Nifty and Bank Nifty Prediction for Tomorrow – 20 December 2023
Nifty and Bank Nifty Prediction for Tomorrow – 20 December 2023: Indian equity benchmarks ended the volatile session with marginal gains on Tuesday. The benchmark indices opened higher but soon turned red and became volatile.
However, the sentiments became positive, and the markets recovered in the afternoon session as the IMF expected India’s GDP to remain strong in FY24 and contribute over 16% of the global growth. The domestic rating agency ICRA also raised the FY24 GDP growth forecast from 6.2% to 6.5%.
The Energy, FMCG, and Consumer Durable sectors advanced while the IT, Auto, and Media sectors declined the most. The market breadth was almost flat as the advance declined indicating an equal ratio at the close.
The broader markets underperformed the benchmarks, as the Nifty midcap and smallcap index closed lower by 0.38% and 0.12%, respectively. At the close, Sensex advanced 122.09 points or 0.17% and ended at 71437.19, while Nifty advanced, 34.45 points or 0.16% and settled at 21453.10. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (28 Dec expiry)
The Nifty futures price for December 28, expiry opened at 21481.10, making a slightly positive opening of 3.85 points on Tuesday. It has touched an intraday high of 21594.70 and a day’s low of 21415
The Nifty futures price has given a movement of 179.7 points. Ultimately, the Nifty futures closed higher by 51.75 points or 0.24% at 21529 levels.
The Bank Nifty futures for December 28, expiry opened at 48000. It made a positive opening of 52.65 points on Tuesday. The Bank Nifty futures touched an intraday high at 48228 and a day’s low at 47784.80
During the day, the Bank Nifty futures have given a movement of 443.2 points. In the end, Bank Nifty Futures closed higher by 52.65 points or 0.11 percent and closed at 48000 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 20 Dec 2023
Nifty Futures Prediction for Tomorrow, 20 Dec 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 21600, whereas All Down Moves can Initiate Short Covering @ 21470
Suppose the Nifty futures move above 21562 and sustain. Then, the index can trade in a range of 21601- 21640- 21680 levels during the day.
If the Nifty futures share price moves below 21470 and is sustained. Then,, the index futures can trade in a range of 21432- 21385- 21356 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 20 Dec 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 48400, whereas All down moves can Initiate Short Covering @ 47800.
Suppose the Bank Nifty futures move above 48130 and sustain, then the index can trade in the range of 48220- 48310- 48440 levels during the day.
If the Bank Nifty futures move below 47890 and sustain, then, the index can trade in the range of 47800- 47720- 47630 levels during the day.
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Global Market Updates
In Asia, the major stock market indexes rebounded as the Bank of Japan (BoJ) kept the ultra-loose monetary policy unchanged and offered no hints of an early end to negative interest rates. China’s Shanghai Index closed flat to the positive ahead of the Loan Prime Rate (LPR) due on Wednesday, which is expected to remain unchanged. Hang Seng declined due to a drag in tech shares.
Australia’s S&P ASX 200 index gained as investors digested the last meeting of Reserve Bank of Australia (RBA) minutes. The minutes revealed a consideration of a possible 25 basis point interest rate hike in December but ultimately kept the rates unchanged.
European stock markets are mostly pared early gains and trading near their flatline on Tuesday. As Christmas approaches, markets are quiet. In the US, Dow and Nasdaq futures are trading just above their neutral line at 5.15 p.m. IST.
Conclusion
The Indian stock markets ended slightly higher amid volatility. Initially, the market declined after opening higher due to a spike in crude oil prices and negative sentiments in early Asian markets. Nevertheless, the favorable Bank of Japan’s Monetary policy and stable oil prices favored the domestic markets.
The domestic investors showed interest in buying whenever the index dipped, confirming our positive outlook. Buying in specific heavyweight stocks helped recover earlier losses, leading to a modest gain by the end of the day. Investors can also follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Stock Market Prediction Next Week (11- 15 Dec 2023)
FINNIFTY Weightage | All About Nifty Financial Services Index
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