Current Technical Position

Nifty closed at 24,579.60 on September 2, down 45.45 points (-0.18%) after initially gaining momentum but surrendering gains due to expiry-related selling pressure. The index opened positive at 24,432.70 but faced resistance around the 24,700-24,800 zone.

Key Technical Levels for September 3

Critical Support and Resistance

Immediate Support Levels:

• 24,480 – Key intraday support, break could trigger further decline
• 24,405-24,430 – Major support zone
• 24,400 – Critical level watched by analysts

Immediate Resistance Levels:

• 24,620-24,625 – First resistance for any upward move
• 24,700 – Key psychological level and immediate resistance
• 24,760-24,800 – Major resistance zone

Pivot Point Analysis

Classic Pivot Point: 24,563.35 – The index managed to close above this level, providing a positive technical signal.

Advanced Pivot Levels:

• R1: 24,668
• R2: 24,790
• R3: 24,899
• S1: 24,405
• S2: 24,227
• S3: 24,057

Intraday Trading Strategy

Buy Setup

Entry Above: 24,620-24,625

Targets: 24,675, 24,700, 24,760

Stop Loss: 24,570-24,580

Sell Setup

Entry Below: 24,480

Targets: 24,440, 24,400, 24,350

Stop Loss: 24,530

Technical Indicators Analysis

Moving Averages: Index trading below key SMAs (5, 10, 20, 50, 100)

• 20 DMA: 24,695.58 – acting as resistance
• Bearish crossovers in 5&20 DMA and 20&50 DMA confirmed

Momentum Indicators:

• RSI: 45 (Neutral territory)
• MACD: -70.9 (Bearish)
• Stochastic: 33.1 (Bearish)
• Williams %R: -67.73 (Oversold)

Trend Analysis:

• ADX: 24.86 indicating weak trend
• Current structure shows “sell-on-rise” strategy recommended

Market Sentiment and Key Drivers

GST Council Meeting Impact

The 56th GST Council meeting on September 3-4 at 11:00 AM represents the primary catalyst that could dramatically alter trading dynamics. Expected announcements include:

• Rate cuts on ~175 products
• 12% and 28% slabs may be eliminated
• Auto sector particularly in focus with potential GST reduction from 28% to 18% on hybrid cars

Options Data Insights

Max Pain Level: 24,500-24,550 suggests range-bound trading likely.

Put-Call Ratio (PCR): 0.54-1.5 indicating mixed sentiment.

Trading Outlook for September 3

Expected Range

Trading Range: 24,400-24,750 with high probability of range-bound action until GST announcements.

Volatility Expectations

India VIX increased by ~5% to 14.06, suggesting heightened volatility expected. This coincides with the GST Council meeting uncertainty.

Strategy Recommendation

Pre-GST Announcement (Morning Session):

• Cautious approach recommended
• Wait-and-watch strategy until clear directional breakout
• Book profits on any bounce to 24,700 levels

Post-GST Announcement:

• Positive announcements could trigger breakout above 24,800
• Disappointment could lead to test of 24,350-24,400 support

Sector-Specific Plays

FMCG and Auto stocks likely to be the primary beneficiaries of any GST rate cuts, potentially outperforming the broader index.

Risk Factors

1. US Tariff Overhang – 50% tariffs on Indian goods continue to weigh on sentiment
2. FII Selling Pressure – Continued foreign institutional selling despite DII buying
3. Expiry Effects – Nifty Financial Services weekly expiry could add volatility

Conclusion

September 3 presents a policy-sensitive trading day where the GST Council meeting outcome will be the primary market driver. While technical indicators suggest a bearish bias with “sell-on-rise” strategy, the potential for significant GST announcements warrants a flexible approach. Traders should prepare for volatile moves post-11:00 AM when the GST Council meeting begins, with 24,480 and 24,700 being key levels to watch for directional confirmation.

The confluence of weak technicals and strong policy catalysts suggests that risk management will be crucial, with position sizing should be conservative until clear breakouts occur above or below the identified key levels.

 

Sources :-

https://in.tradingview.com/chart/KSEKFHQT/

https://economictimes.indiatimes.com/

https://www.nseindia.com/

 

Analyst Name: Pradeep Suryavanshi

Bestmate Investment Services Pvt. Ltd.:
A-1-605, Ansal Corporate Park Sec-142, Noida 201305
CIN: U74999UP2016PTC143375
SEBI Registration Number: IN000015996
Website: www.bestmate.in
Email: pradeep@bestmate.in

Disclaimer: Please read the Following very carefully:

“Investments in securities market are subject to market risks. Read all the related documents carefully before investing.”

