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Nifty Prediction for 2nd April 2024. Market may Reverse to Bearish
Nifty is facing resistance from the 22,500 level once again, indicating a quick fall and also it's seems that Nifty is trying to make a Cup and Handle pattern.
Nifty Opened almost 120 points higher on Monday as yesterday was the 1st trading day of FY 24 – 25, but was unable to break the resistance level of 22,500 which indicates a bearish sign.
Anyway, Yesterday’s Market was driven by Metal and Real Estate Stocks, as we saw a rally in stocks like JSW Steel, Tata Steel, Ultratech Cement, Vedanta, DLF, Adani Ports, Coal India, and also Adani Stocks. Notable two of the Index heavyweights rallied today by more than 1% including HDFC Bank and TCS.
Nifty Prediction Today
I am going wrong from the last two trading sessions, but still, I am again Bearish on Nifty for Short Term (this week). That’s because Nifty Opened higher on Monday but was not able to continue the momentum and traded sideways – a sloppy downtrend throughout the day.
So for Today, we expect the Nifty to fall a bit to the 22,300 level or if goes lower then 22,200 is a good support where Nifty can take some rest. One main thing to notice is that Nifty is forming a Cup Pattern (as shown in the image above) but the handle is missing, so Nifty may fall to take support at the 22,200 level to make the handle and complete the pattern and then go upward continuing the Uptrend.
Also, the US index was in Red last night, signaling a bearish view for the market for today.
Nifty Support and Resistance for Today
Green Lines are the Support Levels and Red Lines are the Resistance Levels.
Nifty is facing resistance from the 22,500 which is a major and the nearest Resistance level for Nifty as of Now, followed by 22,600 and 22,700 levels.
And, On the Lower side, Nifty has support at all the round Numbers starting with 22,400, 22,300, and 22,200 levels.
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 – 22,400 (immediate Support)
S2 – 22,300
S3 – 22,200 (Strongest Support)
Nifty Resistance Levels
R1 – 22,500 (Current and important Resistance)
R2 – 22,600
R3 – 22,700
How to Trade in Nifty Today
According to our Analysis and Expectations measured by various factors including US Markets, Previous day OI change, and Leading Market News – we are expecting a fall in Nifty on Tuesday,
So, we are looking for Short Trades as follows,
We’re going for Short if Nifty retraces from the Nearby resistance levels, or breaks any of the support levels with a dominant red candle til the Next support level and continue to trail if the Trend tends to be Strong till 22,200, as it is a crucial support for Nifty 50.
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 🙂
