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Nifty Prediction and Trade Setup for Tomorrow, 3rd May 2024.
Nifty is trading sideways, and it seems to trade sideways for the next few trading session, between the 22,500 and 22,700 levels.
Today, the market opened on a negative note, but instantly turned green after opening at the 22,568 level and traded flat throughout the day between the range of 22,630 and 22,700 levels (as predicted).
Still, the market is an indecisive zone as it seems the Nifyt is losing Buying interest, especially in the Index Heavyweights.
Looking at the stocks then TCS is the top gainer and Axis Bank is the top loser in the Nifty top 10 stocks by weightage, where they were up by 1.12% and down by 1.38% respectively.
On the Sectorial basis, where Nifty Energy, auto and PSE sectors see the most upside of more than 1% each, on the other hand, Banking and Realty stocks just lose some minor points.
The most interesting part for today and this week is that Nifty Next 50 and Nifty Midcap Select just shooting upward, as they beat the Benchmark, Sensex, and Nifty by 3% and 1.5%, which is crazy, and especially Nifty Next 50 which is just unstoppable – because it isn’t seeing any selling pressure from upper levels.
Must Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty Prediction Today
The broader market Index traded completely sideways as predicted, where Nifty traded just in line between 22,620 and 22,700 levels, as today is the weekly expiry of Nifty 50.
Looking at the technical chart, Nifty seems losing Buying Interest, and it may be sideways for the next few trading sessions, but the overall market sentiment is still bullish – where Nifty support is shifted toward higher levels at 22,500 – 22,550.
But I think, Nifty is getting ready to conquer the 23,000 mark, and it would take support at the short-term trendline at 22,600 and it may frequently try to break the 22,800 mark, which is a strong resistance for Nifty in the short term.
So, for Friday, Nfity may start the day with green as the US market is trading in the green as of now, taking support around the trendline and 20 Day Moving average at 22,650 and may try to retest the resistance level of 22,780 – 22,800 level.
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Nifty Support and Resistance for Today
Green Lines are the Support Levels and Red Lines are the Resistance Levels.
Nifty traded in a range today, respecting the support and resistance levels of 22,600 and 22,700 giving the closing around 22,650 level.
So, we have immediate support for Nifty at the 22,600 level followed by 22,500 – 22,550, and 22,400 levels, and on the upper side, Nifty is facing resistance from the 22,700 level, followed by 22,800 which is a major resistance for nifty to break, and 22,900 levels.
Related: Bank Nifty Prediction for 3rd May 2024
Here are the OI data of Nifty 50 for Today,
Note:- This OI Data is provided via Sensibull and it has a lot of features if you are an Option Trader, and you access all the Pro Things for “FREE” by opening your Demat Account with Zerodha.
Nifty Support levels
S1 – 22,600 (immediate Support, may not work properly)
S2 – 22,500 – 22,550
S3 – 22,400
Nifty Resistance Levels
R1 – 22,700 (Current and important Resistance)
R2 – 22,800
R3 – 22,900
Nifty Trade Setup for 3rd May 2024
Looking ahead to Friday, the Nifty may trade sideways as it seems losing interest in going upward.
So, for Friday, Nifty may open gap up and travel to 22,750 and 22,800 levels but it does not seem to be breaking the 22,800 level in the near term so traders need to be cautious if initiating any long positions, following the support at 22,600 level.
But if Nifty sees any downside, then you can wait for Nifty to take support from the 22,550 or 22,500 level, as this level has the highest Put OI – ultimately taking Nifty toward its range.
For any rally in Nifty, it must break above the 22,800 level for any rally toward the 23,000 mark, and for any downside rally, nifty must break the 22,500 level – along with some major news, that may break the hopes of Bulls, till then they are strong and may continue to move Nifty Upward.
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 🙂
