Nifty Prediction Today – 13th March 2024: Index testing a support, short if this is invalidated

Nifty 50, the domestic benchmark index, began today’s session with a gap-up. It opened at 22,432 versus yesterday’s close of 22,336. But the index immediately faced sell-off post opening and is now hovering around 22,275, down nearly 0.3 per cent.

The breadth of the Nifty 50 index also indicates a bearish bias – the advance/decline ratio stands at 15/35. ITC is the best performer by advancing 5.4 per cent whereas Power Grid Corporation of India, down 4.9 per cent, is the top loser.

Like the benchmark index, mid- and small-cap indices, too, are in the red. Also, barring Nifty FMCG (up 1.5 per cent) and Nifty IT (up 0.2 per cent), all other sectors have lost. Nifty Metal, down 2 per cent, and Nifty Oil & Gas, down 1.6 per cent, are the top losers.

The chart of Nifty 50 shows a clear bearish bias.

Nifty 50 futures

The March futures of Nifty 50 opened today’s session higher at 22,505 as against yesterday’s close of 22,447. But the contract turned south and saw a sharp sell-off in the first hour of trade. It is currently trading around 22,380, down 0.3 per cent.

The chart shows that 22,370 is a support for Nifty futures. If this is invalidated, the contract can extend the decline, potentially to 22,250, a support. Subsequent support is at 22,120.

However, if Nifty futures bounces off the support at 22,370 and moves up, it can face resistance at 22,480 and 22,540. For the bulls to gain back control, the contract should surpass the barrier at 22,540, which appears unlikely now.

Trading strategy

Short Nifty futures once it slips below the support at 22,370. Target and stop-loss can be at 22,250 and 22,425 respectively.

Supports: 22,370 and 22,250

Resistance: 22,480 and 22,540

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