Nifty 50 Prediction For Tomorrow, 24 April 2023

On Monday, the NIFTY 50 opened gapped up at 17707.55, made a low of 17620 in the very first hour and traded sideways by 12:15 PM. After that up move started to make a high of 17754.25 and close of 17749.85.

In our yesterday's prediction, I suggested to take a bullish trade above 17685-17715 which seems to have gone well. Let's see what happens tomorrow.

Nifty 50 Daily chart with the positioning of important EMAs

Let's have a look at the charts and other aspects to identify where Nifty is heading towards. 

Nifty 50 Chart Reading for 25 April 2023

1. The bullish cross (09DEMA above 21DEMA) has been retested today very well.
2. The Golden Cross (50DEMA above 200DEMA) has also been retested today, giving a bullish signal. 
3. The price had broken above the down-trendline on 11 April 2023 and that trendline has also been retested today giving a bullish signal. 
4. The daily RSI, near 68 levels, is also showing strength that indicates bullishness.
5. The bullish cross (09DEMA above 21DEMA) has been formed on hourly chart. The 50EMA, on hourly chart, is also lying below 09 and 21EMA. This placement also evinces bullishness.
6. The RSI is near 82 on the hourly chart, exuding strength on hourly chart too.

Nifty 50 hourly chart showing the placement of 09,21, and 50 EMAs

Nifty 50 Options' Open Interest Data as on 24 April 2023

1. The option-writers have unwinded good number of CALLs at the strikes of 17700, 17650, and 17600, and added similar PUTs at these strikes.
2. Based on the above mentioned open interest activity, the strike price of 17700 became a good support. The lower strikes also have quite good PUT OI which is supporting more to the 17700 support.

Nifty 50 Options' Open Interest Data Chart

Nifty 50 FII DII Data as on 24 April 2023

Below is the activity of the institutions on Monday, 24 April 2023.

FII DII Data

This Data is giving bullish signal.

Conclusion

Upon looking at above-mentioned Nifty analysis its visible that the placement of all EMAs on daily chart and hourly chart have created bullish setup which is supported by the RSI levels. These bullish setups are also supported by options' open interest data and institutional figures. Therefore we should buy the Nifty above 17755 tomorrow, with a stop loss below 17550, for a little longer duration.