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Nifty Prediction for 01 January 2025
Nifty opened lower, reaching a low of 23,460, before rising to a high of 23,689.85, ultimately closing flat for the day. Key sectors included gains in Nifty CPSE, PSE, Energy, and Oil&Gas, while Nifty IT fell. Predictions for January 1 suggest a bullish trend if it surpasses the 200DEMA resistance.
Nifty opened lower and after touching the day low of 23,460, it started rising and continued to rise throughout the day towards the day high of 23,689.85, but at last, it closed the day totally flat, literally flat closing on the last day of the year.
Indices traded in moderation, some traded in green and some in red where Nifty CPSE, PSE, Energy, and Oil&Gas were the top gainers, gaining over 1% each, and in reverse, Nifty IT slipped over 1.4 percent.
Nifty Prediction for 1 January 2025
On the technical chart, Nifty fell below the lower trendline of the symmetrical triangle pattern, but eventually, it rose back inside the pattern forming a Hammer-like Candlestick on the daily chart indicating a bullish market ahead.
However, despite rising after an early fall, it failed to break above the 200DEMA and settled below it at the 23,644.80 level, which indicates a significant seller presence in the market.
Hence, till it crosses over the 200DEMA and settles above it, we expect a sideways market as it is inside the symmetrical triangle pattern.
Anyway, till the lower support level of 23,500 is intact – there is no need to worry about any major fall as we witness a strong reversal from the support level today, so look for a long position after Nifty crosses and stable above the 200DEMA.
The nearby support for Nifty stands at the 23,500 level followed by 23,400 and 23,200 levels, while the resistance stands at the 23,800 level followed by 24,000 and 24,200 levels.
What to Expect from Nifty on 1 January 2025
For tomorrow, we expect – the Nifty to open and trade in green on the first day of the year, as it forms a hammer-like candlestick on the daily chart, which is a bullish sign, and hopefully, the market will trade in green – rising above the 23,800 level.
Trading Level for Nifty: 23,400 – 24,000
Also Read:
Nifty Support and Resistance for 1 January 2025
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,500 | 23,800 |
| 23,400 | 24,000 |
| 23,200 | 24,200 |
Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the Trade Setup after analyzing the Market.
Happy Trading 🙂
