Nifty Analysis for 01-08-2024: Support & Resistance Levels

Mastering Nifty: Trade Smart in Volatile Markets
With the start of a new series, the first weekly expiry of the Nifty is today. Yesterday, while Bank Nifty struggled to sustain and close in green, Nifty was in a clear uptrend, opening with a gap down and then moving up. The Nifty index closed with a 0.38% increase. This marginal rise indicates a clear uptrend; however, caution is advised at these levels as previously to selling has come at these levels.
On the chart defined time frame, the index is forming a Bullish Pennant and a Rising Wedge Pattern. A breakout of the Bullish Pennant can push it to 25,150, while a breakdown of the Rising Wedge Pattern can initially drag it down to 24,800.
Nifty Support & Resistance Levels for Today:
Support Levels:
The first support level is at 24,860 followed by a stronger support between 24,800 to 24,750.
Resistance Levels:
On the upside, the initial resistance is at 25,050 and strong resistance at 25,150.
Technical Indicators for Nifty Prediction:
Max Pain: 25,000
PCR (Put-Call Ratio): 1.18 Bullish
IV (Implied Volatility): 15.55 as of the closing on 31-07-2024.
Stay tuned for more updates on Nifty prediction to navigate the volatile market conditions effectively.
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