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Nifty Prediction for 02 August 2024. Nifty hits 25,000 Mark
Nifty hit the milestone of 25,000 on Thursday for the first time in the history, but It made a Spinning Top pattern at the top, indicating uncertainty for the future moves. The market is facing resistance but the Buyers are strong, and likely to open higher on 2nd August with positive bias.
Nifty opened at a record high today, above the Historic Mark of 25,000 but as the market opened it started falling or trading in a downward direction making higher highs and higher lows, taking support at 24,950 and somehow managing to close the day above the 25,000 level at 25,010 which is a gain of 59.75 points or 0.24% from the previous closing.
As today is the weekly expiry of the Index, Nifty traded politely following the support and resistance, reaching a new all-time high of 25,078.30 but at the top of the trend, it made a Spinning Top Candlestick Pattern on the Daily chart, indicating an indecision about the future direction, as seen in the image above.
On the Sectoral side, Nifty Energy and CPSE rallied the most with a gain of 1.96% and 1.81% respectively, whereas Nifty Realty fell around 1.70% and left others traded almost disciplined.
Also Read: Best Semiconductor Stocks in India in 2024. Expert Picks
Nifty50 Prediction for 02 August 2024
The Index is facing a hard time sustaining above the 25,000 mark, as it lost its early gain today, but somehow managed to end the day at 25,010 after taking multiple support at the 24,950 forming a Spinning Top Candlestick on the Daily Time Frame, which ultimately puts us in a dilemma that if the market will sustain above the 25,000 or not in the coming days.
As the spinning top candlestick is a Doji Type Candlestick which suggests that the market will go in either direction based on the current situation. But looking at the charts, it’s most likely that the Nifty will trade higher on Friday, continuing its bullish trend as it is above it all short and long-term moving averages on the daily and hourly time frame.
Also, the Buyers are looking strong as it again and again pushes the market higher even after the intense selling from the 25,000 mark two days earlier, which ultimately indicates that the Buyers are Strong, and the market could rally towards the 25,500 level in the coming days.
But, only if the Nifty sustains above 25,000 (as it forms a Spinning Top Candlestick) otherwise if it falls below this level, then we have first immediate support for the Nifty50 at the lower trendline at 24,950 followed by 24,850 and 24,800 levels, and If the market rises then we may see Nifty above the 25,100 or 25,200 on Friday, 2nd August.
What to Expect from Nifty on 02 August 2024
Market View is Positive, as Nifty sustains above the 25,000 mark, and it will likely trade higher on Friday, trying to conquer the 25,100 and 25,200 levels, suggesting that the Nifty may open Gap Up on Friday.
As of Now, The Bias is Bullish, and the trend for Nifty is Positive because the FIIs are looking Positive on Nifty because they became the Net Buyers on Thursday with Net Bought shares worth Rs. 2,089 crores, compared to the previous day, when they sold share worth Rs. 3,462 crores.
Also in the Nifty Futures, they continued to build Long Positions, as they Bought Nifty Futures 1,408 crores on Thursday, indicating that FIIs are heavily Bullish on Nifty, suggesting that the market will rise on Friday.
But, if it falls, then we have support placed at 24,950 followed by 24,850 and 24,800 and one can look for Buying Opportunities in the Dips, as Nifty will most likely ride the current momentum, and will rise from any given support levels.
“Here are the trading levels for Nifty – 24,800 – 25,200“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 25,000 (40.69L) | 25,000 (46.41L) |
| 24,500 (29.58L) | 25,500 (40.66L) |
| 24,800 (20.35L) | 25,200 (27.76L) |
Nifty50 Support and Resistance for 02 August 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 25,000 – 24,950 | 25,100 |
| 24,850 | 25,200 |
| 24,800 – 24,750 | 25,300 |
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 🙂
