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Nifty Prediction for Monday, 2nd September 2024
Nifty saw a strong recovery, gaining 216.05 points or 0.86% last month. It approached new high levels driven by strong FIIs buying in both Cash and Derivative Segment. Despite overbought indicators, positive market sentiment is expected to continue, with potential for a bullish market on September 2, 2024.
A slow and steady recovery in Nifty after last month’s first-week selling, helps Nifty recover its losses while approaching the new high levels giving a closing in green with a gain of 216.05 points or 0.86% in the last month.
In the last trading session, Nifty approached a new high level after opening a gap up and traded totally flat for the day while maintaining its early gains with resistance near the 25,250 level – which indicates a positive market sentiment, which is likely to continue in September.
Looking at the Nifty 50 Stocks,
Top Gainers: Cipla, Bajaj Finance, M&M, Divi’s Lab, NTPC
Top Losers: Tata Motors, HDFC Bank, Tech Mahindra, Coal India, Reliance Industries
Also Read: Best Semiconductor Stocks in India in 2024
Nifty 50 Prediction for 02 September 2024
Nifty’s hourly chart seems very positive as it continues to rise day-by-day after forming a Double Bottom Pattern in the first week of the last month, driven by positive global market sentiment.
Nifty also broke its previous all-time high level which is placed near the 25,000 market which is by the way the most important resistance for Nifty and somehow it managed to trade higher above that level which is a positive sign for Nifty 50.
Also, the FIIs buying in the last two days of August which is more than Rs. 8,500 Crores in the cash market is more than the total buying combined in rest of the August also helps Nifty to trade higher.
Notably, FIIs also made notable long positions in Nifty for the August -September Series in the last 5 five days of the month, where they bought more than Rs.5,400 worth of Nifty Futures in the last 5 trading days – which indicates that the Smart Money is positive on the market – ultimately taking the market higher.
But on the shorter timeframe, Technical Indicators are suggesting an overbought market, which means – we might see a consolidation or a small pullback in the first week of September – which should be evaluated as a potential Buying opportunity – as the Global Equity Market is ready for the US Fed Rate Cut in September – which results in a bull run in the Equity Market.
What to Expect from Nifty on 02 September 2024
The market View is Positive for Monday, but if the Nifty opens flat or lower then we might see a consolidation in Nifty on 2nd September, but a break above the current level or a Gap Up opening might take the Nifty higher on Monday, near the current resistance level at 25,500.
Also, Nifty has formed a Spinning Top like Candlestick on the top of the daily chart, which creates indecision in the market about the upcoming moves but as Nifty is rising to form a Higher High and Higher Low pattern, we can expect a Bullish market and possibly Nifty will trade in Green on Monday, 02nd September 2024.
“Here are the trading levels for Nifty – 25,000 – 25,500“
Nifty 50 Support and Resistance for 02
September 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 25,100 | 25,250 – 25,300 |
| 25,000 | 25,400 |
| 24,800 | 25,500 |
September 2024
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 25,000 (58.79L) | 26,000 (65.26L) |
| 25,200 (54.62L) | 25,700 (44.03L) |
| 25,100 (39.05L) | 25,500 (36.54L) |
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 🙂
