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Nifty Prediction for Monday, 1st April 2024.
Nifty is on the verge of making a new high but it may first take fall and take support at 22,200 level the go up, as it is forming a Cup and Handle type pattern.
Nifty is almost on the verge of making a new all-time high but the selling in Index heavyweights in the last hour takes Nifty down to 22,300 level after giving a solid rally of 350 points on the last day of FY24.
And the correction in Nifty is almost predicted as the last trading day was the Expiry of all Stocks and also the Index itself, so we are almost sure of the correction as Nifty has rallied almost 350points, and even the Index heavyweights weren’t showing much interest.
Related: Bank Nifty Prediction for Monday, 1st April 2024.
Nifty Prediction Today
Nifty is currently trading above the 22,300 level after making its way up to 22,516 which is just 10 points lower from the all-time high, as the previous trading day was the last day of FY24, hence we saw a correction in nifty after almost touching the all-time high.
So for Monday, we think Nifty should open flat and test the support zone of 22,200 or 22,150 as Monday is the first day of the FY25 so we don’t expect any big moves.
Anyway, if you closely observe Nifty then you can see that, it is making a Cup and Handle type Pattern, which is a major Trend Continuation Pattern, so currently Nifty has already made a cup-type pattern, hence we expect Nifyt to fall a little bit to make the handle and complete the pattern, and then go higher for the next New High.
Nifty Support and Resistance for Today
Green Lines are the Support Levels and Red Lines are the Resistance Levels.
Nifty just crossed the 22,500 level in the previous trading session but was unable to hold above it and fall to the 22,300 level, so in the near term, Nifty has a resistance at 22,400 followed by 22,500 and 22,600.
And, On the lower side, Nifty has immediate support at 22,300 followed by 22,200 and 22,125 levels.
Here are the OI data of Nifty 50 for Today,
Note:- This OI Data is provided via Sensibull and it has a lot of features if you are an Option Trader, and you access all the Pro Things for “FREE” by opening your Demat Account with Zerodha.
Nifty Support levels
S1 – 22,300 (immediate Support, may not work properly)
S2 – 22,225
S3 – 22,125
Nifty Resistance Levels
R1 – 22,400 (Current Resistance)
R2 – 22,500
R3 – 22,600
How to Trade in Nifty Today
For Nifty, we are expecting a range-bound market on Monday, hence we are looking for both long trades on the support level and short trades on the resistance level. And the Support and resistance zones are mentioned above.
But mainly we are looking for short trades as Nifty is making a cup and handle pattern, hence going short till the support level is a good move if Nifty opens Flat or around the 22,300 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 🙂
