Nifty and Bank Nifty Prediction for Tomorrow – 27 Dec 2023
Nifty and Bank Nifty Prediction for Tomorrow – 27 Dec 2023: Indian equity benchmarks ended with moderate gains on Tuesday, rising for the third straight session. The domestic markets opened cautiously amid mixed global cues and traded above their neutral lines. Retail participation and Domestic institution buying supported the local markets and offset selling by the FIIs.
Among the sectors, the Nifty Energy, Metal, and Pharma sectors were advanced, while Media, IT, and PSU Bank witnessed some selling pressure. The market breadth was positive, on the NSE 1512 shares were advanced while 1011 shares declined, whereas 121 shares were unchanged at the close.
The broader markets also closed higher on Tuesday, as Nifty mid and smallcap indexes gained 0.65% and 0.14% respectively. In the end, Sensex advanced 229.84 points or 0.32% and finished at 71336.80, while Nifty ended 91.95 points or 0.43% and settled at 21441.35. 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 21409, making a slightly higher opening of 6.65 points on Tuesday. It has touched an intraday high of 21531.90 and a day’s low of 21362.60.
The Nifty futures price has given an intraday movement of 169.3 points. Ultimately, the Nifty futures closed higher by 96.80 points or 0.45% at 21499.15 levels.
The Bank Nifty futures for December 28, expiry opened at 47596.60. It made a positive opening of 21 points on Tuesday. The Bank Nifty futures touched an intraday high at 47971.95 and a day’s low at 47450.45
During the day, the Bank Nifty futures have given a movement of 521.50 points. In the end, Bank Nifty Futures closed higher by 296.40 points or 0.62 percent and closed at 47872 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 27 Dec 2023
Nifty Futures Prediction for Tomorrow, 27 Dec 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 21600 whereas All Down Moves can Initiate Short Covering @ 21440
Suppose the Nifty futures move above 21532 and sustain. Then the index can trade in a range of 21562- 21606- 21640 levels during the day.
If the Nifty futures share price moves below 21440 and is sustained. Then the index futures can trade in a range of 21415- 21388- 21356 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 27 Dec 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 48200 whereas All down moves can Initiate Short Covering @ 47700.
Suppose the Bank Nifty futures move above 48056 and sustain, then the index can trade in the range of 48154- 48250- 48340 levels during the day.
If the Bank Nifty futures move below 47740 and sustain, then the index can trade in the range of 47670- 47580- 47500 levels during the day.
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Global Market Updates
The other Asian stock markets mostly closed higher on Tuesday. Several markets in the region including Australia, New Zealand, and Hong Kong were shut on Tuesday on account of Boxing Day. Japan’s Nikkei ended marginally higher.
South Korea’s Kospi also ended slightly higher, while Shanghai closed in the red, as Real Eatete and Technology stocks dragged the index. The Straits Times, Taiwan, and SET Compositive ended higher on Tuesday. European markets are closed today on account of Boxing Day. Dow and Nasdaq futures are trading marginally higher in the US at 5 pm IST.
Conclusion
Indian equity markets started the truncated week on a positive note. The Nifty mostly traded in a range-bound session after the morning gains. Traders should remain cautious as at 21500 (on spot price), Nifty has significant immediate resistance, while a decisive breakout above this level could see a new high in Nifty. Investors can also follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Nifty, Bank Nifty, & Fin Nifty Live: Understanding What the Option Chain Data Reveals
Stock Market Prediction for Next Week (26- 29 Dec 2023)
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