Nifty and Bank Nifty Prediction for Tomorrow, 18 January 2024
Nifty and Bank Nifty Prediction for Tomorrow, 18 January 2024: Indian equity market indexes ended the volatile session with significant losses on Wednesday, declining for the second consecutive day. The domestic markets opened a gap-down following weak global cues and fell sharply. The heavyweight HDFC Bank shares tanked more than 8% after the quarterly earnings and dragged the Bank Nifty indices.
Among the sectors barring IT all sectoral indices ended in the red, with Banking, Financials, and Metal stocks falling the most. The market breadth was weak. On the NSE, 739 shares were advanced and 1810 shares declined, while 82 shares were unchanged at the close. The NSE volatility index “India VIX” jumped 11.10% to 15.08.
The broader markets also closed in the deep red, as Nifty mid and smallcap indexes closed lower by 1.08% and 1.20% respectively. In the end, Sensex declined 1628.02 points or 2.23% and settled at 71500.76, while Nifty tumbled 460.35 points or 2.09% and finished at 21571.95. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (25 Jan expiry)
The Nifty futures price for the January 25 expiry opened at 21743.70 making a gap-down opening of 285.8 points on Wednesday. It has touched an intraday high of 21854.75 and a day’s low of 21563.30
The Nifty futures price has given an intraday movement of 291.45 points. Ultimately, the Nifty futures closed lower by 442.50 points or 2.01% at 21587 levels.
The Bank Nifty futures for the January 25 expiry opened at 47015.20. It made a gap-down opening of 1209.75 points on Wednesday. The Bank Nifty futures touched an intraday high at 47600 and a day’s low at 46050.70.
During the day, the Bank Nifty futures have given a movement of 1549.3 points. In the end, Bank Nifty Futures closed lower by 2024.65 points or 4.20 percent and closed at 46200.30 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 18 Jan 2024
Nifty Futures Prediction for Tomorrow, 18 Jan 2024
Primary Trend in Nifty Futures: Negative
Range-Bound Trend: All up Moves can initiate profit Booking @ 21750 whereas All Down Moves can Initiate Short Covering @ 21500
Suppose the Nifty futures move above 21662 and sustain. Then the index can trade in a range of 21702- 21735- 21780 levels during the day.
If the Nifty futures share price moves below 21540 and is sustained. Then the index futures can trade in a range of 21512- 21470- 21421 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 18 Jan 2024
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 46500 whereas All down moves can Initiate Short Covering @ 45600.
Suppose the Bank Nifty futures move above 46460 and sustain, then the index can trade in the range of 46600- 46750- 46960 levels during the day.
If the Bank Nifty futures move below 46040 and sustain, then the index can trade in the range of 45950- 45840- 45570 levels during the day.
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Global Stock Market Updates
The other Asian stock market indexes closed sharply lower on Wednesday due to weaker-than-expected economic data from China. The disappointing economic growth in China deepened worries about the world’s second-largest economy. Indices across the region fell sharply on the news, that China’s economy grew 5.2% in the fourth quarter, missing analysts’ expectations.
Hang Seng fell the most in the region, followed by the Shanghai and Kospi index. Japan’s Nikkei pared early gains and closed lower after the Reuters Tankan business sentiments of large companies in Japan declined for the first time in four months in January. Elsewhere, Australia’s S&P ASX 200 index, Straits Times, SET Composite, and Taiwan all ended in the deep red.
European equity markets are trading lower on Wednesday following the negative cues from Asian markets. Investors focus remains on the World Economic Forum taking place this week in Davos, Switzerland. The market sentiments were also hit as the UK’s inflation rate came slightly higher in December due to a change in tobacco taxes.
In the US, the Dow Jones and Nasdaq futures are trading lower on Wednesday, indicating a negative opening for the US markets today.
Conclusion
Indian stock markets fell sharply and closed near the day’s low. Selling pressure in the private banking major HDFC Bank, after quarterly results combined with weak global cues was weighing on the sentiment today. The domestic market sentiments turned slightly bearish in the near term, going ahead markets will remain volatile.
Investors can also follow our Daily Morning Report at 7:30 a.m. for market direction. You can also follow our Nifty and Bank Nifty support and resistance levels during the live market. You may also like to read the key factors that are likely to impact the stock markets this week.
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