Nifty Prediction For - 06 January 2025

Sachin Gupta Sachin Gupta

Last Updated: 3rd January 2025 - 04:58 pm

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Nifty Prediction for - 6th January 2025

NIFTY closed weak today, with Oil & Gas leading gains (1.4%) while Services lagged (-2.2%).  ONGC and TATAMOTORS rallied on bottom fishing after steep corrections and bullish brokerage reports. On the other hand, WIPRO and HDFCBANK lagged. 

 

A weak advance-decline ratio (0.6) suggests broad-based weakness. Given the sharp start of the year rally and a high RSI, the correction is healthy. It gives an opportunity for tactical longs. Near term support and resistance levels are 23696/23504 and 24314/24505.

“A Healthy Correction”

nifty-chart

Bank Nifty Prediction for - 6th January 2025

BANK NIFTY dropped 1.2% today, mostly due to heavyweight private sector banks HDFCBANK and ICICIBANK falling 2-2.5%. On the other hand, PNB and IDFCFIRSTB were up nearly 1% each. Advance decline ratio of 1 suggesting that the overall sentiment was not too bearish. Near term support and resistance levels are 50221/49746 and 51757/52232.

bank nifty chart

Intraday levels  for Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY  SENSEX BANKNIFTY FINNIFTY
Support 1 23696 78630 50221 23367
Support 2 23504 78263 49746 23139
Resistance 1 24314 79816 51757 24104
Resistance 2 24505 80183 52232 24332

 

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