Nifty Prediction for 24-07-2024: Support & Resistance Levels

In today's trading session, Nifty and Nifty 50 experienced notable volatility, fluctuating within a range of 24,580 to 24,075. Despite the turbulence, the indices found support at the levels highlighted in yesterday's analysis. A less-than-impressive budget announcement triggered a sharp decline, yet Nifty 50 managed to rebound from its lows, although it ultimately closed in the red.
For tomorrow's Nifty and Nifty 50 prediction, market analysts anticipate continued volatility. Investors should watch for key support and resistance levels to gauge potential market movements. The budget's impact may persist, influencing market sentiment. Traders are advised to stay informed and consider both technical and fundamental factors in their strategy.
Key Takeaways from Union Budget 2024:
India's Union Budget 2024 presented a roadmap towards achieving a 'Viksit Bharat' (Developed India) by 2047. It focused on inclusive growth, infrastructure development, and digital transformation.
Focus on Infrastructure: Significant investments were made in physical, digital, and social infrastructure to boost economic growth and create employment opportunities.
Digital Public Infrastructure (DPI): Emphasis on DPI to promote formalization and financial inclusion.
Tax Base Expansion: Measures to broaden the tax base through GST to increase government revenue.
Financial Sector Strengthening: Efforts to bolster the financial sector to improve savings, credit, and investment.
Global Financial Hub: Creation of a robust GIFT IFSC to attract global capital and financial services.
Fiscal Deficit Target: Government aims to reduce the fiscal deficit to below 4.5% by 2025-26.
Social Sector Development: Increased allocations for MSMEs, agriculture, education, healthcare, housing, and urban development.
Ease of Doing Business: Initiatives to improve the business environment and promote digital services.
Food Security: Extension of the free food grain scheme until 2024.
Key Areas of Focus
Youth and Employment: Emphasis on skilling and job creation through initiatives like Skill India Mission.
Agriculture: Increased investment in agriculture to boost farmers' income and promote sustainable practices.
Education: Expansion of educational facilities and focus on skill development.
Healthcare: Improvement of healthcare infrastructure and accessibility.
Housing: Affordable housing schemes to address the housing shortage.
The above content has been sourced from internet.
Nifty Prediction for Tomorrow:
Support Levels:
The first support level is at 24,250, with stronger support between 24,150 and 24,000 on an intraday basis.
Resistance Levels:
On the upside, the initial resistance is at 24,580 i.e, today day high, with subsequent resistance between 24,640and 24,680. If this range is breached, the major resistance level is at 24,800.
Technical Indicators for Nifty Prediction:
Max Pain: 24,450
PCR (Put-Call Ratio): 0.77 Neutral
IV (Implied Volatility): 15.75 as of the closing on 23-07-2024.
Stay tuned for more updates on Nifty and Nifty 50 prediction for tomorrow to navigate the volatile market conditions effectively.
Disclosure: I am not SEBI registered. The information provided is for educational purposes only and should not be considered financial advice. Consult a qualified financial advisor before making any investment decisions. Social media shares on any platform are not endorsed or supported by the publisher.