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Nifty Prediction for 3rd December 2024
Nifty showed a bullish trend by closing above 24,250, rising 144.95 points despite facing resistance at the 100DEMA level. Nifty takes supports at 15DEMA today, which indicates potential further gains in the short term if it surpasses 24,300 level. Key support levels are at 24,200, 24,000, and 23,800, with resistance at 24,500 and 24,700.
Following a Bullish Belt Hold candlestick formed on the previous trading day, Nifty rose today after taking support from the 15DEMA and once again faced resistance from the 100DEMA level and closed a bit above the 24,250 level.
After opening nearly flat, Nifty fell in the early trading session, but soon it recovered the early losses and started trading in green and continued to trade in green throughout the day forming a Higher High and Higher Low chart pattern closing 144.95 points or 0.60 percent higher from the previous closing.
Nifty Prediction for 03 December 2024
On the daily chart, Nifty has taken support at the 15DEMA level at the 24,000 mark and rises towards the 24,300 level forming a higher high and higher low pattern led by Realty, Healthcare, and Metal stocks.
Despite its rise of 144 points today, Nifty once again faces resistance from the 100DEMA level near the 24,300 level but it manages to close the day above the 24,250 level following the previous Bullish Belt Hold candlestick indicating a bullish trend.
Technical Indicators like RSI, MACD, and PCR indicate a bullish trend where the RSI once again rises above 50 indicating a bullish trend, also the MACD has risen significantly where its Histogram indicating a current bullish trend, along with PCR rising to 1.18 which is a strong bullish sign – it is anticipated that the Nifty will likely rise on Tuesday, 3rd December 2024.
The nearby support for Nifty is at the 24,200 level followed by 24,000, and 23,800 levels where the resistance stands at the 24,300 level which is near its 100DEMA followed by 24,500 and 24,800 levels.
What to Expect from Nifty on 3 December 2024
While Nifty is still facing resistance from its 100 DEMA level, Nifty is likely to trade flat and till it will not rises and stable above its 100 DEMA there is no immediate bullish indication in Nifty50.
And, once Nifty rises above its 100DEMA line and stable above it, we can look for Nifty to rise towards the 24,500 level and then 24,700, but if not then, there is a high chance that Nifty will revolve around the 24,200 and 24,350 levels.
Any fall in Nifty from the 24,250 or 24,200 level then we have a 24,000 support stand still which is the strongest support for Nifty in the near term.
Trading Level for Nifty: 22,200 – 22,500
Also Read:
Nifty Support and Resistance for 3 December 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,200 | 24,350 |
| 24,000 | 24,500 |
| 23,800 | 24,700 |
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 🙂
