Nifty and Bank Nifty Prediction for Tomorrow 12 Jan 2023
Nifty and Bank Nifty Prediction for Tomorrow 12 Jan 2023: Indian equity markets ended slightly lower on Wednesday amid volatility. The market sentiments were subdued as World Bank trimmed the growth forecast in most of the countries and warned that new adverse shocks could tip the global economy into recession. Some cautiousness was also seen ahead of the domestic and US inflation data, which is expected on Thursday.
Among the sectors, Metals, PSU Bank, and Banking stocks closed higher while FMCG, Energy, and Pharma stocks saw profit booking today. The market breadth was positive today. The midcap and smallcap indexes also closed marginally lower by 0.32 percent and 0.05 percent respectively. At the close, Sensex and Nifty ended flat to the negative on Wednesday. You can read detailed market updates here.
Nifty and Bank Nifty futures price movement for 11 Jan
The Nifty futures price opened at 18000 making a positive opening of 13.75 points today. It has touched an intraday high of 18065 and a day’s low of 17890.45
The Nifty futures price has given a movement of 174.55 points today. In the end, it closed lower by 26.25 points or 0.15 percent and ended at 17960 levels.
The Bank Nifty futures opened at 42250 It made a positive opening of 33.3 points. The Bank Nifty futures touched an intraday high at 42492.80 and a day’s low at 41880
During the day, the Bank Nifty futures have given a movement of 612.8 points. In the end, it closed higher by 158.30 points or 0.38 percent and closed at 42375 levels.
Nifty & Bank Nifty Prediction for Tomorrow 12 Jan 2023 (Jan Expiry)
Nifty Futures Prediction for Tomorrow 12 Jan 2023
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18055 whereas All Down Moves Initiates Short Covering (Buy) @ 17830
If the Nifty futures share price Moves Above 17990 and sustain. Then you should Buy with the 1st Target of 18022 during the day with a Stop Loss of 17958 FOR the Target of 18022- 18056- 18102- 18140
If the Nifty futures (Jan Series) share price Moves Below 17925 and is sustained. Then you should Sell with the 1st Target of 17880 for the day with a Stop Loss of 17950. For the Target of 17880- 17835- 17806- 17775
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Bank Nifty Futures Prediction for Tomorrow 12 Jan 2023
Primary Trend of Bank Nifty Futures: Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42650 whereas All Down Moves Initiates Short Covering (Buy) @ 42250
Suppose the Bank Nifty futures (Jan Series) Moves Above 42555 and sustain, then you should Buy with the 1st Target of 42670 during the day with a Stop Loss of 42430 and the Target of 42670- 42810 – 42900- 43035
If the Bank Nifty futures (Jan Series) Moves Below 42220 and sustain, then you should Sell with the 1st Target of 42130 the day with a Stop Loss of 42380. For the Target of 42130- 42018- 41900- 41820
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Global Stock Market Updates
Asian stock market indexes closed mixed on Wednesday, as investors hope for a 25 bps rate hike by the US Fed in the upcoming Feb meeting and on hopes of post-Covid China recovery. While some cautiousness was seen on the trading floor ahead of crucial US inflation data, which is due on Thursday.
Japan’s Nikkei rose on Wednesday due to a rally in robotic shares. Hang Seng rose to a six-month high on hopes of a strong economic rebound from the Covif-19 pandemic and due to some bargain-buying. While China’s Shanghai lost momentum in the afternoon session and closed in the red.
European markets are trading higher on Wednesday following positive cues from Wall Street and Asian market peers. The US futures, Dow Jones, and Nasdaq futures are trading marginally higher at 5 pm IST, indicating a flat opening for the US markets today
Conclusion
Indian stock market traded volatile in a tight range and closed almost flat. The domestic markets are looking for a direction now and the coming two days would be crucial for the markets, as domestic and the US CPI inflation reading is expected on Thursday.
The market volatility is likely to increase in the coming two days. Traders should remain cautious, hedge their position, and trade with strict stop loss, and accumulate quality stocks on dips. You can also follow our Daily Morning Report at 7.30 am for market direction.
Also, read Best Options Trading Books in India-Must Read 2022
Tradingview India Review 2022- You Must Read
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