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Nifty Prediction for 3rd October 2024. Nifty Expiry Analysis
Nifty has seen a correction of nearly 500 points from its all-time high, closing today below the 25,800 with a minor loss. It is approaching bearish territory, facing resistance at 25,800 and 26,000. Upcoming trading may show volatility due to weekly expiry, with support levels at 25,500 and potential movements towards 26,000.
So far Nifty has corrected nearly 500 points from its all-time high of 26,277 level which is nearly 2 percent from the highest level and as of today – it has continued its losing streak for 3rd day in a row, ending 3 points lower from 25,800 – closed the day with a loss of 13.95 points or 0.05% which is negligible in market terms or you can say “Nifty Ended Flat Today”.
As of now, Nifty is trading near the 25,800 level and slowly started getting bearish for the long term, as it fell below its 10DEMA which is placed near the 25,840 – but Nifty has a lot of support at the lower levels but a lot more resistance at the current level and the higher levels. (where today’s call OI and the put OI difference is nearly double “2:1”)
As today is the weekly expiry of the Bank Nifty and the Fin Nifty Index – Nifty also experienced the same consolidation today after opening nearly flat and early buying interests where it reached the day high of 25,907.60 – but selling in the other indices also let Nifty fell marginally to trade in the red territory for the day with resistance at the 25,800 and 26,000 levels followed by 26,200 level.
Despite a flat market, Nifty IT gained a lot, nearly 1.13% led by the heavyweights Infosys, and HCL Tech – and the remaining other sectors traded in red excluding Metal and Auto.
Looking at the Nifty 50 Stocks,
Top Gainers: Tech Mahindra, Mahindra & Mahindra, Britannia Industries, Infosys, Adani Enterprises
Top Losers: IndusInd Bank, ONGC, Asian Paints, Bajaj Auto, Tata Steel
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty 50 Prediction for 03 October 2024
On the hourly chart, Nifty forms a Hanging man Pattern, and following that pattern it started falling and corrected more than 1.5% in 3 days and it will likely fall further in the coming weeks with a destination near the 25,000 level or even lower.
Looking at the Nifty50 chart, we can see that the RSI is currently trading in the selling zone indicating a bear market and its correct that the Nifty has entered a bear market but as of now, it is for the short term, and till Nifty will not rise and sustains above the 26,000 level again we can’t anticipate and Bull Run in Nifty.
As of Now, Nifty has closed the day in the red, where it ended below one of its crucial levels of 25,800 which is now a resistance level for Nifty followed by 25,900, and 26,000 levels but as we are looking for Expiry day – we may see a positive reaction from Nifty at this level and there may be a chance that Nifty will rise towards the 26,000 on Thursday – but 26,000 will definitely pause any higher movements.
On the hourly chart, we can see a positive movement from Nifty where it halted any further downside today and continuously tried to sustain above 25,800 which shows a positive sign from the lower levels, along with a rise in RSI and a positive upward turn in the MACD.
What to Expect from Nifty on 03 October 2024
My view is somewhere “Neutral” on Nifty and it may open flat near the 25,800 on Thursday, 3rd October 2024.
As the 3rd of October is the weekly expiry day of the Nifty50, we may see a highly volatile market where Nifty may rise towards the 25,900 or even 26,000 if sustains above the 25,840 in the early trading session – but it Nifty continuously faces resistance crossing the 25,800 then we may see a fall in Nifty, taking it towards the 25,600 level or even lower 25,500 level.
As of Now, Nifty is below its all short-term moving averages on the hourly chart, indicating a bearish sentiment among traders but on the longer or Daily Time frame, it is still Bullish till it crosses below its 50DEMA.
Lookiing at the current market situation, Nifty’s nearby support is placed at the 25,730 level followed by 25,600 and 25,500 levels. whereas its resistance is placed at the 25,800 level followed by 25,900, 26,000, and 26200 levels.
“Here are the trading levels for Nifty – 25,600 – 26,000“
Nifty 50 Support and Resistance for 3rd October 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 25,750 – 25,700 | 25,800 |
| 25,600 | 25,900 |
| 25,500 | 26,000 |
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 🙂
