Nifty Prediction for Tomorrow, Thursday, 4th April 2024

Currently Nifty is at 22,434.65 after opening on a negative note on Wednesday but somehow managed to make it over 22,400 levels but was unable to breach the 22,500 – 22,525 levels as it is still the toughest zone for Nifty to break.

So, for Today – We expect Nifty to open muted as we are eagerly waiting for RBI’s monetary policy, hence we didn’t expect much movement in the market, and also tomorrow is the weekly expiry of Nifty.

if we observe Nifty closely, then we can see that it isn’t giving any clues to traders, as it doesn’t react much to any global cues. Also, the high-weightage stocks of the Nifty are trading silently keeping the index in a range.

Anyway, Nifty makes a double top on the chart, as it seems like the index may fall from there if it breaks the nearest support level of 22,400 to the next support level of 22,300 or even 22,200, but if it is able to hold around the resistance area, then we may saw a rally in the coming weeks – but you need to wait for RBI policy and look for how the market reacts to that.

Nifty Support and Resistance for 4th April, 2024

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

Nifty is trying to stay calm, as it is trying to stay between the 22,400 and 22,500 levels. So for Nifty the nearest and the crucial support level is 22,400 followed by 22,300, and 22,200 levels.

And, on the upper side Nifty is facing Resistance from the 22,500 – 22,2525 level followed by 22,600, and 22,700.

Here are the OI data of Nifty 50 for 4th April, 2024

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 is trading in a range, but still, something to look after in Nifty as it formed a Double top on the 30-min chart.

So for Nifty, we advise looking for short trades if Nifty is able to break the support level of 22,400 to the next support level.

But don’t be in a hurry as RBI’s Monetary policy is in the row coming the next day 5th of April, so the Market may be flat for the day.

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.