Stock Market Prediction for Wednesday, 29 January 2025: Indian stock market indices closed higher on Tuesday, snapping a two-day losing streak. The sentiments improved due to a rally in banking stocks after RBI announced measures to enhance liquidity in the banking sector on Monday.
However, the equity benchmarks erased some intraday gains in the last hour due to profit booking. The nifty index closed above 22950 while selling continued in the broader markets.
The NSE Nifty 50 index closed higher by 128.10 points or 0.56% to 22957.25, while the BSE Sensex gained 535.24 points or 0.71% to 75901.41. The broader markets underperformed as compared to the equity benchmarks, as the Nifty Midcap index declined 0.51% while the Nifty Smallcap index plunged 1.81% at the close.
Nifty & Bank Nifty Price Movement on Tuesday
The Nifty index on the spot level opened at 22960.45, a gap-up opening of 131.3 points on Tuesday. It touched an intraday high of 23137.95 and a day’s low of 22857.65.
The Nifty moved 280.3 points intraday. Ultimately, it closed higher by 128.10 points or 0.56% at the 22957.25 level.
The Bank Nifty price opened at 48642.50 on Tuesday. It made a gap-up opening of 577.85 points. The Bank Nifty index touched an intraday high at 49247.15 and a day’s low at 48449.05.
During the day, Bank Nifty has given a movement of 798.1 points. In the end, Bank Nifty ended higher by 802.20 points or 1.67 percent and closed at the 48866.85 level.
Nifty Prediction for Wednesday, 29 Jan 2025
Technically, Nifty ended today’s session with good gains and closed above the 22950 mark. The Nifty has stiff resistance around 23150 followed by 23200 while support is at 22750 for Wednesday. The overall sentiment is extremely cautious and bearish, weak with mid and small-cap indices still under some selling pressure from the highs.
The Nifty Index shows a potential trend reversal with a long-legged DOJI candlestick pattern, and there could be a bullish divergence in the RSI. According to Aditya Gaggar, director of Progressive Shares, Nifty close above 23,100 would confirm this. Immediate resistance for Nifty is at 23,100 and support is placed at 22,800.
Bank Nifty Prediction for Wednesday, 27 Jan 2025
BANK NIFTY index had a great day today, mainly due to a rally in AUBANK and PNB shares, both were up by 4.5% individually. Heavyweight banking stocks like Axis Bank, HDFC, and ICICI Bank also rallied after the news of RBI’s steps to improve liquidity helped boost the market.
However, FEDERAL BANK was the only stock that lost value, dropping 4.1% due to weak earnings. The BANK NIFTY index is showing good momentum, with key support levels at 48,120 and 48,406, and resistance levels at 49,328 and 49,613, according to 5 paisa.com.
Conclusion
In conclusion, the Indian stock market displayed a strong recovery on Tuesday, driven by gains in banking stocks following the RBI’s liquidity measures. While the broader markets faced selling pressure, the Nifty and Bank Nifty indices showed promising momentum, signaling potential trend reversals. Investors should closely monitor key support and resistance levels for Nifty and Bank Nifty, with cautious optimism for Wednesday’s session.
You may also like to read – Indian Stock Market Prediction For Next Week (27th Jan to 1st Feb 2025)
If you like the post “Stock Market Prediction for Wednesday, 29 January 2025” please share it with others.
Happy Investing!
Editor’s Desk
Disclaimer-
NiftyPrice.com has taken due care and caution in compiling the data for its Website available on the internet. The views and investment tips expressed here are by third-party experts and are for educational purposes. NiftyPrice.com is not SEBI registered Advisors. NiftyPrice.com advises its users to check with certified and SEBI-registered experts before making any investment decision. However, NiftyPrice.com does not guarantee the accuracy, adequacy, or completeness of any information. NiftyPrice.com is not responsible for any errors or omissions or the results obtained from the use of such information. NiftyPrice.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.