Nifty and Bank Nifty Prediction for Monday, 8 January 2024
Nifty and Bank Nifty Prediction for Monday 8 January 2024: Indian equity benchmarks ended with minor gains on Friday amid volatility. The domestic markets opened higher amid mixed global cues and traded volatile in the second half. The market sentiments remain upbeat as India’s Composite and Services PMI data increased in December as against November.
Among the sectors, IT, Auto, and Realty were in demand, while PSU Bank, Pharma, and Metal fell the most. The market breadth was positive with advance decline indicating a 3:2 ratio at the close. The NSE’s volatility index “India VIX” slipped 5.25% to 12.63.
The broader markets closed higher on Friday, as Nifty mid and smallcap indexes closed higher by 0.18% and 0.65% respectively. In the end, Sensex advanced 178.58 points or 0.25% and closed at 72026.15, while Nifty gained 52.20 points or 0.24% and settled at 21710.80.
Nifty and Nifty Bank Futures Price Movement on Friday, 5 January
On Friday, January 5, the Nifty futures (January Series) opened at 21779.80 level. The index made a slightly negative opening of 6.15 points from the previous close. It touched an intraday high at 21831 and a day’s low at 21677.
The index moved to 154 points on Friday, and it closed lower by 3.90 points or 0.02 percent and ended at 21782.05 levels.
The Bank Nifty futures (January Series) opened at 48502.05 levels on Friday. It opened almost flat on Friday. It has touched an intraday high at 48625 and a day’s low at 47982
On Friday, the Bank Nifty futures gave a movement of 643 points and finished lower by 201.70 points or 0.42 percent and ended at 48300.05 levels.
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Nifty & Bank Nifty Prediction for Monday, 8 Jan 2024
Nifty Futures Prediction for Monday, 8 Jan 2024
Primary Nifty Trend in Futures: Mild Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 21850 whereas All Down Moves can initiate Short Covering @ 21700
If the Nifty futures share price moves above 21803 and sustains. Then it can trade in the range of 21830- 21858- 21902 during the day with a stop loss of 21780.
If the Nifty futures share price moves below 21730 and is sustained. Then it can trade in the range of 21685- 21658- 21621 during the day with a stop loss of 21756.
Also read: Key factors that are likely to impact the Indian Stock Market Next Week ( 8-12 Jan 2024)
Bank Nifty Futures Prediction for Monday, 8 Jan 2024
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 48600, whereas Down Moves can Initiate Short Covering @ 48150
Suppose the Bank Nifty futures move above 48455 and sustain, then it can trade in a range of 48525- 48610- 48680 during the day with a stop loss of 48400
If the Bank Nifty futures move below 48240 and sustain, then the index can trade in the range of 48160- 48080- 47980 levels during the day with a stop loss of 48310.
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Global Stock Market Updates on Friday
European stock markets trimmed most of their early losses in the second half on Friday, as investors digested economic data released in the region. The latest data released by Eurostat on Friday showed that eurozone inflation surged in December, but by less than expected. However, the core inflation excluding food and energy cooled in December.
The inflation readings in France and Germany both came slightly higher in December as compared to the previous month. Separately, German retail sales fell sharply in November as non-food sales tanked, according to the federal statistics office, Destatis.
The US stock market indexes ended the volatile session with minor gains on Friday. The week’s closely watched monthly job report showed that US employers hired more workers in December, well above the expectations. The average hourly earnings in December month remained steady at 0.4%, while the YoY basis increased slightly higher. Additionally, the unemployment rate defied expectations, maintaining at 3.7%.
However, the markets pared early losses, as a survey from the Institute for Supply Management (ISM) showed the services PMI fell sharply in December, as employment dropped sharply to almost 40 months low.
Conclusion
Indian stock markets closed slightly higher amid volatility on Friday. The global cues were mixed as most of the economic data painted a varied picture. Meanwhile, the US 10-year Treasury yields climbed to almost a one-month high at 4.046%, which may restrict Foreign Institutional Investors (FIIs) buying in the equity cash segments. On Monday, markets may trade positive to 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 Slump: A Downbeat Start to 2024
Indian Stock Market Update: A Week of Fluctuations and Sectoral Surprises in 2024
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Editor’s Desk
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