Nifty and Bank Nifty Prediction for Tomorrow, 30 January 2024
Nifty and Bank Nifty Prediction for Tomorrow, 30 January 2024: Indian equity market indexes ended the first trading session of the week with their biggest single-day gain in 2024. The domestic markets opened higher following positive cues from Asian peers and extended their gains as the session progressed on the back of buying heavyweight stocks inducing Reliance, L&T, and HDFC Bank.
Barring the FMCG index all other sectors ended in the green territory, with energy gaining the most followed by PSU bank and auto. The market breadth was positive. On the NSE, 1545 shares advanced while 1042 shares declined at the close. The NSE’s volatility index “India VIX” jumped 13.09% to 15.68.
The broader markets also closed higher in line with their larger peers, as Nifty mid and smallcap indexes gained 1.63% and 1.49% respectively. In the end, Sensex jumped 1240.90 points or 1.76% and settled at 71941.57, while Nifty advanced 385 points or 1.80% and closed at 21737.60. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (29 February expiry)
The Nifty futures price for the February 29 expiry opened at 21591 making a positive opening of 102.45 points on Monday. It has touched an intraday high of 21885 and a day’s low of 21575
The Nifty futures price has given an intraday movement of 310 points. Ultimately, the Nifty futures closed higher by 386.65 points or 1.80% at 21875.20 levels.
The Bank Nifty futures for the February 29 expiry opened at 45500. It made a higher opening of 208.35 points on Monday. The Bank Nifty futures touched an intraday high at 46039 and a day’s low at 45453.95.
During the day, the Bank Nifty futures have given a movement of 585.05 points. In the end, Bank Nifty Futures closed higher by 558.90 points or 1.23 percent and closed at 45850.55 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 30 Jan 2024
Nifty Futures Prediction for Tomorrow, 30 Jan 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22020 whereas All Down Moves can Initiate Short Covering @ 21850
Suppose the Nifty futures move above 21925 and sustain. Then the index can trade in a range of 21980- 22013- 22065 levels during the day.
If the Nifty futures share price moves below 21830 and is sustained. Then the index futures can trade in a range of 21780- 21738- 21690 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 30 Jan 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 46300 whereas All down moves can Initiate Short Covering @ 45500.
Suppose the Bank Nifty futures move above 45960 and sustain, then the index can trade in the range of 46040- 46185- 46330 levels during the day.
If the Bank Nifty futures move below 45450 and sustain, then the index can trade in the range of 45360- 45240- 45150 levels during the day.
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Global Market Updates
The Asian stock markets mostly closed higher on Monday, as investors looking for fresh economic data scheduled during the week and the US Fed monetary policy decision on Wednesday. China’s stock market closed lower as some traders were nervous after the liquidation news of property giant Evergarnde.
However, Hang Seng closed higher, as many had already priced in the real estate firm’s expected downfall in a Hong Kong court. Evergrande’s shares trading was halted on Monday after Hong Kong’s high court ordered the liquidation of the Chinese property developer.
Among the others, Japan’s Nikkei ended higher as energy stocks boosted the market sentiments. Australia’s S&P ASX 200 index, and South Korea’s Kospi also closed higher today. The Straits Times ended in the red, while Taiwan, SET, and Jakarta Composite closed higher on Monday.
European stock market indexes are trading mixed as investors are looking for a fresh set of quarterly earnings, factory activity data, and the central bank’s decision later this week.
In the US, the Dow future is trading slightly lower, while the Nasdaq future is trading above the flat line, indicating a mixed opening for the US markets today.
Conclusion
Indian markets rallied as traders bet on recently beaten-down stocks. The positive cues from Asian markets and in line with the expectation of quarterly results also supported the markets. Domestic markets will remain volatile in the coming days ahead of the interim budget, earnings, and Fed policy decision.
Investors can also follow our Daily Morning Report at 7:30 a.m. for market direction. You can also follow our Nifty and Bank Nifty support and resistance levels during the live market. You may also like to read the key factors that are likely to impact the stock markets this week.
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