Disclaimer: Information on this site is only for Education Purpose. Don't take our Articles as any Investment or Trading Advice, as we are not SEBI Registered.
Bank Nifty Prediction for 3rd December 2024
Bank Nifty remains within an Ascending Triangle pattern, showing weak performance despite a noteworthy gain in the benchmark indices. A breakout above 52,500 could lead to a rally towards 53,000.
Bank Nifty is still trading inside the Ascending Triangle pattern taking support at the lower trendline of the pattern near the 51,700 level.
Despite opening in green, Bank Nifty traded flat after entering the Red zone in the early trading session but in the last 1 hour of trading, it recovered its losses and started trading in green above the 52,000 mark.
While the Indian benchmark indices traded higher, Bank Nifty look weak today as it just rises 53.40 points or 0.10 percent from the previous closing.
Bank Nifty Prediction for 3 December 2024
On the technical chart, Bank Nifty has formed an Ascending Triangle Pattern with upper resistance at the 52,600 level and it’s continuously trading inside that pattern for the last 6 days and surely looking for a breakout.
As this pattern is a bullish pattern, it is very likely that the Index will break in the higher direction but first, it needs to cross the resistance of 52,500 and then we can look for any breakout of the pattern and a following rally in the Index.
Till then, Bank Nifty is likely to trade inside that pattern with support at the 52,000 and 51,500 levels and resistance at the 52,600 level.
The nearby support for the Index is at the 52,000 level followed by 51,800, 51,500, and 51,200 levels which is this 100DEMA line, while the nearest resistance stands at the 52,500 level followed by 52,650, and 53,000 levels.
What to Expect from Bank Nifty on 3 December 2024
For 3rd December, Bank Nifty is likely to trade inside that Ascending Triangle pattern as the index has enough space to trade inside that pattern.
But if it breaks out of the pattern, then it will immediately reach the 53,000 level and we can initiate a long trade at the time of the breakout with a target of 500 points.
But if it breaks in the lower side, then wait for the Index to test the support and it will likey rise once again and then go for long trade.
Trading Level for Nifty: 22,200 – 22,500
Also Read:
Bank Nifty Support and Resistance for 3 December 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 52,000 | 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 🙂
