Nifty & Bank Nifty Prediction for Thursday, 30 January 2025: Indian stock market indices closed higher for the second consecutive day on Wednesday. The domestic equity markets opened a gap-up and extended their early gains as the session progressed, as investors kept on US interest rate decisions later during the day and Union Budget in the weekend The Nifty index closed above the 23150 level near its day high.
The Nifty index added 205.85 points or 0.90% to 23163.10, while the BSE Sensex rallied 631.55 points or 0.83% and ended at 76532.96. The broader markets outperformed the equity benchmarks today, as the Nifty Midcap index gained 2.31% while the Nifty Smallcap index advanced 3.32% on Wednesday.
Barring the Nifty FMCG index, all the other sectoral indices on the NSE traded in the green, with Realty, IT, and Media gaining the most. The market breadth was quite strong on the NSE, 2047 shares advanced, while 362 shares declined today. The NSE’s volatility index “India VIX” advanced 2.44% to 18.64.
Nifty & Bank Nifty Price Movement on Wednesday
The Nifty index on the spot level opened at 23026.75, a gap-up opening of 69.5 points on Wednesday. It touched an intraday high of 23183.35 and a day’s low of 22976.50
The Nifty moved 206.85 points intraday. Ultimately, it closed higher by 205.85 points or 0.90% at the 23163.10 level.
The Bank Nifty price opened at 48997.20 on Wednesday. It made a gap-up opening of 130.35 points. The Bank Nifty index touched an intraday high at 49199.65 and a day’s low at 48849.80.
During the day, Bank Nifty has given a movement of 349.85 points. In the end, Bank Nifty ended higher by 299.10 points or 0.69 percent and closed near the day’s high at the 49165.95 level.
Nifty Prediction for Thursday, 30 January 2025
The Nifty index will have a monthly expiry on Thursday. The Nifty ended the session with good gains around the 23160 mark. The Nifty index will have stiff resistance around 23300 followed by 23500 while support is at 23000 for tomorrow. The sentiment is extremely cautious. The mid- and small-cap indices also showed good recovery and rallied ahead of the Fed’s outcome.
According to Aditya Gaggar Director of Progressive Shares, the positive divergence in the RSI worked well, and at present, the Nifty index stands on the brink of a Falling Wedge formation breakout which could drive the Index further up to 23,550 if the breakout occurs between 23,200-23,250. The immediate resistance and support are positioned at 23,270 and 23,000 respectively.
Bank Nifty Prediction for Thursday, 30 January 2025
Bank Nifty opened today’s session with a minor gap-up at 48,997 versus yesterday’s close of 48,867. It advanced further and is currently hovering around 49,120, up 0.5 percent.
At present, the Bank Nifty is in a Positive trend, according to the Unicorn signals of Equity Pundit. If a client is holding long positions then can continue to hold with a daily closing stop loss of 48281. A fresh short position can be initiated if Banknifty closes below 48281 levels.
According to Unicorn signals, the support for the Banknifty is 48944 – 48722 – 48594 and the resistance to the up move is at 49294 – 49422 – 49644 levels.
Conclusion
The Indian stock markets maintained their positive momentum for the second consecutive session, with strong gains across major indices. The upbeat sentiment was fueled by investor anticipation of the US Fed’s interest rate decision and the upcoming Union Budget. The Nifty and Bank Nifty indices showed resilience, with bullish technical indicators pointing to further upside potential if key resistance levels are breached.
However, with the monthly expiry on Thursday for the Nifty index, traders should remain cautious of volatility. As the market navigates critical levels, maintaining a strategic approach with appropriate risk management will be essential for investors in the sessions ahead.
You may also like to read – Indian Stock Market Prediction For Next Week (27th Jan to 1st Feb 2025)
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