Nifty Prediction for Tomorrow 6th March 2024.

Nifty Opened Gap Down on Tuesday and traded in a range between 22,300 and 22,400 (on average), but it is still bullish as it is trading making Higher highs and Higher lows and taking support at 22,300 which is a strong buying zone for Nifty. Hence we see some upside in Nifty on Wednesday.

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.

Nifty Previous Day Overview

Nifty opened almost -35 points lower from the previous trading session and ended -49.30 points lower on Tuesday. It is trading flat from the last three trading sessions, taking support at the 22,300 level, and facing resistance from the 22,440 level.

Looking at the Nifty 50 Stocks there are so many winners and losers on Tuesday, as IT sectors drag the most with -1.59% where all the major IT giants ended in red including TCS (–1.68%), Infosys (-1.88%), HCL Tech (-1.14%) and so, and on the other side, PSU Banks gained the most with +2.56% where SBI (+1.54%), PNB (+2.90%), and Bank of Baroda (+1.79%) gains the most.

Not only the PSU banks gained, but almost all the Public Sector Stocks ended in green on Tuesday.

Taking a look at the top gainers and top losers in Nifty 50 then Tata Motors gained the most (+3.51%) and Bajaj Finserv (-4.25%) lost the most.

Also Read: Bank Nifty Prediction for 6th March 2024

Nifty Prediction Today

In this Chart, we can see that Nifty is Taking support at the 22,300 level and trading at a trendline at 22,356, as it is at its support level indicating an up move in the coming days after the break of the 22,450 level.

So for Today, we think Nifty to Open flat or a little Gap Up around 22,400 but it may take support at the 22,300 level in today’s trading session as well, as it is forming a descending triangle pattern in the shorter time frame, indicating a short fall to test the support zone, then it can move upward to 22,400 and 22,500 level, as we are also bullish on Nifty for 6th March as the PCR remains above 1.0 at 1.15 after yesterday’s weak session.

Anyway, as the 6th of March is the Weekly Expiry of Bank Nifty, so we don’t expect much volatility from the market, but if there is any chance that it can cross the 22,500 level with a big Bullish candle then it’s not predictable.

Nifty Support and Resistance for Today

Nifty Support and resistance for 6th march

Looking at the chart we can clearly see that Nifty is moving upward as it reaches the 22,300 level which indicates a good support zone for Nifty, and it falls as it touches the 22,435 level which appears a resistance zone for Nifty.

So here are the levels, On the Upper side we have immediate resistance for Nifty at 22,435, followed by 22,500, and 22,600, and on the lower side we have immediate and strong support for Nifty at 22,300, followed by 22,200 and 22,000 levels, with the Highest Put OI of 97L.

Here is the OI data for Nifty,

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Nifty Support levels

S1 – 22,180 (immediate Support, may not work properly)

S2 – 22,125

S3 – 22,000 (Strongest Support)

Nifty Resistance Levels

R1 – 22,200 (Current and important Resistance)

R2 – 22,300

R3 – 22,500

How to Trade in Nifty Today

We think Nifty to trade in a range as the 6th of March is the Weekly expiry of Bank Nifty, so we have to depend on the Banking Stocks for today.

so here is the trade setup in Nifty for 6th March,

If Nifty touches the support zone of 22,300 and spends some time there, making doji candles, then on the breakout of the last big red candle you can go long till the next resistance zone.

but if it falls further from the 22,300 level then you can immediately short till 22,200.

Anyway, for an accurate trading setup, you can revisit this page after 11:00 AM.

Happy Trading 🙂