Nifty and Bank Nifty Price Prediction for Next Week, 6 to 10 January 2025: The Nifty and Bank Nifty indexes witnessed a profit booking on Friday, January 3rd, 2025. The indices traded higher in the first two trading sessions of the year due to solid auto sales data and a bullish outlook on Q3 earnings. However, some traders remain cautious ahead of next week’s Q3 earnings and booked some profits.
Nifty & Bank Nifty Price Movement on Friday
The Nifty price on the spot level opened at 24196.40, a flat to the positive opening of 7.75 points on Friday. It touched an intraday high of 24196.45 and a day’s low of 23976.
The Nifty has given an intraday movement of 220.4 points. Ultimately, the Nifty closed lower by 183.90 points or 0.76% at the 24004.75 level in the end.
The Bank Nifty price opened at 51567.15 on Friday. It made a negative opening of 38.4 points on Friday. The Bank Nifty index touched an intraday high at 51671.60 and a day’s low at 50904.35.
During the day, the Bank Nifty has given a movement of 767.25 points. In the end, Bank Nifty ended lower by 616.75 points or 1.20 percent and closed at the 50988.80 level.
Nifty Price Prediction for Next Week
The market action is likely to remain stock-specific in the coming week as the sentiments on the street are Neutral or sideways. The Nifty index closed at 24000, the next support for the Nifty is around 23750-23650 and the resistance is at 24200 levels.
As per Choiceindia, the Nifty index is currently finding support at its 200-day Exponential Moving Average (EMA) of around 23,700, a key level to monitor. Sustaining above this level could pave the way for a rally toward 24,500 or even 25,000 in the coming sessions.
Conversely, a breach below 23,700 may signal further downside risks, with potential targets of 23,500 and 23,250. Traders and investors are encouraged to exercise caution and prioritize strong risk management strategies in this period of heightened market volatility.
Bank Nifty Price Prediction for Next Week
On the weekly chart, the BANKNIFTY index closed below its 20-day EMA, signaling a possible downside, with support near the 50-day EMA. RSI at 49.02 indicates weakening momentum.
According to Choiceindia, the key resistance lies at 51,500–52,000, with KOTAK BANK likely to outperform in an uptrend, while CANBK and BANKBARODA may see reversals. For the expiry, 50,500–50,000 act as support, and 51,500–52,000 as resistance, suggesting a range of 50,000–52,000. Traders should stay cautious, use strict stop-losses, and avoid overnight long positions amid volatility.
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