Nifty and Bank Nifty Prediction for Tomorrow – 13 December 2023
Nifty and Bank Nifty Prediction for Tomorrow – 13 December 2023: Indian equity benchmarks ended with modest losses on Tuesday. The domestic markets opened higher on Tuesday and fell sharply in the second half as investors remain cautious ahead of the key inflation data from India and the US.
Among the sectors, Media, Metal, and Nifty PSU Bank closed marginally higher while Realty and energy stocks fell sharply followed by Auto stocks. The market breadth was negative, on the NSE 995 shares advanced while 1506 shares declined. Meanwhile, the Nifty 50 index hit a record high at 21037.90 in the early trade.
The broader markets closed mixed on Tuesday, the Nifty midcap index closed lower by 0.39% while the smallcap index ended slightly higher by 0.03%. At the close, the Sensex declined 377.50 points or 0.54% and finished at 69551.03 while the Nifty fell 90.70 points or 0.43% and settled at 20906.40. You can read the detailed market updates here.
Breaking News– India’s consumer price index (CPI)-based retail inflation in November came at 5.55%, higher than the 4.87% recorded in October, according to the data released by the National Statistical Office on Tuesday. Index of Industrial Production (IIP) growth surged to 11.7% in October, it was recorded at 5.83% in September.
Nifty and Bank Nifty Futures Price Movement for (28 Dec expiry)
The Nifty futures price for December 28, expiry opened at 21112.20 making a positive opening of 27.27 points on Tuesday. It has touched an intraday high of 21129.95 and a day’s low of 20991
The Nifty futures price has given a movement of 138.95 points. Ultimately, the Nifty futures closed lower by 74.70 points or 0.35% at 21009.75 levels.
The Bank Nifty futures for December 28, expiry opened at 47574.80. It made a positive opening of 82.95 points on Tuesday. The Bank Nifty futures touched an intraday high at 47600 and a day’s low at 47237.75
During the day, the Bank Nifty futures have given a movement of 362.25 points. In the end, Bank Nifty Futures closed lower by 222.75 points or 0.47 percent and closed at 47269.10 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 13 Dec 2023
Nifty Futures Prediction for Tomorrow, 13 Dec 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 21090 whereas All Down Moves can Initiate Short Covering @ 20950
Suppose the Nifty futures move above 21065 and sustain. Then the index can trade in a range of 21091- 21122- 21147 levels during the day.
If the Nifty futures share price moves below 20980 and is sustained. Then the index futures can trade in a range of 20980- 20955- 20921 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 13 Dec 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47500 whereas All down moves can Initiate Short Covering @ 47000.
Suppose the Bank Nifty futures move above 47460 and sustain, then the index can trade in the range of 47525- 47605- 47680 levels during the day.
If the Bank Nifty futures move below 47185 and sustain, then the index can trade in the range of 47080- 46990- 46880 levels during the day.
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Conclusion
After experiencing a solid rally recently, the Nifty 50 is presently in a consolidation phase due to the expectation of an increase in November inflation in India. The elevated food prices are likely to escalate the November inflation and potentially postpone policy cuts by the Reserve Bank of India (RBI).
The inflation outlook in the United States is likely to remain steady, and this stability could impact the forthcoming policy decisions of the US Federal Reserve, uplifting the global market sentiments later this week.
Going ahead, investors are advised to remain cautious in the upcoming trading sessions due to the release of key economic data and the US Fed meeting. You 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)
Options Trading Books: Your Ultimate 2023 Guide to Winning Big
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