Technical View: There’s hope for Nifty to rise to 24400, understand how the market temper might be on January 3 – INA NEWS

Technical View: Nifty 50 at this time recorded its greatest single day acquire since November 22. The index continued its sturdy momentum on January 2, the second day of the brand new 12 months 2025. The index remained above the 200-day EMA (23,700). It additionally decisively crossed short-term transferring averages equivalent to 10 and 20-day EMAs in the identical session. Its closing value was barely decrease than the 50-day EMA. At present’s rally was seen in all sectors. Given above common volumes in addition to continuation of Greater Excessive- Greater Low formation for the second consecutive session, consultants say Nifty will transfer past 50 and 100-day EMA and goal 24,400. After this it’s going to attempt to transfer in the direction of 24,800. Essential help in Nifty is seen on the stage of 23,700.

Nifty opened strongly at this time at 23,783. It additional elevated its upward journey because the day progressed. The index hit an intraday excessive of 24,227 earlier than closing at 24,189. This stage is its highest closing stage since December 18. It elevated by 446 factors or 1.88%. The index shaped an extended bullish candlestick sample on the each day chart following final week’s consolidation interval.

How may Nifty transfer on Friday, January 3?

Nagaraj Shetty of HDFC Securities mentioned, “It is a optimistic signal and is indicating a major reversal to the bullish pattern available in the market. The latest swing low of 23,460 seen on December 31 is now being changed by an enormous increased backside formation.” “Will be thought of as such.”

Based on him, the quick time period pattern for Nifty stays sturdy upward. The index might be anticipated to maneuver in the direction of the following resistance of 24,400. He mentioned that any fall from right here may get help round 23,900.

This infra inventory can rise by greater than Rs 50, for revenue in a day or two, sellers made sturdy purchases in these two shares at this time.

The above derivatives information exhibits that Nifty might face resistance at 24,800-25,000 ranges with help at 24,000.

How can Financial institution Nifty transfer on Friday, January 3?

Financial institution Nifty continued to type its increased excessive formation for the second session. The index rose 545 factors (1.07%) to 51,606. It shaped an extended bullish candlestick sample on the each day timeframe with good quantity. This sample is indicating energy. It closed above the ten and 100-day EMAs (51,870), focusing on the 50% Fibonacci retracement stage (52,120).

Hrishikesh Yedve of Asit C Mehta Funding Intermediates mentioned, “The index continues to be consolidating within the vary of fifty,500-52,000. If it sustains above 52,000, a recent rally could also be seen in the direction of 52,500-53,000 ranges.”

India VIX, the volatility index, snapped its three-day shedding streak. At present it fell by 5.31% to 13.74. This decreased considerations and made bulls really feel extra comfy.

(Disclaimer: The views and funding recommendation expressed on Moneycontrol.com are the non-public views and opinions of funding consultants. Moneycontrol advises customers to seek the advice of licensed consultants earlier than taking any funding determination.)