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Bank Nifty Prediction for 02 December
Bank Nifty experienced volatility, closing up 148.75 points at over 52,000. Technical analysis indicates support at 52,750, with expectations of upward movement toward resistance levels of 52,500 and 53,000.
A roller coaster day for Bank Nifty despite opening higher and a bullish global outlook, where Nifty rose over 1% during the day, Bank Nifty looks calm today rising just 148.75 points or 0.29% and managed to close the day in green at over 52,000 level.
Bank Nifty Prediction for 02 December 2024
On the technical chart, Bank Nifty is still trading inside the Ascending Triangle taking support at the 52,750 level which is the lower trendline of the Pattern forming a doji candlestick on the daily chart leaving the market indecisive.
As the Index rises after the support from 51,750, this level will act as Immediate support for the Index followed by 51,500 and 51,000 marks, while the resistance stands at the 52,500 level followed by the 52,650, 52,800, and 53,000 marks.
What to Expect from Bank Nifty on 02 December 2024
As the overall market sentiment is bullish, the Bank Nifty Index is also likely to trade higher on Monday, towards the 52,500 level which is near the upper resistance level (52,650) of the Ascending Triangle Pattern, and the Index will likely revolve around that level.
But as this pattern is a bullish pattern, it is more likely that the Index will break this level and rise higher towards 52,800 and 53,000. But first, it needs to be stable above the 52,500 level for any further rise.
Trading Level for Nifty: 22,200 – 22,500
Also Read:
Bank Nifty Support and Resistance for 02 December 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 51,750 | 52,500 |
| 51,500 | 52,650 |
| 51,000 | 53,000 |
Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the Trade Setup after analyzing the Market.
Happy Trading 🙂
