Nifty and Bank Nifty Price Prediction for December 30, 2024 – January 03, 2025: Indian stock markets closed with a decent gain last week. The Nifty opened a gap-up last Monday and tarded almost a range bound in the second part of the holiday-shortened week. The markets were closed last Wednesday on the occasion of Christmas. The mark volume was thin in the previous two trading sessions and the key benchmarks ended with decent gain on Friday.
Indian markets are likely to trade sideways next week in the absence of any major events. Most global markets, such as the US, Europe, Australia, Hang Seng, and Shanghai, are likely to remain closed on January 1, 2025, while Indian stock markets will be trading on January 1, 2025.
The market volume is likely to remain thin in the coming days in the absence of any major market-moving events. The key areas that are likely to focus in the coming week are FIIs & DIIs flow, the rupee against US dollar movements, and crude oil prices. The PMI data and auto sales number are also likely to impact the Nifty price prediction next week.
Nifty & Bank Nifty Price Movement on Friday
The Nifty price on spot level opened at 23801.40 making a positive opening of 51.20 points on Friday. It has touched an intraday high of 23938.85 and a day’s low of 23800.60.
The Nifty price has given an intraday movement of 138.25 points. Ultimately, the Nifty price closed higher by 63.20 points or 0.27% at the 23813.40 level.
The Bank Nifty price opened at 51268.20 on Friday. It made a positive opening of 97.5 points on Friday. The Bank Nifty touched an intraday high at 51628.45 and a day’s low at 51240.10.
During the day, the Bank Nifty has given a movement of 388.35 points. In the end, Bank Nifty closed higher by 140.60 points or 0.27 percent and closed at the 51311.30 level.
Nifty Price Prediction for Next Week
The Nifty is currently looking sideways to bearish. One can continue the existing short position according to Equity Pandits and a fresh long position can be initiated above 24050 levels. The next support level for the index is around 23600-23650 and the resistance is at 23950 levels.
Meanwhile, market experts feel that, if Nifty sustains and gives a breakout above 24,200, could trigger a bullish rally, targeting 24,500 and 25,000 in the coming weeks.
An analyst at Prabhudas Liladher stated that the Bears will have the upper hand as long as the Nifty index is trading below the 40HEMA i.e. 23895 levels.
Bank Nifty Prediction for Next Week
This week, the Bank Nifty index formed a small-bodied bullish candle with an upper wick, indicating market indecision and selling pressure at higher levels. This pattern reflects a weakening bullish sentiment, pointing to a strong probability of continued bearish pressure in the coming sessions. A “sell on rise” approach is advised by Choice Broking as long as the index stays below 52,000, with downside targets at 50,700 and 50,200.
On the weekly chart, Bank Nifty closed below its short-term (20-day) Exponential Moving Average (EMA), potentially paving the way for further downside toward the medium-term (50-day) EMA. The Relative Strength Index (RSI) is at 50.33, showing a recent drop and signaling weakening momentum.
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