Nifty Prediction for 2 May 2025: Hanging Man Pattern Signals Caution; Key Levels, RSI, and Chart Insights
Focus Keyword: Nifty prediction for 2 May 2025
The Nifty prediction for 2 May 2025 suggests a cautious outlook as the daily candlestick chart reveals a Hanging Man formation — a pattern that typically signals a potential reversal after an uptrend. While the trend remains broadly positive, traders should brace for possible profit booking if key support levels are breached.
On Wednesday, May 1st, the Indian stock market closed on a flat note after a volatile session. The BSE Sensex declined by 46.14 points to close at 80,242.24, while the Nifty 50 slipped slightly by 1.75 points to settle at 24,334.20. The Nifty Bank index also fell by 304.10 points, ending at 55,087.15.
Technical View: Support, Resistance, and Indicators
The Nifty prediction for 2 May 2025 shows that the index is consolidating after a strong rally. Experts highlight a significant resistance zone between 24,400 and 24,500, while firm support lies at 24,000. If Nifty breaks below this, further downside toward 23,900 could be seen. Conversely, a decisive breakout above 24,550 could trigger the next leg of bullish momentum.
Ajit Mishra, SVP at Religare Broking, mentioned that Nifty is currently in a consolidation phase, supported by rotational buying in heavyweight stocks. He advises a stock-specific strategy focused on buying opportunities during dips.
Rahul Ghose, CEO of Hedged, identified short-term resistance around 24,800. A clean breakout from this level may pave the way for a sharp upward move.
Nifty Chart Analysis: Candlestick Pattern and Trading View
As per Dhupesh Dhameja, Derivatives Analyst at SAMCO Securities, Nifty is currently trading within a range of 23,800 to 24,450, staying above the 10-day EMA — a sign of neutral-to-cautious market structure. The appearance of the Hanging Man candlestick is a warning for potential profit booking, especially if the index drops below 24,200.
RSI Indicator Analysis
Rupak De, Senior Analyst at LKP Securities, pointed out that Nifty continues to sustain above the critical 20-day EMA, with RSI above 50 showing a bullish crossover. This indicates that momentum is still in favor of the bulls unless a key support level is broken.
Nandish Shah of HDFC Securities echoed this view, stating that the overall trend remains bullish as Nifty trades above all its key moving averages. Immediate support is at 24,150, with stronger support near 23,870.
Conclusion: What Traders Should Watch For
In summary, the Nifty prediction for 2 May 2025 suggests that while the broader trend remains bullish, caution is advised due to the formation of a Hanging Man candlestick. Traders should closely monitor resistance near 24,450–24,550 and watch support zones like 24,000 and 23,870 for potential reversals.
Stay updated with the latest Nifty prediction for 2 May 2025 and make informed decisions based on key technical levels and expert insights.
