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Nifty Prediction for 02 December 2024
Nifty opened near 24,000, closing at 24,188.45, up 0.91% due to strong performance in several sectors. The index is up over 3% this week, indicating continued bullish momentum. For December 2, 2024, Nifty is expected to rise towards 24,350, with strong support at 24,000.
Nifty opened flat near the 24,000 level but started rising from the opening and continued to trade higher for the day making an Intraday high of 24,188.45 and closing the day with a gain of 0.91% or 216 points led by Healthcare, Commodities, Energy, and Auto sector.
The index is up by over 3% this week after a months-long correction, rising from the 23,300 level indicates strong buying in the Index which will likely continue in the coming weeks.
Nifty Prediction for 02 December 2024
On the technical chart, Nifty formed a Bullish Belt Hold Candlestick which is a bullish pattern, rising from the 23,900 level and stabilizing above the 24,000 mark, indicating a bullish market ahead.
Along with a Bullish Belt Hold candlestick, there is an Inside bar formation on the daily chart, which is a continuation pattern that again indicates a coming Bullish market.
Anyway, As Nifty managed to close above the 24,000 level, Nifty is anticipated to make a further bullish move towards the resistance level of 24,350, and likely it will break it in the next week and move further high toward the 24,500 level.
Technical Indicators like RSI and MACD are positive where the RSI once again rises near 50 which suggests a bullish trend.
On the daily chart, Nifty has its nearby resistance at its 100DEMA level which is at the 24,300 mark, followed by the 24,500 level and 24,800 level, while the support on the lower side stands at the 24,000 level followed by 23,800 and 23,500 levels.
What to Expect from Nifty on 02 December 2024
For Monday, 02 November 2024, Nifty is likely to rally higher as it formed multiple bullish patterns like a Bullish Belt hold and an Inside bar which indicates that the Index will likely rise higher towards the 24,350 level which is its first resistance.
And once Nifty is stable near 24,350 then it is predicted that it will also break this resistance level and move further higher towards the 24,500 level.
But if the Index falls from here which is less likely, then any lower movement will be stopped at the 24,000 level as this is the strongest support for Nifty in the near term.
Trading Level for Nifty: 23,800 – 24,500
Also Read:
Nifty Support and Resistance for 02 December 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,000 | 24,350 |
| 23,800 | 24,500 |
| 23,500 | 24,800 |
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 🙂
