Nifty | Bank Nifty prediction for tomorrow 28 Jan 2021
Nifty closed below 14K, Nifty & Bank Nifty prediction for tomorrow 28 Jan 2021
Nifty & Bank Nifty prediction for tomorrow 28 Jan 2021: Indian stocks markets opened flat today and traded lower throughout the day. The mixed global cues and cautious ahead of the upcoming Union Budget kept investors nervous today. In the end, markets extended their losses and closed in the deep red.
The market sentiments remained down-beat with the latest round of FICCI’s Economic Outlook Survey stated that India’s gross domestic product (GDP) is expected to contract by 8% in the current financial year FY21. The annual median growth forecast by the industry body is based on responses from leading economists representing the industry, banking, and financial services sector.
Some concerns also came in the market after Reserve bank data showed that the overseas investment by domestic firms fell by over 42% to $1.45 billion in December 2020. In the previous year, companies in India had invested $2.51 billion in their foreign firms (joint ventures/ wholly-owned units)
On the global front, Asian markets were closed mixed due to the cautious ahead of FOMC meeting outcome. European stock markets are trading flat due to concerns about a slow economic recovery while the US futures index Dow and Nasdaq futures are trading mixed at 3.30 PM IST
Today’s market: Nifty, Sensex, and Bank Nifty on the spot price
At the close, Nifty fell 271.40 points or 1.90%, and at 13967.50 levels while Sensex slipped 937.66 points or 1.93% and at 47409.93 level. The Bank Nifty on the spot price closed lower by 913.85 points or 2.92% and ended at 30284.55 levels.
The Nifty midcap index closed in the red whereas the Nifty smallcap 100 index ended marginally higher today. The midcap index fell 339.85 points or 1.58% and at 21115.35 levels. The Nifty smallcap 100 index closed marginally higher by 10.95 points or 0.15% and closed at 7272.55 levels.
The top five gainers in the Nifty50 index were Tech Mahindra, SBI life Insurance, Wipro, ITC, and Power Grid Corp. The top five losers in the Nifty50 index were Tata Motors, Axis Bank, Tata Steel, Gail, and Titan Company. The most active stocks in the Nifty50 index were Reliance, Tata Motors, and HDFC Bank.
On a sectoral basis, barring logistics, all other major sectors in the NSE closed in the red today. The sectors that closed in the deep red were Metals, Oil & Gas, Banking & Finance, Real Estate, and Automobiles.
Nifty & Bank Nifty futures price today
The Nifty futures share price opened at 14199, it made a negative opening of 54.15 points. It has touched an intraday high at 14208 and a day’s low at 13933.10
The Nifty futures share price has given a movement of 274.9 points. In the end, it fell 272.05 points or 1.91%, and closed at 13981.10 levels.
The Bank Nifty futures share price opened at 31165.35 It made a negative opening of 15.8 points today. It has touched an intraday high at 31249.90 and a day’s low at 30177.10
During the day, the Bank Nifty futures share price has given a movement of 1072.8 points. In the end, it declined 830.35 points or 2.66%, and closed at 30350.80 levels.
Nifty and Bank Nifty prediction for tomorrow 28 Jan ( Jan Expiry)
Nifty prediction for tomorrow 28 Jan 2021in futures
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 14120 whereas All Down Moves Initiates Short Covering (Buy) @ 13920
If the Nifty futures share price Moves Above 14045 and sustain. Then you should Buy with 1st Target of 14085 during the day with a Stop Loss of 13947 FOR the Target of 14085-14118- 14149
If the Nifty futures share price Moves Below 13947 and sustain. Then you should Sell with the 1st Target of 13920 during the day with a Stop Loss of 14665. FOR the Target of 13920- 13870 -13838
Bank Nifty prediction for tomorrow in futures, 28 Jan 2021
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 31450, whereas All Down Moves Initiates Short Covering (Buy) @ 30000
Suppose Bank Nifty futures share price Moves Above 30460 and sustain. Then you should Buy with the 1st Target of 30520 during the day with a Stop Loss of 30140. FOR the Target of 30520 – 30625- 30700
If the Bank Nifty futures share price Moves Below 30140 and sustained. Then you should Sell with the 1st Target of 30030 during the day with a Stop Loss of 31430. FOR the Target of 30030 – 29935- 29720
Conclusions:
Indian stock markets extended their losses for the fourth consecutive days. Almost all major sectors closed in the red and Nifty closed below 14K today. The markets slipped mainly due to weak global cues, cautiousness ahead of FOMC meeting outcome, and Union Budget. FIIs and DIIs both were sellers in the cash market for the last two days. Investors/traders have become nervous ahead of the monthly expiry tomorrow and booked the profit.
Traders/investors can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures prediction for tomorrow 28 Jan 2021.
Also read, Intraday Trading books to make money from Stock Markets
Weekly Prediction-Nifty and Bank Nifty futures (25-29 Jan)
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