Markets bounced back today after yesterday’s sharp fall, Nifty, Bank Nifty futures prediction for 23 Dec

 

Nifty and Bank Nifty futures Prediction for 23 Dec: Indian stock market opened in line with the Asian peers in the morning. The benchmark indices continued to trade on a weak note in the morning session. The markets dragged in the morning as traders were cautious on renewed fears of a highly infectious new strain of coronavirus. In the second half, markets recovered and closed in the green.

Indian markets took some support with NCAER’s mid-year review of the Indian economy. It said that India’s Gross Domestic Product (GDP) growth is likely to turn positive at 0.1% in the October-December (Q3) quarter, after witnessing a contraction in the first half of the current financial year FY21.

On the global front, all other Asian markets were under pressure today and mostly closed in the red. Investors weighed the impact of the highly infectious new strain of Coronavirus that shut down much of Britain could lead to a slower global economic recovery. The European stock market indexes are trading in the green as market sentiments improved after the approval of a long-awaited US aid package. The US futures are trading mixed today, dow future is trading marginally lower whereas Nasdaq future is trading marginally higher at 3.30 IST

 

Today’s market- Sensex, Nifty, and Bank Nifty

 

At the close, Nifty gained 137.90 points or 1.04% and at 13466.30 levels while Sensex closed higher by 452.73 points or 1% and at 46006.69 level. The Bank Nifty on the spot levels up by 169.50 points or 0.58% and ended at 29625.95 levels.

The Nifty midcap and smallcap 100 indices were closed in the green today. The midcap index gained 167.55 points or 0.85% and at 19964.90. The smallcap index closed higher by 50.70 points or 0.77% and at 6658.75 levels.

The top five gainers in the NIfty 50 index for the day were Adani Ports, HCL Tech, Tech Mahindra, Infosys, and Gail. The top five losers in the Nifty 50 Index for the day were Kotak Mahindra, Bajaj Finance, HDFC, IndusInd Bank, and Hindalco. The most active stocks for the day in the NSE were Bajaj Finance, Reliance, and IndusInd Bank

On a sectoral basis, almost all major sectors closed higher today. IT & Software, Infrastructure, Healthcare, Insurance, and Telecom sectors closed as top gainers today.

 

Nifty & Bank Nifty futures price today

 

The Nifty futures share price opened at 13339.90, it made a positive opening of 10.15 points. It has touched an intraday high at 13508 and a day’s low at 13222.35

The Nifty futures share price has given a movement of 285.65 points. In the end, it gained 159.5 points or 1.20% and closed at 13489.25 levels.

The Bank Nifty futures share price opened at 29515 It made a positive opening of 97.05 points today. It has touched an intraday high at 29760 and a day’s low at 29000.10

During the day, the Bank Nifty futures share price has given a movement of 759.90 points. In the end, it gained by 247.05 points or 0.84% and closed at 29665 levels.

 

Nifty and Bank Nifty futures prediction for 23 Dec ( Dec Expiry)

 

Nifty futures prediction for 23 Dec 2020

Primary Nifty Trend in futures: Mild Negative

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 13550 whereas All Down Moves Initiates Short Covering (Buy) @ 13400

If the Nifty futures share price Moves Above 13516 and sustain. Then you should Buy with 1st Target of 13548 during the day with a Stop Loss of 13405  FOR the Target of 13548-13590- 13630

If the Nifty futures share price  Moves Below 13405 and sustain. Then you should Sell with the 1st Target of 13358 during the day with a Stop Loss of 13516. FOR the Target of 13358- 13314 -13270

 

Bank Nifty futures prediction, 23 Dec  2020

Primary Trend of  Bank Nifty Futures: Mild Negative

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 29900, whereas All Down Moves Initiates Short  Covering (Buy) @ 29200

Suppose Bank Nifty futures share price Moves Above 29780 and sustain. Then you should Buy with the 1st Target of 29930 during the day with a Stop Loss of  29470. FOR the Target of 29930 – 30090- 30220

If the Bank Nifty futures share price Moves Below 29470 and sustained. Then you should Sell with the 1st Target of 29330 during the day with a Stop Loss of 29780. FOR the Target of 29330 – 29190- 28950

 

Conclusions:

Indian benchmark indices bounced back and gained around 1% today after yesterday’s sharp fall. The markets were trading weak in the first half, buying in IT, Pharma stocks, and Infra stocks helped the market to close higher.

As the market is trading volatile in the last two days traders are advised to trade with strict stop loss and avoid carryforward positions. Traders/investors can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures prediction for tomorrow 23 Dec. 2020.

Also read,     The Best Stock market book to read to make money 

                  Market Prediction- Nifty & Bank Nifty futures for 21-24 Dec

          

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Editor’s Desk

 

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