Nifty Trading Guide for 03 Feb. 2025

NIFTY Spot View: 03/02/2025

CMP: 23482.15

Moving AVG (EMA) 20 Hour & 40 Hour: 23403 & 23306

Moving AVG (EMA) 20 Day & 40 Day: 23339 & 23572

Support & Downside Range: 23070—22980—22900--22786

Resistance & Upside Range: 23635--23880

Short Term Trend Reversal Level: -- 22786

Trading View Summary:

•  Global markets are bleeding right now in the new tariff war started by the Trump. 

•  For today's intraday trading session we have key levels to watch which is 23070—22900 as support zone. If this support zone manage to hold on closing basis in days to come then despite of global tariff war fear we may first move upside towards 23800 and above levels to complete our technical formation.

•  Whereas after opening if 23070—22900 zone gets break on daily closing basis then we have to assume that we got our bounce and are once again heading lower towards 22786 and lower levels and the ongoing selling by FII remains there.

•  SO UNDERSTAND THE IMPORTANCE OF 23070—22900 SUPPORT ZONE HERE.

Update

NIFTY @ 23340 UPDATE

Our current technical formation saying that we need to move towards 24500 to 25200 zone first & we were doing it fine till BUDGET DAY but due to this New Tariff war by Trump created a small confusion on the pattern but despite of this we have our levels in hand which is 23070—22900 spot levels as support zone. As long as NIFTY is trading above this support zone the formation to move upside towards 24500 to 25200 remains wide open. 

And if reading is right then ideally nifty should fill today’s gap down and should try to move towards 23520 to 23635 by day end without giving close below today’s low which is 23240 spot levels.

SO FOR DIRECTION MOVE KEEP EYE ON 23070—22900 SUPPORT AND FOR INTRADAY TRADING MOVE KEEP EYE ON 23240 SPOT LEVELS.