Nifty and Bank Nifty Prediction for Tomorrow – 21 December 2023
Nifty and Bank Nifty Prediction for Tomorrow – 21 December 2023: The domestic equity benchmarks ended with major losses on Wednesday amid volatility. The indices opened higher following positive global cues. Sensex and Nifty hit a new record high at 71913.07 and 21593 respectively, in the early trade. However, the Indian markets fell sharply in the second half and closed near the day’s low.
All sectoral indices ended in the red, with Nifty Media, PSU Bank, and Metal falling the most, declining 5.11%, 4.04%, and 3.38% respectively. The market breadth was very weak. On the NSE, 358 shares advanced, while 2159 shares declined and 83 unchanged. The NSE’s volatility index “India VIX” jumped 4.20% to 14.45.
The broader markets also fell sharply and underperformed the frontline index, as Nifty mid and smallcap indexes declined by 3.27% and 3.63% respectively. At the close, Sensex fell sharply by 930.88 or 1.30% and ended at 70506.31, while Nifty declined 302.95 points or 1.41% and settled at 21150.15. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (28 Dec expiry)
The Nifty futures price for December 28, expiry opened at 21595.10, making a gap-up opening of 67.35 points on Wednesday. It has touched an intraday high of 21680 and a day’s low of 21164.15
The Nifty futures price has given a movement of 515.85 points. Ultimately, the Nifty futures closed sharply lower by 358.25 points or 1.66% at 21169.50 levels.
The Bank Nifty futures for December 28, expiry opened at 48111.55. It made a positive opening of 101.75 points on Wednesday. The Bank Nifty futures touched an intraday high at 48265 and a day’s low at 47316.60
During the day, the Bank Nifty futures have given a movement of 948.4 points. In the end, Bank Nifty Futures closed sharply lower by 659.95 points or 1.37 percent and closed at 47349.85 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 21 Dec 2023
Nifty Futures Prediction for Tomorrow, 21 Dec 2023
Primary Trend in Nifty Futures: Negative
Range-Bound Trend: All up Moves can initiate profit Booking @ 21220 whereas All Down Moves can Initiate Short Covering @ 21080
Suppose the Nifty futures move above 21219 and sustain. Then the index can trade in a range of 21255- 21290- 21330 levels during the day.
If the Nifty futures share price moves below 21130 and is sustained. Then the index futures can trade in a range of 21080- 21038- 21005 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 21 Dec 2023
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47500 whereas All down moves can Initiate Short Covering @ 47100.
Suppose the Bank Nifty futures move above 47525 and sustain, then the index can trade in the range of 47610- 47680- 47770 levels during the day.
If the Bank Nifty futures move below 47247 and sustain, then the index can trade in the range of 47165- 47060- 46970 levels during the day.
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Global Market Updates
The other Asian stock market indexes mostly closed higher on Wednesday as investors were optimistic that the US Fed is set to begin easing back on interest rates. The energy stocks have been trading higher across the globe in the last two days after Houthi militant attacks on ships in the Red Sea disrupted maritime trade.
Japan’s Nikkei extended gains to its five-month high after BoJ’s dovish policy. Meanwhile, China’s Shanghai declined after the PBOC kept the LPR unchanged, leading investors to lose optimism about potential stimulus measures from Beijing.
European stock markets are mostly trading higher following the positive Asian market peers. The sentiments are also positive as the UK’s CPI inflation came sharply lower than the expectation in November. Meanwhile, German Producer Price also fell sharply lower than it was estimated.
In the US, the Dow and Nasdaq futures are trading marginally lower at 5 pm IST, indicating a lower opening for the US markets on Wednesday.
Conclusion
In the second half, the domestic markets witnessed a sudden and significant sell-off, despite the positive trends in the global markets. The selloff is due to profit-taking resulting from the recent robust rally. The surge in crude oil prices and the last two days of selling by the FIIs prompted investors to cash on some profits. Investors can also follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Stock Market Prediction Next Week ( 18- 22 Dec 2023)
FINNIFTY Weightage | All About Nifty Financial Services Index
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