Nifty and Bank Nifty futures prediction for 29 Jan 2021
Indian markets closed lower for the fifth consecutive day, Nifty and Bank Nifty futures prediction for tomorrow 29 Jan 2021
Nifty & Bank Nifty futures prediction for tomorrow 29 Jan: Indian stock market made a gap down opening on Thursday tracking sell-off in the global markets. Heavy selling pressure in the Healthcare, Banking, and IT stocks dragged down the markets today. In the end, the benchmark indices extended their losses and closed in the red today.
The domestic market sentiments got hit due to weak global cues, especially overnight sell-off on Wall Street. FIIs and domestic investors have become cautious ahead of the 2021 Union Budget scheduled on 1st February. However, losses remained capped with the Minister of Commerce and Industry’s statement that foreign direct investment (FDI) inflows from April to November 2020 have increased by 22% YoY basis to $58.37 billion- the highest for the first 8 months of any fiscal year.
On the global fronts, Asian markets were closed lower following the overnight sell-off on Wall Street amid concerns about excessive stock valuation, and as the Federal Reserve noted that the pace of the economic recovery in the U.S has moderated in recent months. The European markets and U.S futures markets are trading lower at 5 pm IST
Today’s market Nifty, Sensex, and Bank Nifty on the spot price
At the close, Nifty fell 149.95 points or 1.07%, and at 13817.55 levels while Sensex slipped 535.57 points or 1.12% and closed at 46874.36 level. The Bank Nifty on the spot price gained 73.75 points or 0.25% and ended at 30358.30 level.
The Nifty midcap and smallcap indexes closed lower today. The Nifty midcap 100 index fell 125.40 points or 0.59% and at 20989.95. The smallcap 100 index declined 50.50 points or 0.69% and finished at 7222.05 levels.
The top five gainers in the Nifty50 index for the day were Axis Bank, SBI, IOC, Shree cement, and Hero Motorcop. The top five losers in the Nifty50 index for the day were HUL, Maruti Suzuki, Wipro, HDFC Bank, and Power Grid Corp. The most active stocks for the day in the Nifty50 index were Axis Bank, Tata Motors, and Reliance.
On a sectoral front, Automobiles, Capital Goods, Telecom, Consumer Durables, and Electricals were closed in the green. The sectors that closed in the red were IT & Software, FMCG, Insurance, Healthcare, and Financial.
Nifty & Bank Nifty futures price today
The Nifty futures share price opened at 13849.95, it made a gap down opening of 132.6 points. It has touched an intraday high at 13896.90 and a day’s low at 13706.30
The Nifty futures share price has given a movement of 190.6 points. In the end, it fell 163.10 points or 1.17%, and closed at 13819.45 levels.
The Bank Nifty futures share price opened at 29886.10 It made a negative opening of 442.25 points today. It has touched an intraday high at 30410.75 and a day’s low at 29661
During the day, the Bank Nifty futures share price has given a movement of 749.75 points. In the end, it gained 35.45 points or 0.12% and closed at 30363.80 levels.
Nifty and Bank Nifty futures prediction for 29 Jan ( Feb Expiry)
Nifty futures prediction 29 Jan 2021
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 13930 whereas All Down Moves Initiates Short Covering (Buy) @ 13670
If the Nifty futures share price Moves Above 13895 and sustain. Then you should Buy with 1st Target of 13925 during the day with a Stop Loss of 13790 FOR the Target of 13925-13950- 13985
If the Nifty futures share price Moves Below 13790 and sustain. Then you should Sell with the 1st Target of 13745 during the day with a Stop Loss of 13895. FOR the Target of 13745- 13696 -13668
Bank Nifty futures prediction for 29 Jan 2021
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 31500, whereas All Down Moves Initiates Short Covering (Buy) @ 29920
Suppose Bank Nifty futures share price Moves Above 30650 and sustain. Then you should Buy with the 1st Target of 30750 during the day with a Stop Loss of 30170. FOR the Target of 30750 – 30840- 30960
If the Bank Nifty futures share price Moves Below 30170 and sustained. Then you should Sell with the 1st Target of 30060 during the day with a Stop Loss of 30650. FOR the Target of 30060 – 29985- 29730
Conclusions:
Indian stock market closed lower for the fifth consecutive day in a row. The market closed negative mainly due to global sell-off and profit booking ahead of the 2021 Union Budget. Traders should remain cautious, avoid carry forward position without a hedge, and trade with strict stop loss in the coming two/three days due to Union Budget 2021.
Traders/investors can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures prediction for 29 Jan 2021.
Also read, Intraday Trading books to make money from Stock Markets
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