Nifty and Bank Nifty Prediction for Tuesday, 26 December 2023
Nifty and Bank Nifty Prediction for Tuesday, 26 December 2023: Indian equity market indexes closed higher for the second consecutive Friday. The domestic markets opened on an optimistic note following positive global cues and traded above their flat line on buying Realty, IT, and Metal shares. At the same time, some selling pressure was witnessed in Banking and Financial stocks.
The market breadth was strong, with the advance-decline indicating a ratio of 3:1 at the close. The NSE’s volatility index “India VIX” declined to 0.36% to 13.71. The broader markets outperformed the front-line index, as the Nifty mid and smallcap index gained 0.73% and 1.03%, respectively.
In the end, Sensex was up by 241.86 points or 0.34% and finished at 71106.96, while Nifty added 94.35 points or 0.44% and settled at 21349.40. The Indian stock markets will remain closed on Monday, 25 December 2023, on account of Christmas.
Nifty and Nifty Bank Futures Price Movement on Friday, 22 December
On Friday, December 22, the Nifty futures (December Series) opened at 21401.55. The index made a positive opening of 51.15 points from the previous close. It touched an intraday high at 21474 and a day’s low at 21285.
The index moved to 189 points on Friday, and it closed higher by 34.65 points or 0.16 percent and ended at 21385.05 levels.
The Bank Nifty futures (December Series) opened at 48105 levels on Friday. It opened on a flat note on Friday. It has touched an intraday high at 48280.15 and a day’s low at 47470.80.
On Friday, the Bank Nifty futures gave a movement of 809.35 points and finished lower by 573 points or 1.19 percent and ended at 47532 levels.
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Nifty & Bank Nifty Prediction for Tuesday, 26 Dec 2023
Nifty Futures Prediction for Tuesday, 26 Dec 2023
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 21500, whereas All Down Moves can initiate Short Covering @ 21330
If the Nifty futures share price moves above 21410 and sustains. Then, it can trade in the range of 21447- 21480- 21508 during the day with a stop loss of 21385.
If the Nifty futures share price moves below 21354 and is sustained. Then, it can trade in the range of 21321- 21285- 21240 during the day with a stop loss of 21374.
Bank Nifty Futures Prediction for Tuesday, 26 Dec 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 47850, whereas Down Moves can Initiate Short Covering @ 47350
Suppose the Bank Nifty futures move above 47655 and sustain, then it can trade in a range of 47740- 47825- 47910 during the day with a stop loss of 47600
If the Bank Nifty futures move below 47425 and sustain, then the index can trade in the range of 47335- 47250- 47170 levels during the day with a stop loss of 47480.
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Global Stock Market Updates on Friday
European stock markets closed with little change after a quiet day, as volume was low ahead of the Christmas holiday. The economic data released on Friday showed that the UK economy shrank in the third quarter, raising the risk of recession.
Meanwhile, UK retail sales grew 1.3% in November as heavy discounts on Black Friday shopping boosted sales. Gaming and sports stocks were hit as China imposed restrictions to give awards incentives offered by gaming companies.
The US stock markets closed mixed on Friday but ended higher for the eighth straight week. The S&P 500 index closed its longest winning streak since 2017, as the Federal Reserve preferred inflation gauge cooled more than expected in November, fueling expectations of deeper and faster rate cuts next year.
On the economic front, the data released on Friday showed that the Durable goods orders rose by 5.4% in November, beating the expectation of 2%. Meanwhile, the new home sales decreased in November as compared to October.
Dow Jones was under pressure as Nike tanked about 12% after the company cut its sales outlook and announced a plan to cut costs by about $2 billion over the next three years. Read more about US markets here.
Also read, Stock Market Prediction for Next Week (26- 29 Dec 2023)
Conclusion
Indian markets closed higher for the second consecutive day on Friday. The focus remains on mid and small-caps, which are gaining attention due to ease in crude oil prices and the expectation of possible rate cuts in the US early next year. The lower-than-expected US GDP number for Q3, cooling inflation, and the dollar’s weakness suggest a possible early rate cut next year.
The US and European markets closed mostly higher, with little change ahead of the Christmas Holiday. The Gift Nifty also closed higher at 21474 levels. These indicate a positive opening for the Indian stock markets on Tuesday, as NSE and BSE will remain closed on Monday on the occasion of Christmas. You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
Also, read- Global Stock Market Review: Cooling Inflation and Economic Data Impact
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Editor’s Desk
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