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Market Prediction – Nifty Prediction for Monday, 3rd June 2024
Nifty has formed a symmetrical triangle pattern and waiting for a breakout and most probably it will break out in the upper side, as it has the 22,500 support level at the lower side.
In the previous trading session on 31st May 2024, the Nifty opened a little gap up around the 22,560 level, and as expected, it traveled to around the 22,600 level and fell back – trading in a range between 22,500 and 22,600 for the day.
Anyway, the best part is that Nifty is following the Trendline, that we drew and respecting the support level of 22,500 closing at 22,530 for the day – and these ups and downs are because of the General Election uncertainty.
If we look at the stocks, then there are mixed reactions from the heavyweights, but IT and FMCG stocks slipped the most.
Top Gainers: Divi’s Lab, Nestle India, TCS, Maruti Suzuki, LTI Mindtree
Top Losers: Adani Enterprises, Adani Ports, Shriram Finance, Coal India, Tata Steel
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 3rd June 2024
Looking at the Nifty 50 chart then it’s forming a Symmetrical Triangle pattern in the shorter time frame, which is a good sign that ultimately leads to a bigger move in the side of the breakout, and most probably the breakout should be in the upper side because it’s taking support around the 22,500 level – which in my opinion a support level for Nifty.
But you can look at the Exit Polls to identify the moves in the market because exit polls give an almost right idea about which party is going to form the government, and if the current government is expected to come to power then it’s definitely going up once again, so looking on the exit polls is a nice tactic for predicting the move in the Nifty50.
What to Expect on Monday 3rd June 2024
So, on Monday, in my opinion, Nifty may open gap up around the 22,550 – 22,600 level, and if it survives above the 22,600 level then it can rally toward the 22,700 – 22,800 level.
And, this may the be the biggest factor for monday, that the GDP growth of Q4FY24 is far better from the expectations, which is around 8.2% vs the expected growth rate of 7.6%, which should boost the Buying activity.
If you ask me, then it needs to trade higher on Monday, because exit polls are showing that the BJP is coming to power again and this will boost the buying sentiment, pushing the market higher.
One more thing, on the Technical Chart on the Daily Time Frame, Nifty formed an inside candle which indicates the continuation of the trend, but in this case, the inside candle is formed around the support level which indicates a Reversal – so technically Nifty need to go upward around the 22,600 – 22,700 level, but exceptions exist.
So here are the trading levels for Monday, 3rd June 2024 – 22,400 – 22,700
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 22,000 (31.48L) | 23,000 (65.01L) |
| 22,500 (29.36L) | 22,500 (24.99L) |
| 22,600 (20.19L) | 22,600 (21.41L) |
Nifty50 Support and Resistance for 3rd June 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 22,500 | 22,600 |
| 22,400 | 22,700 |
| 22,300 | 22,800 |
Nifty Trade Strategy for 3rd June 2024
Looking at the technical chart, then it seems that Nifty is poised to move upward as there are chart patterns and price action showing a reversal may lead Nifty to trade higher on Monday.
On top of that, the high expectations of the BJP government coming into power again may increase positive sentiment in the market.
So, I am going to look for long trades, hence –
If Nifty opens gap up then wait for it to cross and take support at the 22,600 level, then go long till the next resistance.
But if Nifty opens lower or flat, then wait for it to take support at the 22,500 level and then go long, till the next resistance level.
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 🙂
