1st July 2024 Nifty & Bank Nifty "Expect Down, then It will try New High"

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NIFTY Prediction

Nifty started the day flat but saw a decline as trading progressed, ending with an expiry of 176 points, or 0.14%, at 24,010.60. The index formed a small red candle, ending a four-day winning streak. Despite this, sentiment remains positive as the index closed well above the important moving average. Resistance is noted between 24,000 and 24,500, while support is seen at levels ranging from 23,870 to 23,700.

BANK NIFTY Prediction

BankNifty index had been rising steadily without a break until last week when it finally saw a significant drop. If more selling continues, the index might keep going down; otherwise, it might stay in the same place for a while. To maintain its upward trajectory towards the 52700-53000 levels, the index needs to hold decisively above 53,000. However, as it is currently in overbought territory, failing to stay above 53,000 could result in a decline to the 52,600/52,000 levels.

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