Nifty and Bank Nifty Prediction for Tomorrow, 11 January 2024
Nifty and Bank Nifty Prediction for Tomorrow, 11 January 2024: Indian equity benchmarks ended with moderate gains on Wednesday. The domestic markets opened slightly below their neutral lines and traded volatile for most of the day. The last-hour rally due to buying in heavyweights Reliance, HCL Tech, and ICICI Bank supported the markets to close with decent gains.
Among the sectors, Media, Metal, and IT indices closed higher while some selling pressure was witnessed in FMCG, PSU Bank, and Realty space. The market breadth was slightly positive. On the NSE, 1350 shares advanced and 1206 shares declined, while 81 shares were unchanged. The NSE volatility index “India VIX” slipped 2.20% to 12.97 at the close.
The broader markets closed mixed, the Nifty midcap index gained 0.29%, while the smallcap index was down 0.15%. In the end, Sensex gained 271.50 points or 0.38% and closed at 71657.71, while Nifty ended higher by 73.85 points or 0.34% and settled at 21618.70. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (25 Jan expiry)
The Nifty futures price for the January 25 expiry opened at 21579.80, making a negative opening of 37.05 points on Wednesday. It has touched an intraday high of 21737 and a day’s low of 21501
The Nifty futures price has given an intraday movement of 236 points. Ultimately, the Nifty futures closed higher by 106.10 points or 0.49% at 21722.95 levels.
The Bank Nifty futures for the January 25 expiry opened at 47280. It made a negative opening of 111.5 points on Wednesday. The Bank Nifty futures touched an intraday high at 47666 and a day’s low at 47201.
During the day, the Bank Nifty futures have given a movement of 465 points. In the end, Bank Nifty Futures closed higher by 247.40 points or 0.52 percent and closed at 47638.90 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 11 Jan 2024
Nifty Futures Prediction for Tomorrow, 11 Jan 2024
Primary Trend in Nifty Futures: Negative
Range-Bound Trend: All up Moves can initiate profit Booking @ 21800 whereas All Down Moves can Initiate Short Covering @ 21600
Suppose the Nifty futures move above 21738 and sustain. Then the index can trade in a range of 21765- 21805- 21836 levels during the day.
If the Nifty futures share price moves below 21690 and is sustained. Then the index futures can trade in a range of 21658- 21625- 21590 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 11 Jan 2024
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47850 whereas All down moves can Initiate Short Covering @ 47400.
Suppose the Bank Nifty futures move above 47735 and sustain, then the index can trade in the range of 47840- 47960- 48090 levels during the day.
If the Bank Nifty futures move below 47480 and sustain, then the index can trade in the range of 47380- 47285- 47165 levels during the day.
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Global Stock Market Updates
The other Asian stock markets mostly closed lower on Wednesday, as investors assessed more economic data released in the region. The gloomy global forecast, China’s struggling economic recovery, and uncertainty about when the US Fed will cut the interest rate have combined hit the market sentiments. Meanwhile, Japan’s Nikkei 225 index ended highest in 34 years, up around 2% on Wednesday.
Australia’s S&P ASX 200 index closed lower despite its November inflation cooled more than expected. South Korea’s Kospi index extended its early losses, as the country’s unemployment rate hit a 23-month high. Shanghai and Hang Seng closed lower. The Straits Times, SET Composite, Jakarta, and Taiwan ended lower while Jakarta closed slightly higher.
European stock market indexes are trading marginally lower following negative cues from Asian markets and Wall Street overnight. Investors remain cautious ahead of the US inflation data due on Thursday. Sentiments were also hit as the World Bank warned the war between Israel and Hamas would hit global economic growth
In the US, Dow Jones and Nasdaq futures are trading near their neutral lines, indicating a flat opening for the US markets on Wednesday.
Conclusion
On Wednesday, Indian markets witnessed significant volatility. Traders are optimistic due to the expectations of a potential easing of US inflation, leading to anticipation of near-term rate cuts and enhancing overall sentiment. However, profit booking is emerging due to the mixed signals from Asian markets and concern about high valuations. Going ahead, it is anticipated that market volatility will continue in the near term, and traders should remain cautious.
Investors can also follow our Daily Morning Report at 7:30 a.m. for market direction. You can also follow our Nifty and Bank Nifty support and resistance levels during the live market. You may also like to read the key factors that are likely to impact the stock markets this week.
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