In Stock Market India, Nifty settles below 21,550, Sensex slumps by 535 points; Bajaj Auto surges 5%, emerges as the top gainer.
Stock Market Nifty Chart Prediction.
Closing, the Sensex stood at 71,356.60, down 535.88 points (0.75%), while the Nifty was at 21,526.20, down 139.60 points (0.64%). Market sentiment was influenced by a lack of fresh triggers and concerns over valuation. Global indicators, including contraction in China and Eurozone manufacturing data, raised worries about the global economic recovery in 2024. Investors were particularly awaiting the FED minutes for rate insights. The rebound in the US 10 year yield and an uptick in the dollar index may signal the FED may not be as dovish as expected.
Stock Prediction for 04th Jan 2024.
1) BPCL: Good Above 462, Weak Below 458
2) HINDUNILVR: Good Above 2626, Weak Below 2600
3) MCDOWELL-N: Good Above 1106, Weak Below 1089
4) MUTHOOTFIN: Good Above 1482, Weak Below 1462
Prediction For Thursday NIFTY can go up if it goes above 21600 or down after the level of 21500 but all depends upon the Global cues.
The Nifty started flat, maintained a negative trend, and closed around 148 points lower. On the daily charts, it closed negatively for the second consecutive day. Intraday pullbacks face selling pressure, and 21,600 acts as a strong resistance. The Nifty has now reached the 38.2 percent Fibonacci retracement level 21500, a crucial level for potential support. Nifty might hold this level, establishing a base for the next upward movement.
| Highest Call Writing at | 21600 (1.4 Crores) |
| Highest Put Writing at | 21500 (1.0 Crores) |
Nifty Support and Resistance
| Support | 21500, 21000 |
| Resistance | 21600, 22000 |
Bank Nifty Daily Chart Prediction
Prediction For Thursday BANK NIFTY can go up if it goes above 47800 or down after the level of 47600 but it all depends upon the Global cues.
Bank Nifty closed slightly lower closing at 47,669, respecting it today. Although it dipped below intraday, it closed above, showing buying interest at support levels. Bank Nifty is expected to consolidate, establishing a base for the next upward movement. The immediate resistance on the upside is at 47,800 – 47,900. Crucial support is at 47,600.
| Highest Call Writing at | 47800 (62.4 Lakhs) |
| Highest Put Writing at | 47600 (89.3 Lakhs) |
Bank Nifty Support and Resistance
| Support | 47800, 47,900 |
| Resistance | 47,600 47,500 |
Also, click here to know, the days Stock Market will remain shut in 2024.
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