Nifty Prediction Today 4th March 2024.

Nifty 50 is in sprint mode, as we predicted last Friday that it would make it to a new all-time high but didn’t expect it to go on the same day, Anyway, looking ahead for today it is looking bullish as it may touch 22,500 on Monday.

Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the data after analyzing the Market.

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Nifty Previous Day Overview

We didn’t take the 2nd March Trading in Account, as it is just for testing purposes.

So, on Friday 1st of March 2024, Nifty opened a bit gap up and continued to move upside as it broke the 46,500 level in a single candle of a 15-minute timeframe and didn’t look back, confirming a reversal indicating a strong rally on the upper side in coming weeks.

The main reason for this rally is the Q3 GDP data which came out on Friday reporting a growth rate of 8.4% surpassing the expert’s expectations resulting in the index advancing over 1.5% each, where BSE Sensex gained 1245.05 points or 1.72%, Nifty 50 gained 355.95% or 1.62%.

Nifty Prediction Today

Looking ahead for today, Nifty is looking Bullish and ready for further up moves as the index is taking a pullback from the upper levels and being ready for further upmove to 22,500 and even higher levels.

So, for Today, Nifty may open flat or a little Gap Up on March 4th, 2024, and then it moves upward to the 22,500 level but it may test the 22,300 level and then go up which confirms the Bullish momentum taking Nifty to the 22,500 level, or even higher. If we look at the OI data, it seems that, In the coming days Nifty may go 23,000 as the sellers are shifting their positions to 23,000.

Note- If Nifty starts consolidating making Doji Candles then it’s a good sign for Nifty as it is being ready for the next up move.

Nifty Support and Resistance for Today

Nifty is currently trading at 22,378, after breaking the resistance level of 22,300 and managed to stay above it in the special trading session, indicating that Nifty is Bullish as of now.

Hence we can take the lower levels as the support area and the upper levels as the resistance area as Nifty tried to reach 22,500 but fell below after reaching 22,463. Hence on the lower side Nifty has immediate support at 22,350, and the first support level at 22,300 followed by 22,200 and 22,100.

On the upper side, Nifty has the first and the important resistance zone at 22,500 followed by 22,600, and 22,700 as the Nifty has not reached these levels, so we are taking psychological numbers as resistance levels.

Here is the OI data of Nifty 50,

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How to Trade in Nifty Today

Nifty is Bullish, hence first thing to keep in mind is that we need to trade long and avoid any short trades.

So, here is the Trade setup in nifty for 4th March 2024

If NIfty opens Gap up then you can immediately go long till 22,500 and then wait for nifty to cross the resistance zone of 22,500 and consolidate above that and if it moves further then you can stay in the trade till the next resistance level.

If Nifty opens flat and moves upward then you can go long till 22,500 (as mentioned above), but if it falls below then leave the trade for now, s nifty is bullish and there may be a reversal at any point, so be ready for taking long positions on reversals.

If Nifty falls and starts consolidating at any support level then also you need to look for long trades, instead of going short.

Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the data after analyzing the Market.

Happy Trading 🙂