Nifty strategy prediction for tomorrow 30/01/2025
Nifty Continues Bullish Momentum, Closes at 23,163.10 with Strong Gains
On Tuesday, we had highlighted our bullish perspective on Nifty for Wednesday’s trade, and the market opened in the green at 23,026.75. As anticipated, we had indicated a buy call on Nifty above 23,040 with a target of 23,190. The index managed to touch a high of 23,183.35, just shy of our projected target, before making a low of 22,976.50. Eventually, Nifty closed the day at 23,163.10, gaining 205.85 points (0.90%).
Outlook for Thursday’s Trade – Monthly Expiry in Focus
With the market showing strong bullish sentiment, we believe Nifty is poised to inch higher on Thursday, coinciding with the monthly expiry.
Traders can consider going long on Nifty above 23,200 with a target of 23,350 and a stop loss of 23,140 for intraday trading.
However, in case Nifty breaks below 23,100, a short position can be initiated with a target of 22,930 and a stop loss of 23,155 for the day.
Market Indicators and Open Interest Data
Strong open interest has been observed on the 23,200 put side, indicating robust support at this level. Additionally, strong open interest is seen on the 23,300 call side, suggesting resistance at this level.
Domestic Institutional Investors (DII) were net buyers with ₹1,792.71 crores, whereas Foreign Institutional Investors (FII) were net sellers with ₹-2,586.43 crores. This further strengthens our bullish outlook for the upcoming session. Traders should closely monitor key levels and adjust their strategies accordingly to capitalize on market movements.
*Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. Please consult with a professional before making any trading decisions.