Nifty and Bank Nifty Prediction for Monday, 12 February 2024
Nifty and Bank Nifty Prediction for Monday, 12 February 2024: Indian equity benchmarks closed on a positive note on Friday. The domestic market indices opened on a cautious note and traded volatile throughout the day. Sensex and Nifty were oscillating between gains and losses in most parts of the session. The recently beaten-down banking and financial stocks were in demand, while oil & gas, metal, and IT stocks were corrected.
The market breadth was negative on Friday. On the NSE, 851 shares were advanced while 1706 shares declined at the close. The NSE’s volatility index “India VIX” slipped 2.40% to 15.45.
The broader markets underperformed their larger peers, as Nifty mid and smallcap indexes declined 0.89% and 1.40% respectively. In the end, Sensex closed higher by 167.06 points or 0.23% and finished at 71595.49, while Nifty advanced 64.55 points or 0.30% and settled at 21782.50 level.
Nifty and Nifty Bank Futures Price Movement on Friday, 9 February
On Friday, February 9, the Nifty futures (Feb Series) opened at 21809.90 levels. The index made a flat to negative opening, down by just 4.7 points from the previous close. It touched an intraday high at 21867.40 and a day’s low at 21674.20. The index moved 193.2 points on Friday, and it closed higher by 28.40 points or 0.13 percent and ended at 21843 levels.
The Bank Nifty futures (Feb Series) opened at 45179.85 levels on Friday. The index made a negative opening of 32.6 points and touched an intraday high at 45975 and a day’s low at 45110.15. On Friday, the Bank Nifty futures gave a movement of 864.85 points and finished higher by 748.55 points or 1.66 percent and ended at 45961 levels.
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Nifty & Bank Nifty Prediction for Monday, 12 Feb 2024
Nifty Futures Prediction for Monday, 12 Feb 2024
Primary Nifty Trend in Futures: Mild Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 21890 whereas All Down Moves can initiate Short Covering @ 21730
If the Nifty futures share price moves above 21865 and sustains, then the trend will change to positive. The Nifty index futures can trade in the range of 21892- 21932- 21968 during the day with a stop loss of 21840.
If the Nifty futures share price moves below 21800 and is sustained. Then it can trade in the range of 21762- 21732- 21700 during the day with a stop loss of 21821.
Bank Nifty Futures Prediction for Monday, 12 Feb 2024
Primary Trend of Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 46200, whereas Down Moves can Initiate Short Covering @ 45600.
Suppose the Bank Nifty futures move above 46060 and sustain, then it can trade in a range of 46135- 46265- 46335 during the day with a stop loss of 45980.
If the Bank Nifty futures move below 45780 and sustain, then the index can trade in the range of 45675- 45615- 45535 levels during the day with a stop loss of 45840.
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Global Stock Market Updates on Friday
The US stock market indexes closed mixed on Friday, Dow closed in the red, while the S&P 500 and Nasdaq jumped as a rally in tech stocks continued and the recent economic data indicates a sustained downtrend in inflation. The S&P 500 index closed above the 5000-mark milestone for the first time.
Revised data on U.S. consumer price index (CPI) inflation revealed that the annual rate of inflation in the December end quarter was unchanged at 3.3%, suggesting that the ease of price pressures throughout last year is still intact.
The big tech stocks including Google, Apple, and Microsft gained on Friday, while Microsoft eyes record valuation due to a boom in AI optimism. These shares of Pepsico, Take Two and Pinterest slumped due to weak guidance in the quarterly earnings.
European stock markets closed marginally lower on Friday, as investors digested the latest corporate earnings and fresh economic data released in the region. Tech stocks ended higher while the food and beverage index slipped on Friday. Germany’s DAX closed slightly lower despite the country’s inflation decline in January.
The shares of Sweco and LO’real fell sharply as they missed the fourth quarter earnings expectations. Meanwhile, Hermes and Ubisoft jumped after the announcement of quarterly earnings on Friday.
Also Read – Key factors that are likely to impact the stock market next week.
Conclusion
Indian stock markets closed marginally higher on Friday following a sharp fall in the previous session, as investors bet on recently beaten-down Banking and Financial stocks. The Gift Nifty index closed 71 points higher at the 21921 level, indicating a positive start for the Indian stock markets on Monday.
On Monday most of the Asian Stock market indexes including Shanghai, Hang Seng, Kospi, and Taiwan will remain shut on account of the Lunar New Year holiday. You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
Also, read- Global Stock Market Weekly- US Leads, Europe Mixed Amidst Rate Cut Uncertainty
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