Nifty and Bank Nifty Prediction for the week 13 Jan’25 to 17 Jan’25 by BL GURU

Indian markets were beaten down last week. Nifty has declined breaking below the key #support level of 23,500. On the charts the picture is looking weak, and Nifty 50 can fall more in the short-term.

Nifty can fall to 23,000 or even 22,500 in the short-term. The level of 22,500 is a strong long-term support which can halt the current fall. We can expect the Nifty to begin a new leg of upmove from around 22,500. So, the fall to 22,500 in nifty50 is going to give us a very good buying opportunity for this year.

The Nifty Bank index on the other hand has broken its sideways range on the downside. We had expected the range to hold and the Nifty Bank index to bounce back. That view has gone wrong.

Nifty Bank index has immediate supports at 48,500 and 47,950. If it manages to bounce from this support, a corrective rise to 49,900-50,000 is possible. But a break below 47,950 will be bearish for the nifty ban to see 47,000-46,800 on the downside. We will have to wait and see.

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