Nifty and Bank Nifty Prediction for Monday, 1 January 2024
Nifty and Bank Nifty Prediction for Monday, 1 January 2024: Indian equity benchmarks ended with minor losses on Friday, the last trading day of the year 2023. The domestic markets opened lower following mixed cues from global markets. Profit booking in heavyweight stocks including SBI, Infosys, and Reliance emerged at higher levels and dragged the markets in the red.
The Auto, FMCG, and Realty sectors were advanced, while the Energy, PSU Bank, and IT sectors witnessed selling pressure on Friday. The market breadth was overall positive with the advance decline indicating a ratio of 3:2 at the close. The NSE volatility index “India VIX” jumped 4.21% to 14.50.
The broader markets outperformed the benchmarks on Friday, as Nifty Mid and Smallcap indexes gained 0.80% and 0.61% respectively. At the close, Sensex declined 170.13 points or 0.23% and finished at 72240.26, while Nifty fell 47.30 points or 0.22% and settled at 21731.40.
Nifty and Nifty Bank Futures Price Movement on Friday, 29 December
On Friday, December 29, the Nifty futures (January Series) opened at 21924.95 level. The index made a negative opening of 17.95 points from the previous close. It touched an intraday high at 21939.90 and a day’s low at 21830.
The index moved to 109.90 points on Friday, and it closed lower by 81.25 points or 0.37 percent and ended at 21861.05 levels.
The Bank Nifty futures (January Series) opened at 48750 levels on Friday. It opened lower by 72.2 points on Friday. It has touched an intraday high at 48805 and a day’s low at 48404.75.
On Friday, the Bank Nifty futures gave a movement of 400.25 points and finished lower by 242.20 points or 0.50 percent and ended at 48580 levels.
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Nifty & Bank Nifty Prediction for Monday, 1 Jan 2024
Nifty Futures Prediction for Monday, 1 Jan 2024
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 21930 whereas All Down Moves can initiate Short Covering @ 21800
If the Nifty futures share price moves above 21905 and sustains. Then it can trade in the range of 21934- 21964- 21992 during the day with a stop loss of 21876.
If the Nifty futures share price moves below 21814 and is sustained. Then it can trade in the range of 21790- 21758- 21712 during the day with a stop loss of 21835.
Bank Nifty Futures Prediction for Monday, 1 Jan 2024
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 48900, whereas Down Moves can Initiate Short Covering @ 48400
Suppose the Bank Nifty futures move above 48685 and sustain, then it can trade in a range of 48770- 48890- 48970 during the day with a stop loss of 48615
If the Bank Nifty futures move below 48525 and sustain, then the index can trade in the range of 48430- 48360- 48285 levels during the day with a stop loss of 48570.
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Global Stock Market Updates on Friday
European stock market indexes closed slightly higher on Friday, the last trading session of the year in the hope of interest rate cuts in early 2024. On the economic front, UK house prices fell by a higher-than-expected 1.8% annually in December, according to the data showed by Nationwide on Friday.
According to the preliminary data shown by the National Statistics Institute (INE) on Friday, Spain’s inflation rate dropped to 3.1% annually in December from 3.2% in November and the expectation was 3.3%. This is due to a fall in fuel and food prices.
The US stock markets closed slightly lower on Friday but finished the week positively, rising for the ninth week in a row. The key US stock market indexes gained strongly in 2023, S&P 500 index up 24% in 2023, just short of a fresh all-time high.
The Dow Jones and Nasdaq Composite gained 14% and 43% respectively in 2023. The market sentiments continued to remain positive on the expectation of early interest rate cuts by the Federal Reserves
Conclusion
Indian stock markets took a breather on the last trading session of the year 2023. Profit booking in frontline heavyweight stocks dragged Indian markets on Friday. However, on a weekly and yearly basis, the local markets closed with significant gains. Going ahead, on Monday, the domestic markets are likely to remain sideways. You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
Also, read- Global Stock Market Indexes End 2023 Positively: Weekly Analysis
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Editor’s Desk
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