Indian Stock Market Prediction For Next Week

The overall month has been quite unpredictable. While many on the chart stood strong, most of them have slipped. Bank Nifty on the other hand maintained its grip for a long time but now appears slightly bearish. Let’s see what the coming month holds for the investors as Mr. Sumeet Bagadia, Executive Director of Choice takes us through the weekly predictions of the market.

The Nifty 50 index has shown a consistent upward trend over the last few months, indicating strength in the market. Currently, it is trading around 25,356.50, after touching ATH. The index is well-supported by the 20-day EMA (24,999), & 50-day EMA (24,602), which suggests that any pullbacks are likely to find buyers around these levels. The broader trend remains bullish, and the market could move higher if it manages to clear the immediate resistance zone near 25,400.

The RSI is at 63, which signals that the market still has some room for further upside, but it is approaching overbought levels. The consistent upward slope in the moving averages also provides confirmation of the bullish bias. Volumes have been moderate, indicating steady participation from both buyers and sellers, though a breakout with higher volume could signal further strength.

Key support levels to watch are 24,999 and 24,602, while resistance is seen around 25,700 to 25,950. If the index breaks above 25,400, it could trigger a rally towards 25,900 or higher. Conversely, a failure to maintain current levels may lead to a consolidation phase or correction, but this is expected to be supported around the 24,600 mark.

Traders and investors are advised to look for buying opportunities during Nifty 50 dips and to use appropriate stop-loss strategies below the identified support levels.

Also know: Tomorrow market prediction

The BANKNIFTY index closed the trading session at 51938.05, a 2.69 percent increase from the previous week’s close. The index reached a high of 51994.10 during the week. On the weekly chart, Bank Nifty has established strong support near the 50,500 level, reinforcing bullish sentiment. This support zone has consistently provided a floor for the index, helping it to maintain its upward momentum.

Furthermore, on the weekly timeframe, Bank Nifty has closed above its short-term (20-day), medium-term (50-day), and long-term (200-day) Exponential Moving Average (EMA) levels, suggesting a strengthening trend. The Relative Strength Index (RSI) momentum indicator is currently at 62.01, indicating a sideways move in the weekly timeframe.

Looking ahead the index faces significant resistance near the 52000-52500 levels. If Bank Nifty moves upward, private sector banks such as INDUSINDBK and AXISBANK are expected to perform well. Among public sector banks, CANBK and SBIN show potential for outperforming in the coming week.

For the ongoing expiry, Bank Nifty’s put options have the highest concentration near 51500 and 51000, suggesting these levels as potential supports. Conversely, call strikes at 52000 and 52500 show significant open interest concentrations, indicating possible resistance levels, which suggest a range of 51000-52500 for the monthly expiry.

On the daily charts, there is subtle resistance around the 52000 level. A sustained breach above this level could push the index towards 52500-52700 levels. Traders should be cautious at the mentioned resistance levels and consider profit booking in their long positions.

Technical Research – Team Choice gives the prediction.

See more predictions:
Daily Market Prediction

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Credit:-ChoiceIndai.com