16th Jan 2024 Stock Market Prediction for Nifty & Bank Nifty

NIFTY Prediction

Nifty bulls continued their strong push, driving the index to record highs above the 22,000 mark. The key support for the index is located in the 22,000-21,800 range, and a drop below this is crucial to reverse the current trend. The next immediate targets for the index are at 22,300/22,500 levels. Maintaining levels beyond this could propel the index towards the 22,800 mark.

BANK NIFTY Prediction

Bank Nifty bulls retained dominance, achieving a significant breakthrough by closing above the crucial 48,000 resistance. Eyes are on the forthcoming HDFC Bank results, with a favorable outcome potentially driving further gains towards the next pivotal resistance at 48,500. On the downside, essential support is at 47,500, and a fall below this level could impact the prevailing bullish sentiment.

Stock Prediction for 16 Jan 2024

STOCK Good Above Weak Below
CHOLAFIN 1290 1275
PETRONET 233 229
TRENT 3220 3192

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