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Nifty Prediction for 2 January 2025
On January 1, 2025, Nifty experienced a positive trend, closing at 23,742.90, a rise of 0.41%. The market showed signs of consolidation, with high volatility expected due to weekly index expiry. Key support and resistance levels are noted, indicating potential price fluctuations between 23,500 and 24,000 levels.
After some opening fall, Nifty formed a Bullish Marubozu candlestick on the hourly chart and started rising, where it rose to the day high of 23,822.80, with a doji-type candlestick formation on the daily chart – closing the day above the 200DEMA at 23,742.90, which is 98.10 points or 0.41% higher than the previous day’s closing.
Yeah, on the first day of 2025, the Nifty traded in Green along with all the other benchmark indices. Also, all the major sectoral indices traded in green today, except Realty and Metal, where Realty fell over 1%. The top gainer was Nifty Auto, which rose 1.33%, followed by Energy and Consumption.
Nifty Prediction for 2 January 2025
On the technical chart, Nifty rose above the 200DEMA and closed the day above that, which is a bullish sign for the market but as the price enters the symmetrical triangle pattern after the false breakout, there is a high chance of consolidation in the market tomorrow.
Anyway, in the shorter timeframe, the Nifty 50 seems positive as it continued its uptrend after the formation of the Bullish Marubozu candlestick, following which the Technical Indicators on the shorter timeframe turned positive signaling a short-term bullish market.
But tomorrow is the weekly expiry of the Index, so there might be high volatility in the market, and if not then the market may trade completely sideways, trapping the retailers.
The nearest support for Nifty stands at the 23,700 level followed by 23,500 and 23,400 levels while the resistance stands at the 23,800 level followed by 24,000 and 24,200 levels.
What to Expect from Nifty on 2 January 2025
So, for tomorrow, 2nd January 2024, traders are advised to wait for confirmation, as this current rise in the market is mainly because of the short covering – so keep in mind that this rally will not last long until there are new long buildups, and tomorrow is the weekly expiry – you can expect a high volatility, where market may wave between support and resistance levels.
But overall, the current short trend in positive, so you can expect a bull run if market rises above the 23,800 level but the long term trend is negative and if market faces resistance from any of the support levels we may see a fall to the 23,500 level.
Trading Level for Nifty: 23,500 – 24,000
Also Read:
Nifty Support and Resistance for 2 January 2025
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,700 | 23,800 |
| 23,500 | 24,000 |
| 23,200 | 24,200 |
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 🙂
