways session. That’s exactly what played out. Nifty consolidated in a tight 50-point range.
Let’s now use price action. We will also use chart structure and open interest data. This will help us decode the next possible move and frame the Market Prediction for Tomorrow 29 May.
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Market Overview – A Pause Before the Action
Nifty is still consolidating within a broad range of 24,500 to 25,000. Without a clear breakout or breakdown, directional trades remain risky. The price action suggests exhaustion, and momentum is slowing down across major sectors.
🔍 Technical Analysis – Is This Pause Significant?
Until the index breaks on either side of the defined range, we remain in a neutral zone.
Key Levels:
- Support: 24,700 – 24,450
- Resistance: 24,800 – 25,060
RSI (14):
- Daily Chart: RSI is sloping downward, hinting at bearish undertone. May dip towards 50 or even 40.
- Hourly Chart: RSI is hovering near 40. If it takes support and reverses from here, we see a recovery back toward 60 RSI level. This recovery would correspond to a price rally.
📊 Open Interest (OI) Data
Max PE OI: 24,800 – 1.19 Cr contracts
Max CE OI: 24,800 – 1.26 Cr contracts
Both support and resistance are built around 24,800, making it a strong pivot point. A move above or below this level could trigger a 300-point move in either direction.
🧮 OI Build-Up:
| Index | PRICE % | OI % | BUILDUP |
| NIFTY | – 0.4 % | 3.14 % | Short Buildup |
| BANK NIFTY | -0.05 % | 5.85 % | Short Buildup |
| FINNIFTY | -0.05 % | 3.93 % | Short Buildup |
- All three indices are showing short buildup, confirming weakness ahead of expiry.
🧠 Nifty 50 Prediction & Trade Plan
The broader range of 24,500–25,000 is still intact, and market participants are awaiting a trigger. On expiry day, there’s often a liquidity grab—false breakouts or breakdowns to trap traders.
Trade Plan:
Avoid taking positions based on emotion—wait for confirmation and trade light due to VIX-induced whipsaws.
If the market breaks yesterday’s low on the hourly chart, we could see a 200-point fall towards 24,500.
On the other hand, if 24,800 is reclaimed strongly, short covering could lead to a sharp rally.
📘 Key Learning from Today’s Market
- Sideways markets are often more dangerous than trending ones. Traps are frequent.
- In volatile conditions, respecting stop-loss is more important than ever.
- Expiry days can see manipulation. Don’t rush. Let the direction unfold.
Q1. Will Nifty open gap up or gap down tomorrow (29 May)?
As per rising volatility and current OI data, it’s hard to predict the exact gap. However, if global cues are stable, a flat to small gap-down is likely unless FIIs trigger a strong move.
Q2. What are the key support and resistance levels for Nifty tomorrow?
Key support is placed at 24,700 and 24,450. Resistance is seen near 24,800 and 25,060.
Q3. Is tomorrow’s market safe for intraday trading?
Only if you’re cautious. Volatility is high, and expiry-day traps are common. Trade light, keep stop-loss tight, and avoid trading without confirmation.
Disclaimer:
This blog post is intended solely for educational purposes. All information shared here is based on publicly available data, news reports, and personal analysis.
We do not provide any buy or sell recommendations. Investment in stock markets is subject to market risks. Always consult with a SEBI-registered financial advisor before making any investment decisions.
The author and this website assume no responsibility for any financial losses or gains incurred based on the information provided in this article.
📣 What’s Your Take?
Do you think ******?
💬 Drop your thoughts in the comment section!