Nifty Prediction for Tomorrow – 2nd May 2024. Expiry Day Analysis

On Tuesday, Nifty opened around 40 points higher from the previous closing and traded higher throughout the day, but in the last trading hour, sudden selling in IT Stocks and Major Banks including HDFC and ICICI Bank took Nifty down by more than 200 points or 0.8% from the day high to 22,600 level.

Most probably this is because of the insider data about the US Labour Costs data that came higher than expected in the first quarter in the US – and the impacts will be seen on the Dow Jones and Nasdaq which tumbled around 1.5% and 2.05% on Tuesday.

Looking at the stocks where the Index heavyweights including HDFC Bank (-0.61%), ICICI Bank (-0.84%), Infosys (-0.99%), and TCS (-1.28%) fall along with Tech Mahindra, BPCL, Sun Pharma, HCL Tech, and DR Reddy’s Lab, and on the other side M&M, Bajaj Finance, Power Grid, IndusInd Bank, Hero Motor Corp, and Shriram Finance provides support to the Nifty 50.

Nifty Prediction for 2nd May 2024

Looking ahead to Thursday, I am expecting a fall in the Indian Equity market where the Nifty may fall below 22,500 as tomorrow is the weekly expiry of the Nifty, and Gift Nifty also indicates further Bearishness in the market as it trading 100 points lower from the previous closing as of writing this article.

It’s highly expected that the Nifty will fall on Thursday, as it made a Double Top around the 22,780 level, along with that we saw weakness in the Global market, and especially the US market which tumbled more than 1.5% on Tuesday, after higher than expected Labour Costs data.

Look, We have still an important update to look after as the US Federal Reserve is conducting a two-day meeting on Monetary policy, and if the rates remain unchanged then we may see a bearish market but if there is any rate cut then we may see a reversal on Thursday.

However according to experts, The Federal Reserve will keep the rate unchanged around at 5.50% and we may see a bearish market on Thursday, 2nd May 2024.

So, if Nifty falls below then, according to the technical analysis, it may take support around the ascending trendline at the 22,500 level, and if there is a further fall then 22,400 may be the final destination for Nifty on Thursday.

Green Lines are the Support Levels and Red Lines are the Resistance Levels.

Nifty is taking support at the 22,600 level but this may not be as important as of now, because we saw a heavy bearish market on Tuesday in the US, so our first support for Nifty is around the 22,500 level followed by 22,400 and 22,300 levels.

On the other hand, 22,600 may act as a resistance on Thursday, followed by 22,700 and 22,800 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.

I am expecting a fall in Nifty, as the global market is falling, but we must wait for any side until the US Fed meeting results on Monetary Policy for any sure direction of the market.

But as of now, we need to look for short trades as the market is turning bearish, till the support level of 22,500 followed by 22,400.

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.