Nifty 50 Prediction for Tomorrow, February 4: Key Support and Resistance Levels

The Indian stock market closed lower on Monday, February 3, due to concerns about US President Donald Trump’s tariff announcements. Both the Sensex and Nifty 50 faced losses, with Sensex falling by 319.22 points (0.41%) to close at 77,186.74. The Nifty 50 index dropped by 121.10 points (0.52%), closing at 23,361.05.  

What Experts Say About Nifty 50’s Performance Tomorrow 

Several market experts have analyzed the Nifty 50 chart to predict its movement for February 4. Here’s a simple breakdown, 

Expert Analysis by Rupak De (LKP Securities)

1. Current Sentiment: The market appears weak and fragile.  
2. Support Levels: Nifty 50 support is at 23,200 and 23,100.  
3. Resistance Levels: Nifty 50 resistance is placed at 23,400.  

Key Support and Resistance Levels by Jatin Gedia (Mirae Asset Sharekhan)

1. Support Zone: Nifty 50 is expected to find strong support between 23,250 and 23,209. This range aligns with the 20-day moving average and the 50% Fibonacci retracement level,  
2. Upside Potential: If the index takes support in this range, it may move upward toward 23,820 to 24,000.  
3. Resistance Levels: The 40-day average places resistance between 23,560 and 23,630.  

#Chart Analysis by Nagaraj Shetti (HDFC Securities)

Chart Pattern: Nifty 50 formed a small green candle with a long lower shadow, which typically indicates weakness. However, the market is moving toward a possible higher bottom formation, which is a positive sign.  

Outlook: If Nifty 50 breaks above 23,500 to 23,600, it may trigger a strong rally. Immediate support is at 23,200  

#Rajesh Bhosale (Angel One) Insights  

1. Market Movement: Nifty 50 may show choppy movements in the coming sessions.  
2. Support Levels: 23,200 is immediate support. If it breaks, Nifty 50 may fall toward 23,100 to 23,000.  
3. Resistance Levels: The index faces resistance between 23,500 and 23,600.  

#Summary for Traders

Traders should watch these levels closely and be prepared for possible fluctuations. Staying updated with expert insights can help make better trading decisions.