Nifty and Bank Nifty Prediction for Monday, 11 December 2023
Nifty and Bank Nifty Prediction for Monday, 11 December 2023: Indian equity benchmarks ended with modest gains amid volatility on Friday. The domestic markets opened higher following the positive global cues and erased all gains in the afternoon session. The Reserve Bank of India announced the last monetary policy of 2024. RBI kept the key interest rates unchanged as widely expected and increased the GDP projections.
The Sensex and Nifty hit an all-time high of 69893.80 and 21006.10 in the morning deal on Friday. Further, the Bank Nifty also touched the record high level at 47303.65. Among the sectors, IT, Financial Services, and Banks gained the most, while selling pressure was witnessed in FMCG, Energy, and Pharma.
The market breadth was slightly on the negative with the advance-decline indicating a ratio of 2:3 at the close. The broader markets underperformed the benchmarks, as Nifty mid and smallcap indexes declined by 0.29% and 1.09% respectively. At the close, Sensex gained 303.91 points or 0.44% and ended at 69825.60, while Nifty advanced 68.25 points or 0.33% and settled at 20969.40 on Friday.
Nifty and Nifty Bank Futures Price Movement on Friday, 8 December
On Friday, December 8, the Nifty futures (December Series) opened at the 21085 level. The index made a positive opening of 54.2 points from the previous close. It touched an intraday high at 21107.45 and a day’s low at 20949.
The index moved to 158.45 points on Friday, and it closed higher by 62.45 points or 0.30 percent and ended at 21093.25 levels.
The Bank Nifty futures (December Series) opened at 47050.05 levels on Friday. It opened slightly higher by 2.9 points. It has touched an intraday high at 47599 and a day’s low at 46961.30.
On Friday, the Bank Nifty futures gave a movement of 637.7 points and finished higher by 542.85 points or 1.15 percent and ended at 47590 levels.
Nifty & Bank Nifty Prediction for Monday, 11 Dec 2023
Nifty Futures Prediction for Monday, 11 Dec 2023
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 21150 whereas All Down Moves can initiate Short Covering @ 21020.
If the Nifty futures share price moves above 21118 and sustains. Then it can trade in the range of 21150- 21180- 21215 during the day with a stop loss of 21080.
If the Nifty futures share price moves below 21047 and is sustained. Then it can trade in the range of 21018- 20992- 20940 during the day with a stop loss of 21066.
Bank Nifty Futures Prediction for Monday, 11 Dec 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 47900, whereas Down Moves can Initiate Short Covering @ 47600
Suppose the Bank Nifty futures move above 47670 and sustain, then it can trade in a range of 47800- 47915- 48021 during the day with a stop loss of 47590.
If the Bank Nifty futures move below 47380 and sustain, then the index can trade in the range of 47275- 47170- 46970 levels during the day with a stop loss of 47480.
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Global Stock Market Updates on Friday
U.S. Stock market indexes closed higher on Friday, rising for the longest winning streak since 2019 after the strong November job data. The market sentiments remain upbeat as the job report for November added optimism that the US economy could avoid recession.
Meanwhile, the University of Michigan survey showed consumer sentiment in December jumped to its highest level since August due to a fall in inflation fear. However, investor’s hope of early interest rate cuts remained largely intact, helped by a University of Michigan survey showing inflation expectations for the next 12 months declined to 3.1% in December from 4.5% in November.
European stock market indexes closed higher on Friday to their highest level since February 2022 and closed higher for the fourth straight week. The sentiments were positive as traders bet that the ECB finished raising interest rates and will start reducing interest rates early next year.
The data released on Friday confirmed that Germany’s consumer price index (CPI) eased to its lowest level in 29 months in November. The strong US job markets also aided investor’s risk appetite on Friday.
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Conclusion
Traders resumed buying in the Indian stock markets after a day’s break on Friday. Foreign investors, after two days of selling in the Indian equity cash segments, turned into net buyers on Friday. Going forward, Nifty at 21000 ( on the spot level) will act as a crucial level, while closing above this level we can see further up-move in the markets.
On Friday, the US and European markets also concluded higher as sentiments were boosted by the prospects of interest rate cuts early next year. We anticipate that the positive momentum in the markets will continue on Monday. You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
Also, read- Indian Stock Market Insights (4-8 Dec 2023) – Gainers and Losers
Tradingview India Review- You Must Read
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