In today’s stock market, the Sensex rose by 160 points, with the Nifty reaching 23,700. Stocks in the oil, gas, and energy sectors saw gains.
Stock Market Nifty Chart Prediction
On January 7, Sensex rose by 234.12 points to reach 78,199.11, while the Nifty increased by 91.85 points to settle at 23,707.90. A total of 2,527 shares advanced, 1,286 shares declined, and 103 shares remained unchanged.
Top Nifty gainers: ONGC, SBI Life Insurance, Tata Motors, HDFC Life, Reliance Industries
Top Nifty Losers: HCL Tech, TCS, Eicher Motors, Hero MotoCorp, Trent.
All sectoral indices ended in the green, except for IT, with oil & gas, realty, energy, banking, metal, and pharma sectors rising between 0.5 and 1 percent.
BSE midcap index rose 0.7 percent and the BSE smallcap index added 1.7 percent.
Stock Prediction for 8th Jan 2025
| STOCK | Good Above | Weak Below |
| BSE | 5400 | 5330 |
| CHAMBLFERT | 506 | 500 |
| CYIENT | 1840 | 1820 |
| VOLTAS | 1800 | 1780 |
Prediction for Wednesday NIFTY can go up if it goes above 23,600 or down after the level of 23,400, but it all depends upon the Global cues.
After an initial knee-jerk reaction at the opening, the Index remained range-bound for the remainder of the session, eventually closing at 23,707.90, gaining 91.85 points. The daily chart shows a strong bearish candlestick, suggesting the Index may test its previous support zone between 23,600 to 23,400. On the upside, resistance is expected around 23,400 to 23,200. Additionally, the appearance of a bullish Harami candlestick pattern on the daily chart hints at a potential trend reversal.
| Highest Call Writing at | 23,600 (1.3 Crore) |
| Highest Put Writing at | 23,400 (1.1 Crore) |
Nifty Support and Resistance
| Support | 23,600 to 23,400 |
| Resistance | 23,400 to 23,200 |
Bank Nifty Daily Chart Prediction
Prediction For Wednesday, Bank NIFTY can go up if it goes above 50,400 or down after the level of 49,750, but it all depends upon the Global cues.
Bank Nifty continued its positve trend today, impacted by concerns over the new virus. Traders can consider initiating a long position with a stop-loss set at 50,177 on a daily closing basis. Immediate support levels are at 49,750 and 49,500, which should provide stability against further declines. On the upside, resistance is seen at 50,400 and 50,800, marking potential breakout zones. Traders should keep a close watch on these levels for significant price action to strategically plan their entries and exits.
| Highest Call Writing at | 50,400 (85.3 Lakh) |
| Highest Put Writing at | 49,750 (49.5 Lakh) |
Bank Nifty Support and Resistance
| Support | 49,750 and 49,500 |
| Resistance | 50,400 and 50,800 |
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