Nifty and Bank Nifty Prediction for Tomorrow, 31 January 2024
Nifty and Bank Nifty Prediction for Tomorrow, 31 January 2024: Indian equity benchmarks ended with significant losses amid volatility on Tuesday. The domestic markets opened higher after the initial volatility markets slipped and traded lower throughout the session on the back of selling heavyweight stocks including Bajaj Finance, Reliance, ITC, and NTPC.
Among the sectors, PSU Bank, Media, and Realty stocks advanced while Nifty Energy, Consumer Durables, and FMCG sectors fell the most. The market breadth was neutral today with the advance-decline ratio indicating an equal balance at the close. The NSE’s volatility index “India VIX” gained 2.69% to 16.10.
The broader markets closed mixed, the Nifty midcap index ended lower by 0.39% while the smallcap index gained 0.23%. In the end, Sensex declined 801.67 points or 1.11% and closed at 71139.90, while Nifty was down 215.50 points or 0.99% and settled at 21522.10. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (29 February expiry)
The Nifty futures price for the February 29 expiry opened at 21900.20 making a positive opening of 44.95 points on Tuesday. It has touched an intraday high of 21938.80 and a day’s low of 21607
The Nifty futures price has given an intraday movement of 331.8 points. Ultimately, the Nifty futures closed lower by 230.20 points or 1.05% at 21625.05 levels.
The Bank Nifty futures for the February 29 expiry opened at 45850.25. It made a higher opening of 115.2 points on Tuesday. The Bank Nifty futures touched an intraday high at 45930 and a day’s low at 45422.35.
During the day, the Bank Nifty futures have given a movement of 507.65 points. In the end, Bank Nifty Futures closed lower by 156.05 points or 0.34 percent and closed at 45579 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 31 Jan 2024
Nifty Futures Prediction for Tomorrow, 31 Jan 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 21750 whereas All Down Moves can Initiate Short Covering @ 21500
Suppose the Nifty futures move above 21680 and sustain. Then the index can trade in a range of 21718- 21760- 21812 levels during the day.
If the Nifty futures share price moves below 21590 and is sustained. Then the index futures can trade in a range of 21558- 21510- 21485 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 31 Jan 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 46000 whereas All down moves can Initiate Short Covering @ 45300.
Suppose the Bank Nifty futures move above 45750 and sustain, then the index can trade in the range of 45840- 45930- 46040 levels during the day.
If the Bank Nifty futures move below 45450 and sustain, then the index can trade in the range of 45350- 45250- 45160 levels during the day.
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Global Stock Market Updates
The other Asian stock market indexes mostly closed lower on Tuesday. The downfall of the property giant China Evergrande impacted certain investors, while a rally in tech stocks on Wall Street overnight lifted the mood of others. The market sentiments were also hit due to the recent escalation of geopolitical tensions and as some investors preferred to remain sideline ahead of the Fed’s meeting that will begin later in the day.
The Hang Seng and Shanghai indexes closed sharply lower today. Japan’s Nikkei 225 ended slightly higher, as a rally in chip-related stocks overnight in the US boosted the sentiments. The country’s unemployment rate fell more than expected in December.
Australia’s S&P ASX 200 index ended higher for seven consecutive days. The Straits Times and Jakarta Composite closed in the positive territory, while the Kospi index, Taiwan, SET Composite ended in the red today.
European stock markets are trading higher on Tuesday as investors assessed the first print of fourth-quarter gross domestic product (GDP) data for the eurozone. The mixed eurozone GDP data showed that Germany’s economy contracted in the final three months of last year, placing Europe’s largest economy on the verge of a recession, as reported on Tuesday.
In the US, the Dow Jones and the Nasdaq futures are trading slightly lower, indicating a flat to negative opening for the US markets today.
Conclusion
Indian markets failed to continue Monday’s rally and declined around a percent. Investors remained cautious and booked profits at a higher level in anticipation of high volatility due to the upcoming FOMC meeting and interim budget amid ongoing concerns regarding elevated valuations and escalating tensions in the Middle East. Going ahead, markets will remain volatile in the upcoming sessions, traders should trade with strict stop loss only.
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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