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Nifty Prediction for 4 December 2024
Today Nifty closed at 24,457, gaining 181.10 points. The market, driven by banking and metal stocks, rose above the resistance level of 24,350, indicating bullish trends ahead. High volatility is expected as Nifty aims for 24,500, with key support at 24,400. Overall, a positive outlook persists for trading.
After a gap-up opening, Nifty tends to fall a bit and then rise crossing the 100DEMA, and continues to trade higher throughout the day towards the 24,500 level but it fails to touch the 24,500 level and close a bit lower at 24,457 with a gain of 181.10 points or 0.75 percent.
Today’s rally in the Nifty50 was mainly led by Banking stocks along with some Oil and Gas and Metal stocks, where the Nifty rose above the resistance level of 24,350 forming a bullish Doji-like candlestick.
Nifty Prediction for 4 December 2024
Today Nifty crossed the resistance level of 24,350 after 6 days of rejection and continued to trade higher throughout the day, indicating a bullish market ahead, and as the US November jobs data comes out higher than estimates – it is expected that the market will likely rally tomorrow following the US market.
On the technical chart, the Nifty rises above the 100DEMA after 6 days crossing the resistance of 24,350 above all its short and long-term DEMA indicating a bullish market on Wednesday 4th December.
On the daily chart, the RSI has risen to 55.51, the MACD has risen significantly, along with PCR that rose to 1.28 which is a bit higher and likely there will be high volatility tomorrow as high PCR is an indication of coming correction, but the correction normally comes, when it is above 1.50 – hence the market is likely to rise tomorrow but a bit slower with higher volatility.
The nearby support for Nifty stands at the 24,400 level followed by 24,200 and 24,000 levels, where the resistance stands at the 24,500 level followed by 24,800, and 25,000 levels.
What to Expect from Nifty on 4 December 2024
For tomorrow, 4 December 2024 Nifty is likely to rise but there will also be high volatility in the market, and the Nifty is expected to cross 24,500. If it manages to sustain above the 24,500 level then we may see Nifty towards the 24,700 on Wednesday too.
But if Nifty falls then we have immediate support for Nifty at the 24,400 level and then 24,350 level which is the previous resistance for Nifty and now became the support level.
But the overall outlook is positive, so Nifty is expected to rise on Wednesday, 4th December 2024, with a target of 24,700 and then 24,800 levels.
Trading Level for Nifty: 24,350 – 24,800
Also Read:
Bank Nifty Prediction for Monday, 17 February 2025
By: Raaz Aryan
Nifty Support and Resistance for 4 December 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,400 – 24,350 | 24,500 |
| 24,200 | 24,800 |
| 24,000 | 25,000 |
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 🙂
