Nifty Outlook for 4th December 2024

The analysis of Nifty today was spot on with a long trade identified. For 4th December, 24500 looks like very strong resistance. It has been tested after a very long time. The only long setup I can think of is when the prices open flat or gap up and then there is a steep fall testing 24330 and then there should be recovery. If the recovery is steep and the close is above 24500 then only I can take a long trade. All this has to happen before 12 pm. For the short entry I feel confident below 24150. But in case 24330 is again tested and price sustain below the 9 EMA, A short trade with target of 24150. Between 24500 and 24330 I think the market can remain sideways. I think the probability of market going sideways is very high.

There is a possibility that the price might gap open and there will be steep fall. If the price sustain below 24500 in such scenario then a short trade might happen.