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| Nifty 50 Today: Market Recap, Key Levels, and Tomorrow’s Opening Prediction Based on Technical & OI Data |
Nifty 50 Today: Market Overview
Nifty 50 opened at 23,752 with a gap-up of 52 points. After an initial retracement of 90 points, it found support near 23,675 and rebounded. Within the first hour, Nifty touched the day’s high of 23,869.60, but then dropped to 23,628, which acted as a previous support zone. The index managed to close at 23,668.65.
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Top Gainer: UltraTech Cement (+3.64%)
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Top Loser: IndusInd Bank (-4.56%)
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Advancers vs. Decliners: 17 stocks closed positive, 23 stocks declined, and 10 stocks remained flat (±0.25%).
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Sector Performance:
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Nifty PSU Bank was the Top loser (-1.48%).
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Nifty IT supported the market with a 1.65% gain.
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This 250-point profit booking could signal a temporary pause in the bull run. But what’s next? Will Nifty 50 reverse or will bulls regain control? Let’s dive into the technical charts and data to analyze the market’s next move.
Technical Analysis: Will Nifty 50 Continue Its Uptrend or Reverse?
📊 Candlestick Chart Patterns:
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Resistance at 23,795-23,820: This area was a previous resistance on the daily chart, and today, the market faced rejection there.
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Key Breakout Levels: For a bullish continuation, Nifty must gap up or close strongly above this resistance.
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Downside Levels: If 23,600 breaks, the next support lies near 23,400.
📈 Indicator Analysis:
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RSI (14) on Daily Chart: RSI is at 70, indicating an overbought zone.
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Candlestick Pattern: Today’s candle is almost a Doji, forming outside the Bollinger Band, signaling possible trend exhaustion.
Open Interest (OI) Data Analysis: Key Levels to Watch
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23,700 CE → 74 lakh OI → Strong Resistance
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23,500 PE → 80 lakh OI → Strong Support
Buildup Analysis:
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All three indices show short buildup, indicating a bearish bias in the market.
FII-DII Activity (Updated)
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FII Data: 📊 +5371.57 Buy
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DII Data: 📊 -2768.87 Sell
FII has bought 25766.06 Cr. in Index Options section. Tomorrow Market can be trendy in any direction and Our prediction is Bearish.
📉 Prediction for Tomorrow: Bearish Move Ahead
📌 Based on chart analysis & data points:
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A bearish move seems likely tomorrow.
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RSI in the overbought zone and short buildup in indices indicate selling pressure.
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Sentiment is still positive, so watch for support levels for potential long trades.
⚡ Key Takeaways from Today’s Market
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The first-hour candle covered 100 points, signaling a range-bound session.
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If Nifty fails to break resistance with a strong bullish candle, it might remain trapped in a smaller time frame.
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