Nifty & Bank Nifty Prediction for Next Week, 20th to 24th January 2025: Indian equity benchmarks Sensex and Nifty closed lower by 0.55% and 0.47%, respectively, last Friday. Traders will remain cautious in the coming week as all eyes will be on Donald Trump’s swearing-in ceremony on Monday and Q3 earnings.
The movement of the Indian rupee, crude oil prices, and Institutional investment will also play a crucial role in the market next week. Check out here, the key factors that are likely to impact the Indian markets next week.
Nifty & Bank Nifty Price Movement on Friday
The Nifty index on the spot level opened at 23277.10, a negative opening of 34.7 points on Friday. It touched an intraday high of 23292.10 and a day’s low of 23100.35.
The Nifty moved 191.75 points intraday. Ultimately, it closed lower by 108.60 points or 0.47% at the 23203.20 level.
The Bank Nifty price opened at 48959.50 on Friday. It made a negative opening of 319.2 points on Friday. The Bank Nifty index touched an intraday high at 49047.20 and a day’s low at 48309.50.
During the day, the Bank Nifty has given a movement of 373.7 points. In the end, Bank Nifty ended lower by 738.10 points or 1.50 percent and closed at the 48540.60 level.
Nifty Prediction for Next Week
Technically, the Nifty index is looking cautious at the current level with immediate support placed at 23050 now for the next session.
According to market experts, the rally in the last three trading sessions has stalled on the daily charts at the 40-hour moving average (23390) and resumed its fall. On the downside, Nifty could slip towards the psychological level of 23000, and below that, it can slip towards 22700.
Meanwhile, the market expert stated that a lack of sustained selling pressure in the Nifty index on the downside could result in consolidation within the 23,100–23,300 range.
Bank Nifty Prediction for Next Week
The Bank Nifty index closed at 48,540 last Friday, continuing to show relative underperformance compared to Nifty. The Bank Nifty index failed to sustain at higher levels, and selling pressure was witnessed near 49,000. The index has support near 48,300 and needs to hold to prevent further downside.
The market expert B.L Guru said that the Nifty Bank index appears at high risk of breaking its support at 48,000, potentially declining to 47,000–46,800. A subsequent rebound to 49,000–49,500 is likely.
Conclusion
The sentiment on the street is neutral with mid and small-cap indices still in the negative zones even after the recent jump. The US and European markets closed on a strong note on Friday. The US markets will remain closed on Monday on the occasion of Martin Luther King Day. The Gift Nifty also closed higher by 48.50 points at 23286 levels indicating a positive opening for the Indian Stock Market on Monday.
You may also like to read – Indian Stock Market Weekly Update: Decline Driven by Weak Corporate Earnings
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