Nifty and Bank Nifty Prediction for Monday 16 Jan 2023
Nifty and Bank Nifty Prediction for Monday 16 Jan 2023: Indian equity markets snapped a three-day losing streak and closed with modest gains on Friday. The markets pared early losses in the second half and closed higher on the back of buying in PSU Bank, Metals, and IT stocks, some selling pressure was seen in Consumer Durable and pharma sectors. The market sentiments become positive due to favorable economic data both domestically and in the U.S. and positive Q3 earnings by the IT companies.
The market breadth was positive on Friday. The broader markets ended mixed as the Nifty midcap index closed lower by 0.10 percent while smallcap ended higher by 0.29 percent. At the close, Sensex and Nifty gained 0.51 percent and 0.55 percent respectively on Friday and logged their first weekly gain in 2023.
Nifty and Nifty Bank futures price movement on Friday, 13 Jan (Jan Expiry)
On Friday, Jan 13, the Nifty futures (Jan Series) opened at 17940 levels, it made a positive opening of 21.35 points. It touched an intraday high at 18088.15 and a day’s low at 17835.55
The Nifty future has given a movement of 252.6 points on Friday. In the end, it gained 103.35 points or 0.58 percent and ended at 18022 levels.
The Bank Nifty futures (Jan Series) opened at 42250 levels on the last day of the week. It made a positive opening of 37.05 points on Friday. It has touched an intraday high at 42595 and a day’s low at 42022.95
On Friday, the Bank Nifty future gave a movement of 572.05 points. At the close, it ended higher by 257.10 points or 0.61 percent and closed at 42470.05 levels.
Nifty & Bank Nifty Prediction for Monday 16 Jan 2023 (Jan Expiry)
Nifty Futures Prediction for Monday 16 Jan 2023
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18150 whereas All Down Moves Initiates Short Covering (Buy) @ 17950
If the Nifty futures share price Moves Above 18056 and sustain. Then you should Buy with 1st Target of 18085 during the day with a Stop Loss of 18028 FOR the Target of 18085- 18115- 18145-18174
If the Nifty futures share price Moves Below 17970 and is sustained. Then you should Sell with the 1st Target of 17947 during the day with a Stop Loss of 18009. For the Target of 17947- 17918- 17865- 17835
Bank Nifty Futures Prediction for Monday 16 Jan 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42800, whereas All Down Moves Initiates Short Covering (Buy) @ 42200
Suppose the Bank Nifty futures Moves Above 42600 and sustain, then you should Buy with the 1st Target of 42670 during the day with a Stop Loss of 42470. For the Target of 42670- 42760- 42850- 42940
If the Bank Nifty futures Moves Below 42330 and sustain, then you should Sell with the 1st Target of 42225 during the day with a Stop Loss of 42435. For the Target of 42225- 42135- 42020- 41900
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Global stock market updates
The U.S. stock market indexes pared early losses and extended their previous session gains on Friday. The cautious outlook from the banking giants caused the stocks to fall in early trading on Friday. Investors bet on beaten-down banking stocks after the better-than-expected quarterly results and this lifted the markets in the second half on Friday.
European stock markets advanced on Friday extending their previous session gains and ending at their highest level since April 2022. The market sentiments were upbeat as investors were cheered by cooling US inflation data and better-than-expected GDP growth in the UK and German, suggesting that recessions may not be as steep as first feared.
Conclusions
Easing inflation and positive Q3 earnings of IT stocks on Thursday change the market sentiments on Friday. However, Despite improved domestic economic readings, selling pressure from FIIs continued, which has been a major dampener for local traders now.
The U.S. and European market sentiments were positive on Friday, expecting Asian markets to follow the trend on Monday. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also read, Global Stock Market Indexes-Weekly Updates (9-13 Jan 2023)
Indian Stock Market Weekly Update (9- 13 Jan 2023)
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Editor’s Desk
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