NIFTY and BANK NIFTY Prediction for Tomorrow, 12 January 2024
Nifty and Bank Nifty Prediction for Tomorrow, 12 January 2024: The equity benchmarks ended with minor gains on Thursday, rising for the third consecutive session. The domestic markets opened higher amid positive global cues and traded above the neutral line for most of the session. However, markets traded slightly volatile in the last hours due to cautiousness ahead of the US inflation data, due later in the day.
The Energy, Auto, and Banking sectors were in demand, while the Media, IT, and FMCG sectors witnessed some selling pressure. The market breadth was positive. On the NSE, 1562 shares were advanced, 984 shares declined, and 109 shares were unchanged. The NSE’s volatility index “India VIX” slipped 1.07% to 12.83.
The broader markets outperformed the benchmarks today, as Nifty mid and smallcap indexes closed higher by 0.49% and 0.58% respectively. In the end, Sensex gained 63.47 points or 0.09% and finished at 71721.18, while Nifty was up by 28.50 points or 0.13% and settled at 21647.20. 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 21758.10, making a positive opening of 39 points on Thursday. It has touched an intraday high of 21773.80 and a day’s low of 21627
The Nifty futures price has given an intraday movement of 146.8 points. Ultimately, the Nifty futures closed lower by 19.25 points or 0.09% at 21689.85 levels.
The Bank Nifty futures for the January 25 expiry opened at 47767.40. It made a positive opening of 160.55 points on Thursday. The Bank Nifty futures touched an intraday high at 47822.65 and a day’s low at 47340.55.
During the day, the Bank Nifty futures have given a movement of 482.10 points. In the end, Bank Nifty Futures closed lower by 26.85 points or 0.06 percent and closed at 47580 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 12 Jan 2024
Nifty Futures Prediction for Tomorrow, 12 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 21736 and sustain. Then the index can trade in a range of 21766- 21800- 21835 levels during the day.
If the Nifty futures share price moves below 21647 and is sustained. Then the index futures can trade in a range of 21618- 21585- 21550 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 12 Jan 2024
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47800 whereas All down moves can Initiate Short Covering @ 47400.
Suppose the Bank Nifty futures move above 47710 and sustain, then the index can trade in the range of 47830- 47920- 48020 levels during the day.
If the Bank Nifty futures move below 47450 and sustain, then the index can trade in the range of 47370- 47290- 47200 levels during the day.
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Global Market Updates
The other Asian stock markets mostly ended higher on Thursday tracking gains from US markets overnight and as investors are optimistic about getting positive news on US inflation readings later in the day. Investors also maintain a cautious approach ahead of key economic data out of China later this week. Meanwhile, Japan’s Nikkei 225 closed at its highest level since February 1990.
Australia’s S&P ASX 200, Shanghai index, and Hang Seng closed higher today. South Korea’s Kospi index closed flat to the negative after the Bank of Korea’s unchanged interest rate as widely expected. The Straits Times and Taiwan ended in the green territory, while the SET Composite closed in the red.
European stock market indexes are mostly trading higher near their flatline, following positive cues from Asian markets. All eyes are now on the US inflation data which will released later in the day, for more cues of an interest rate cut.
In the US, Dow Jones and Nasdaq futures are trading in the green territory ahead of the December inflation data.
Conclusion
Indian stock markets ended with little change, as some investors preferred to remain sidelined ahead of the crucial inflation data from the US later today, as well as from India on Friday. Going ahead, tomorrow Indian markets will open as per global cues, as US inflation data will set the market direction.
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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