STWP Market Analysis: Nifty, Banknifty & Finnifty - 01.01.2025 Insights
As we step into the first trading day of 2025, market participants are eager to assess the pulse of the Indian stock market. Will the momentum continue, or are we set for a reversal? Dive into today’s performance, tomorrow’s key levels, and an in-depth analysis of Nifty, Banknifty, and Finnifty!
NIFTY:
Price Action Today:
The benchmark Nifty closed at 23,742.9, up from its previous day’s close of 23,644.8. Despite a modest rise, the index faces strong resistance near its EMA levels, signaling potential consolidation ahead. Intraday action showed a tussle between bulls and bears, with Nifty bouncing off support at 23,596.
Levels for Tomorrow:
Resistance Levels: R1: 23,856 | R2: 23,970 | R3: 24,116
Support Levels: S1: 23,596 | S2: 23,450 | S3: 23,336
Analysis:
The index is trading just above its 200 EMA at 23,693.59, a crucial long term trend indicator. A decisive close above 23,856 (R1) could open doors to higher levels. On the downside, a breach of 23,596 (S1) might trigger further correction towards 23,450 (S2). Watch for sectoral rotation, as IT and FMCG stocks could lead the charge if bullish sentiment prevails.
BANKNIFTY:
Price Action Today:
Banknifty ended at 51,060.6, gaining ground from its previous close of 50,860.2. It displayed relative strength, driven by select banking stocks that outperformed. However, its proximity to EMA 200 at 50,481.49 suggests caution, as the trend remains undecided.
Levels for Tomorrow:
Resistance Levels: R1: 51,427 | R2: 51,793 | R3: 52,264
Support Levels: S1: 50,590 | S2: 50,119 | S3: 49,753
Analysis:
Banknifty is hovering above its EMA 200, signaling support at lower levels. A breakout above 51,427 (R1) could reignite bullish momentum, targeting 51,793 (R2). However, sustained weakness below 50,590 (S1) might test its strength near 50,119 (S2). Traders should closely monitor PSU bank stocks, as they often act as market movers.
FINNIFTY:
Price Action Today:
Finnifty closed at 23,619.95, recovering from a dip near 23,512.8. The financial index is navigating a tight range, reflecting indecision. The EMA 50 and EMA 100 are key zones to watch for a potential breakout.
Levels for Tomorrow:
Resistance Levels: R1: 23,767 | R2: 23,913 | R3: 24,111
Support Levels: S1: 23,422 | S2: 23,224 | S3: 23,077
Analysis:
Finnifty’s struggle to breach its EMA 50 (23,988.64) reflects a cautious undertone. A push above 23,767 (R1) could lead to higher highs, while a dip below 23,422 (S1) may induce selling pressure. Investors should keep an eye on NBFC stocks for potential leadership in this index.
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This analysis is for educational purposes only and should not be construed as financial advice. Market investments are subject to risks; consult your financial advisor before making any decisions.
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Ruel Fernandes | STWP
✉️ Email: ruelfernandes@simpletradewithpatience.com
📲 WhatsApp: 9987567889
🌍 Website: www.simpletradewithpatience.com
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Wed Jan 1, 2025
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