Nifty and Bank Nifty Prediction for Tomorrow 17 Jan 2023
Nifty and Bank Nifty Prediction for Tomorrow 17 Jan 2023: Indian equity market indexes ended a volatile session with moderate losses on Monday. The markets pared early gains and turned red on the back of selling in Media, Metals, and Financial services while some buying was witnessed in PSU Bank, IT, and FMCG counters. The sentiments were downbeat as foreign investors are continuously selling in the Indian equity markets and depreciation in the Indian rupee after six sessions.
The market breadth was negative today. The volatility index “India VIX” gained 3.89 percent and climbed above 15 today. The broader markets also closed in the red as the Nifty midcap index was down 0.24 percent and 0.07 percent respectively. At the close, Sensex and Nifty declined by 0.28 percent and 0.34 percent respectively. You can read detailed market updates here.
Nifty and Bank Nifty futures price movement for 16 Jan
The Nifty futures price opened at 18051.10 making a positive opening of 25.85 points today. It has touched an intraday high of 18097 and a day’s low of 17886.95
The Nifty futures price has given a movement of 210.05 points today. In the end, it closed lower by 83.75 points or 0.46 percent and ended at 17941.50 levels.
The Bank Nifty futures opened at 42633 It made a positive opening of 132.65 points. The Bank Nifty futures touched an intraday high at 42805 and a day’s low at 42192
During the day, the Bank Nifty futures have given a movement of 613 points. In the end, it closed lower by 210.35 points or 0.49 percent and closed at 42290 levels.
Nifty & Bank Nifty Prediction for Tomorrow 17 Jan 2023 (Jan Expiry)
Nifty Futures Prediction for Tomorrow 17 Jan 2023
Primary Nifty Trend in futures: Positive with a cautious approach
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18100 whereas All Down Moves Initiates Short Covering (Buy) @ 17800
If the Nifty futures share price Moves Above 17985 and sustain. Then you should Buy with the 1st Target of 18018 during the day with a Stop Loss of 17958 FOR the Target of 18018- 18052- 18100- 18140
If the Nifty futures (Jan Series) share price Moves Below 17882 and is sustained. Then you should Sell with the 1st Target of 17838 for the day with a Stop Loss of 17925. For the Target of 17838- 17809- 17772- 17747
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Bank Nifty Futures Prediction for Tomorrow 17 Jan 2023
Primary Trend of Bank Nifty Futures: Positive with a cautious approach
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42600 whereas All Down Moves Initiates Short Covering (Buy) @ 42000
Suppose the Bank Nifty futures (Jan Series) Moves Above 42430 and sustain, then you should Buy with the 1st Target of 42505 during the day with a Stop Loss of 42300 and the Target of 42505- 42600 – 42670- 42800
If the Bank Nifty futures (Jan Series) Moves Below 42130 and sustain, then you should Sell with the 1st Target of 42020 the day with a Stop Loss of 42250. For the Target of 42020- 41920- 41830- 41740
Global Stock Market Updates
Asian stock markets continued their optimism about the fast recovery of the world’s second-largest economy after three long hard years of Covid curbs and shutdowns. While investors in Japan were anxious about the soaring yen against the dollar and the country’s central bank’s next move, as BoJ’s policy meeting is due later during the week. Investors bet the Bank of Japan could be forced to tweak stimulus settings again as soon as this week.
Nikkei closed lower, as investors were cautious ahead of the BoJ policy meeting. China’s Shanghai jumped to a four-month high due to strong foreign inflow. Hang Seng edged up as investors doubled their bets on economic recovery after Chinese health officials said Covid-19 infections in the country had peaked.
European markets are trading slightly higher on Monday, as volumes are low due to the Martin Luther King Jr Day holiday in the US.
Conclusion
Indian stock markets started the week on a subdued note despite positive cues from the major global market. The sentiments were downbeat due to the depreciation in the Indian rupee, rising crude oil prices, and persistent selling pressure from foreign investors. Going ahead, the market’s focus will now shift from economic data to Q3 earnings. 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
Stock Market Prediction Next Week (16- 20 Jan 2023)
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