 

• Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
• The fees are paid for research Report or Research recommendations and is not refundable or cancellable under any circumstances.
• We do not provide any guaranteed profit or fixed returns or any other services. We charge fixed fees and do not operate on any profit-sharing model.
• Images if any, shared with you are for illustration purposes only.
• We are not responsible for any financial loss or any other loss incurred by the client.
• Please be fully informed about the risk and costs involved in trading and investing. Please consult your investment advisor before trading. Trade only as per your risk appetite and risk profile.
• Trading/investing in stock market is risky due to its volatile nature. Upon accepting our service, you hereby accept that you fully understand the risks involved in trading/investing.
• We advise the viewers to apply own discretion while referring testimonials shared by the client. Past performances and results are no guarantee of future performance.
• All Report or recommendations shared are confidential and for the reference of paid members only. Any unapproved distribution of sensitive data will be considered as a breach of confidentiality and appropriate legal action shall be initiated.
• The Research Report or recommendations must not be used as a singular basis of any investment decision. The views do not consider the risk appetite or the particular circumstances of an individual        investor; readers are requested to take professional advice before investing and trading. Our recommendations should not be construed as investment advice.
• In case of any query, please email on Info@bestmate.in be rest assured, our team will get back to you and resolve your query. Please state your registered phone number while mailing us.
• Reports based on technical and derivative analysis center on studying charts of a stock’s price movement, outstanding positions and trading volume, as opposed to focusing on a company’s fundamentals and, as such, may not match with a report on a company’s fundamentals.

 

Disclosure Document

The particulars given in this Disclosure Document have been prepared in accordance with SEBI(Research Analyst)Regulations,2014.The purpose of the Document is to provide essential information about the Research and recommendation Services in a manner to assist and enable the prospective client/clients in making an informed decision for engaging in Research and recommendation services before investing.

 

For the purpose of this Disclosure Document, Research Analyst is Pradeep Suryavanshi Director, of Bestmate Investment Services Pvt Ltd (hereinafter referred as “Research Analyst”)

 

Business Activity: Research Analyst is registered with SEBI as Research Analyst with Registration No. INH000015996. The firm got its registration on and is engaged in research and recommendation Services. The focus of Research Analyst is to provide research and recommendations services to the clients. Analyst aligns its interests with those of the client and seeks to provide the best suited services.

 

Terms and conditions:

The Research report is issued to the registered clients. The Research Report is based on the facts, figures and information that are considered true, correct and reliable. The information is obtained from publicly available media or other sources believed to be reliable. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation to buy or sell or subscribe for securities or other financial instruments for clients.

Disciplinary history:

• No penalties/directions have been issued by SEBI under the SEBI Act or Regulations made there under against the Research Analyst relating to Research Analyst services.
• There are no pending material litigations or legal proceedings, findings of inspections or investigations for which action has been taken or initiated by any regulatory authority against the Research Analyst or its employees.

Details of its associates:-  No associates

Disclosures with respect to Research Reports and Research Recommendations Services

• The research analyst or research entity or his associate or his relative do not have financial interest in the subject company.
• The research analyst or its associates or relatives, do not have actual/beneficial ownership of one per cent or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance.
• The research analyst or his associate or his relative do not have any other material conflict of interest at the time of publication of the research report or at the time of public appearance.
• The research analyst or its associates have not received any compensation from the subject company in the past twelve months.
• The research analyst or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months.
• The research analyst or its associates have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months.
• The subject company was not a client of Research Analyst or its employee or its associates during twelve months preceding the date of distribution of the research report and recommendation services provided.
• The research analyst or its associates have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months.
• The research analyst or its associates have not received any compensation or other benefits from the subject company or third party in connection with the research report.
• The research analyst has not been engaged in market making activity for the subject company.
• The research analyst has not served as an officer, director or employee of the subject company.
• The research analyst did not receive any compensation or other benefits from the companies mentioned in the documents or third party in connection with preparation of the research documents. Accordingly, research Analyst does not have any material conflict of interest at the time of publication of the research documents.