Nifty Prediction for 6 January 2025

Nifty opened flat and started to fall from the very beginning and later after touching the support of 24,000 it started rising and again after reaching 24,150 it started falling and continued to fall for the rest of the day, closing at 183.90 or 0.76% lower from the previous closing.

But the best thing is that the Nifty managed to close the day above the 24,000 level showing the buyer’s presence at the lower levels.

Sectors that suffered the biggest losses are IT, Banking, and Healthcare where each down by more than 1% and the sectors that gained the most is Oil and Gas followed by CPSE where they gained 1.25 and 0.88% respectively.

Nifty Prediction for 6 January 2025

On the daily chart, Nifty faced resistance from the 100DEMA for the 2nd straight session where it formed a Bearish Belt Hold Candlestick which is a negative sign for the market and a following red candlestick can turn the market bearish once again.

However, as the Index closes above the 24,000 level despite falling lower from that, it shows a strong support buildup at the lower levels, and possibly the market would bounce back from here if it holds at the current level in the opening session on Monday.

Also, the market is in the uptrend – hence the probability of falling from here is lesser, and it forms a Double Bottom pattern on the larger time frame which is a bullish sign – the Nifty50 is expected to continue its rise on Monday, January 6th.

Hence, the probability of rising from here is more than falling but it must found its support at the current market levels.

The nearby support for the Index is at the 24,000 level followed by 23,800 and 23,600 levels while the resistance stands at the 24,200 level followed by 24,400 and 24,500 levels.

Nifty Support and Resistance for 6 January 2025

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