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Nifty Prediction for 3rd July 2024. Nifty Looks Bearish
Nifty is trading in the overbought zone or in the Extreme Greed Zone and there might be a fall in the market soon, but first it need to break the support level of 24,000
Nifty opened on a positive note today, making a new all-time high of 24,236.55 but it fell more than 150 points from the day high in the opening session and then traded with a negative bias for the day making a Descending Triangle Pattern, taking support at the 24,000 level which is its strongest support in the short term, and below this level, Nifty may turn bearish.
The Banking, FMCG, Consumption, and Auto sectors fell on Tuesday while the IT and Reality Sectors shines in the competitive market providing some support for Nifty50 as they were up by 1.165 and 0.86% respectively.
Looking at the Nifty 50 Stocks,
Top Gainers: L&T, Wipro, Infosys, HDFC Bank, TCS
Top Losers: Shriram Finance, Bharti Airtel, Kotak Mahindra Bank, Tata Motors, SBI
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 3rd July 2024
Looking ahead to tomorrow, Nifty is likely facing some selling pressure from the upside as it is up by more than 700 points in the last 7 sessions which is more than a 3% upside in just a week which turns the Fear and Greed Index meter into the extreme greed zone and this puts the investors into the fear of market fall as there might be some profit booking.
Anyway looking at the technicals,
Nifty is in the overbought zone, and it is trading near the upper trendline of the Ascending Broadening Wedge Pattern, which is considered a bearish reversal pattern and there might be some possible fall in the market in the coming days as Nifty is facing resistance from the higher levels.
On the 30-min chart, Nifty made a Descending triangle pattern, which is a bearish pattern and Nifty may fall below the 24,000 level on Wednesday following this pattern as it falls in the early trading session after making a new all-time high.
What to Expect from Nifty on 3rd July 2024
On Wednesday, 3rd July 2024, Nifty may open on a negative note or flat, as the US market is trading lower and Gift nifty is also trading in the red zone, and also it made a Descending Triangle pattern in the shorter time frame which indicates that the market may trade lower on Wednesday, and might falls below the 24,000 level.
so, for Tomorrow, my view about the market(especially Nifty50) is negative because it is also forming an Ascending Broadening Wedge Pattern which is a bearish reversal pattern that strengthens the possibility of a fall in the market in the coming days.
Hence, Nifty might fall below the 24,000 level tomorrow, and if it continues to trade below the support level of 24,000 then it might fall to the 23,500 level in the coming days.
But if Nifty bounces back from the support level of 24,000 then it might goes higher towards the 24,400 – 24,500 level following the Ascending Broadening Wedge Pattern Upper Trendline.
“Here are the trading levels for Nifty – 23,800 – 24,300″
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 24,000 (78.76L) | 24,500 (79.78L) |
| 23,500 (64.42L) | 24,200 (52.29L) |
| 23,800 (51.18L) | 24,600 (51.95L) |
Nifty50 Support and Resistance for 3rd July 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,000 | 24,200 |
| 23,900 | 24,400 |
| 23,800 | 24,500 |
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 🙂
