Nifty Prediction Today 1st March 2024. Don't Urge to Trade today

Nifty gives the closing just below the resistance level of 22,000 after consolidating between 21,900 and 22,000. But RSI is telling a different story of Bullish Divergence but not so quickly, so Nifty may consolidate once again today.

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

As we predicted yesterday, Nifty opened Gap Down but did not move as we predicted, anyways Nifty remained sideways yesterday as Yesterday was the Monthly Expiry. So after opening Gap Down, Nifty bounces a bit and goes flat for the whole day making an Intraday low of 21,860.65 and an Intraday high of 22,060.55.

Nifty Somehow tried to get the breakthrough from the 22,000 mark but didn’t succeed and gave the closing at 21,982.80.

None of the Stocks in the Nifty 50 showed any big move yesterday because of the Expiry except Apollo Hospitals which drags -4.10%, and there were not any other major moves in any of the stocks.

Nifty Prediction Today

Looking at the Technical Chart of Nifty 50, it indicates a Bullish move coming ahead, but as Nifty has just been rejected from the 22,000 level in the previous trading session, we need to be cautious until it gets stabled above the 22,000 level.

So for Nifty Prediction Today, we think Nifty to open a little gap up above 22,000, and then it may consolidate between 22,000 – 22,125 as nifty is currently in recovery mode, RSI also signals a bullish move in nifty ahead as RSI is not falling as much as Nifty indicating Bullish Divergence for short term.

If Nifty Opens Gap Up Today and is able to sustain above 22,000 then we can see Nifty reach a new all-time high in the coming week. But for Today it may consolidate between a range, to trap the retailers.

Nifty Support and Resistance for Today

Nifty Support and Resistance marked on Nifty Technical Chart.

In the image above, the Green lines are the support area, and the red lines are Resistance levels.

In the previous trading session, Nifty broke the resistance zone of 22,000 but wasn’t able to sustain above that and fell below it, indicating the strong presence of sellers at the 22,000 level, which acts as a major resistance for Nifty. And on the other side, the immediate support for Nifty is at 21,900.

So for today, Nifty may be flat, so the nearest support and resistance are in the focus, hence in the lower side NIfty has support at 21,900 followed by 21,800 and 21,700, and on the upper side, the immediate resistance is at 22,000 followed by 22,050, 22,125, and 22,200 levels.

Here is the OI data of Nifty 50,

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Nifty Support levels

S1 – 21900 (immediate Support)

S2 – 21,800

S3 – 21,700

Nifty Resistance Levels

R1 – 22,000 (Current and important Resistance)

R2 – 22,050

R3 – 22,125 (previous market high)

How to Trade in Nifty Today

So, for today we think that nifty may consolidate between a range, hence we are not so confident about any trade setup in Nifty Today.

And I suggest you to also avoid trading in Nifty Today as in my personal view Nifty remains sideways after the expiry day most of the time.

But if you still want to trade then look for long trades (Buy Call or Sell Puts) as the market may be a little bullish, so when the market bounces from the support area, you can go long till the next psychological level (means round number)

Or, You can visit this page again after 11 AM.

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.

Happy Trading 🙂