Nifty and Bank Nifty Prediction for Next Week, 13 to 17 January 2025:Nifty and Bank Nifty indexes witnessed a huge sell-off in the last week. The market sentiments were weak due to continued FII selling pressure, rising US bond prices, weakness in the rupee against the US dollar, weak economic data, and the HMPV virus.
Indian markets are likely to be under pressure in the coming week too. You can read the Stock Market Next Week Prediction: Key Factors Driving Indian Markets (13th-17th Jan 2025) to know the likely key factors going to impact the markets next week.
Nifty & Bank Nifty Price Movement on Friday
The Nifty price on the spot level opened at 23551.90, a flat to the positive opening of 25.4 points on Friday. It touched an intraday high of 23596.60 and a day’s low of 23344.35.
The Nifty has given an intraday movement of 207.55 points. Ultimately, the Nifty closed lower by 86.50 points or 0.37% at the 23440 level in the end.
The Bank Nifty price opened at 49426.50 on Friday. It made a negative opening of 77 points on Friday. The Bank Nifty index touched an intraday high at 49483.15 and a day’s low at 48631.20.
During the day, the Bank Nifty has given a movement of 851.95 points. In the end, Bank Nifty ended lower by 731.10 points or 1.48 percent and closed at the 48772.40 level.
Nifty Price Prediction for Next Week
The Nifty index is looking extremely cautious at the current juncture with support for Nifty being placed at 23300- 22800 in the coming sessions. The sentiment on the street is bearish with mid and small-cap indices bleeding badly on Friday’s trade.
According to market analyst, B.L Guru, Nifty can even fall to 22,500 in the short term. The Nifty index level of 22,500 has strong long-term support which can halt the current fall.
Investors can expect the Nifty index to begin a new leg of up move near 22,500. So, the fall to 22,500 in the nifty50 index is going to give us a very good buying opportunity for this year.
Bank Nifty Prediction for Next Week
The Nifty Bank index has immediate support at 48,500 and 47,950. If the Nifty Bank index manages to bounce from this support, a correction rally of 49,900-50,000 can be seen. But a break below 47,950 will be bearish for the Bank Nifty index, it can hit 47,000-46,800 on the downside.
You may also like to read – Nifty Drops Below 23,550 Amid Cautious Market Sentiments
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