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Nifty Prediction Today 3rd April 2024. Nifty is Losing Momentum.
All the Major Index is trading sideways ahead of RBI's Monetary Policy, and market may remains sideways till the Repo rate announcement on 5th April.
Yesterday was a boring day for traders as Nifty closed at almost the same level (22,453.30) where it opened (22,458.80), after touching the high of 22,497.60 and taking support at 22,388.15. This is the 2nd session where Nifty ended almost flat, as the market is waiting for RBI’s Monetary Policy.
Related: Bank Nifty Prediction for 3rd April 2024.
Nifty Prediction Today
Nifty is trading flat and it’s obvious because RBI monetary policy is on its way starting from 3 – 5 April 2024. Opening flat yesterday, Nifty tended to close at just an 8-point loss as the market is waiting for the Repo Rate – till then, the market may be sideways and also less volatile.
So for today, we expect Nifty to trade sideways because it is currently near its all-time high and is continuously taking support at the 22,400 level, so we think Nifty will continue to trade near its all-time high as there are no negative signs for the market in the short term, but you need to keep an eye on the monetary policy, which is expected to remain unchanged in April.
If we look at the Index heavyweights, none of the stocks is looking Bullish except HDFC but it’s also trading near its resistance level of 1450, either way, all the index heavyweights are sleeping as of now.
Nifty Support and Resistance for Today
Green Lines are the Support Levels and Red Lines are the Resistance Levels.
Nifty ended flat yesterday with a loss of just 8 points, within a range of 22,400 and 22,500. So these are the nearest support and resistance levels for Nifty for today.
Hence the immediate support for Nifty is at the 22,400 level followed by 22,300 and 22,200, and on the upper side Nifty has an immediate resistance at the 22,500 level followed by 22,600 and 22,700 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 – 22,400 (immediate Support)
S2 – 22,300
S3 – 22,200 (Strongest Support)
Nifty Resistance Levels
R1 – 22,500 (Current and important Resistance)
R2 – 22,600
R3 – 22,700
How to Trade in Nifty Today
Nifty is trading flat, and it may continue to trade flat as the market is eagerly waiting for RBI Monetary policy so we advise traders to use Range Bound Trading Strategies to take more out of this sideways market.
Avoid taking any longer-time frame positions, as the market may move in one direction after the monetary policy. So we advise you to Buy on Support and Sell on Resistance levels.
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 🙂
