Nifty and Bank Nifty Prediction for Tomorrow 4 Jan 2023
Nifty and Bank Nifty Prediction for Tomorrow 4 Jan 2023: Indian equity market indexes ended with decent gains amid volatility on Tuesday. The domestic markets traded above their neutral lines for most of the session, following the positive cues from Asian and European markets. Markets gained on the back of buying in IT, PSU Bank, and Pharma stocks, while some selling pressure was seen in Media, Metals, and Auto counters.
The market breadth was once again positive today. The broader markets outperformed the frontline index, as Nifty mid and smallcap indexes gained by 0.23 percent and 0.27 percent respectively. At the close, Sensex and Nifty ended higher by 0.21 percent and 0.19 percent respectively. You can read detailed market updates here.
Nifty and Bank Nifty futures price movement for 4 Jan
The Nifty futures price opened at 18234.90 making a negative opening of only 40.95 points today. It has touched an intraday high of 18333.90 and a day’s low of 18210.05
The Nifty futures price has given a movement of 123.85 points today. In the end, it closed higher by 39.15 points or 0.21 percent and ended at 18315 levels.
The Bank Nifty futures opened at 43388.75 It made a flat to the negative opening of 5.05 points. The Bank Nifty futures touched an intraday high at 43661 and a day’s low at 43348.30
During the day, the Bank Nifty futures have given a movement of 312.7 points. In the end, it closed higher by 241.15 points or 0.56 percent and closed at 43634.95 levels.
Nifty & Bank Nifty Prediction for Tomorrow 4 Jan 2023 (Jan 23 Expiry)
Nifty Futures Prediction for Tomorrow 4 Jan 2023
Primary Nifty Trend in futures: Mild Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18400 whereas All Down Moves Initiates Short Covering (Buy) @ 18200
If the Nifty futures share price Moves Above 18335 and sustain. Then you should Buy with the 1st Target of 18370 during the day with a Stop Loss of 18310 FOR the Target of 18370- 18410- 18445
If the Nifty futures (Jan Series) share price Moves Below 18258 and is sustained. Then you should Sell with the 1st Target of 18230 for the day with a Stop Loss of 18290. For the Target of 18230- 18200-17170
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Bank Nifty Futures Prediction for Tomorrow 4 Jan 2023
Primary Trend of Bank Nifty Futures: Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 43800 whereas All Down Moves Initiates Short Covering (Buy) @ 43400
Suppose the Bank Nifty futures (Jan Series) Moves Above 43715 and sustain, then you should Buy with the 1st Target of 43820 during the day with a Stop Loss of 43615 and the Target of 43820- 43930 – 43040
If the Bank Nifty futures (Jan Series) Moves Below 43505 and sustain, then you should Sell with the 1st Target of 43430 the day with a Stop Loss of 43570. For the Target of 43430- 43340- 43225
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Global Stock Market Updates
The major Asian stock market indexes closed higher on Tuesday as investors were in an optimistic mood at the beginning of the New Year with high hopes of an economic turnaround for a post-Covid in China despite surges in new cases.
Investors are hopeful that China’s economy will rebound after rolling back all Covid restrictions despite poor December factory data and the threat to China’s healthcare system. Hang Seng and Shanghai pared early losses and closed higher on Tuesday. Japan’s Nikkei was not trading today due to a holiday.
European stock market indexes are trading higher on Tuesday following positive cues from Asian peers. Investors are now looking ahead to German’s inflation data which is expected later in the day. The US future indexes, Dow and Nasdaq futures are trading higher at 5 pm IST, indicating a positive opening after a long weekend.
Conclusion
Indian stock market indexes closed higher for the second consecutive day in 2023. The domestic markets turned green in the morning deal following the positive cues from Asian market peers. In absence of any major trigger, the domestic markets were traded range bound in the last two days.
Going ahead, markets may trade volatile as FOMC minutes and the US unemployment rate is expected later during the week. 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
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