Nifty and Bank Nifty Prediction for Tomorrow 10 Jan 2023
Nifty and Bank Nifty Prediction for Tomorrow 10 Jan 2023: The Indian equity market indexes ended with solid gains on Monday, snapping a three-day losing streak. Sensex and Nifty closed above their psychological levels of 60K and 18K respectively.
The hopes of a cool-down in US rate hikes, a fall in eurozone inflation, and the reopening of China borders lifted the market sentiments globally. Barring consumer durables, all other sectoral indices closed higher today. IT, Metals, and Oil & Gas rallied the most today.
The market breadth was positive today. The broader markets underperformed, as compared to the frontline index, as the Nifty mid and smallcap index gained 0.94 percent and 0.55 percent respectively. At the close, Sensex and Nifty ended 1.41 percent and 1.35 percent respectively. You can read detailed market updates here.
Nifty and Bank Nifty futures price movement for 9 Jan
The Nifty futures price opened at 18028 making a positive opening of only 84.8 points today. It has touched an intraday high of 18228 and a day’s low of 18018.90
The Nifty futures price has given a movement of 209.1 points today. In the end, it closed higher by 218.60 points or 1.22 percent and ended at 18161.80 levels.
The Bank Nifty futures opened at 42496.40 It made a positive opening of 137.9 points. The Bank Nifty futures touched an intraday high at 42908.50 and a day’s low at 42353
During the day, the Bank Nifty futures have given a movement of 555.5 points. In the end, it closed higher by 382.50 points or 0.90 percent and closed at 42741 levels.
Nifty & Bank Nifty Prediction for Tomorrow 10 Jan 2023 (Jan 23 Expiry)
Nifty Futures Prediction for Tomorrow 10 Jan 2023
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18300 whereas All Down Moves Initiates Short Covering (Buy) @ 18100
If the Nifty futures share price Moves Above 18215 and sustain. Then you should Buy with the 1st Target of 18244 during the day with a Stop Loss of 18180 FOR the Target of 18244- 18270- 18305- 18335
If the Nifty futures (Jan Series) share price Moves Below 18138 and is sustained. Then you should Sell with the 1st Target of 18110 for the day with a Stop Loss of 18168. For the Target of 18110- 18075-18055- 18018
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Bank Nifty Futures Prediction for Tomorrow 10 Jan 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 43050 whereas All Down Moves Initiates Short Covering (Buy) @ 42650
Suppose the Bank Nifty futures (Jan Series) Moves Above 42870 and sustain, then you should Buy with the 1st Target of 42950 during the day with a Stop Loss of 42720 and the Target of 42950- 43056 – 43170- 43315
If the Bank Nifty futures (Jan Series) Moves Below 42380 and sustain, then you should Sell with the 1st Target of 42290 the day with a Stop Loss of 42550. For the Target of 42290- 42225- 42140- 42050
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Global Stock Market Updates
The other Asian stock markets also started the week on a positive note on hopes of a post-pandemic recovery in China and on a less aggressive monetary policy tightening by the US Fed after the monthly job report. The sentiments were boosted by the latest Covid-policy curbs rollback seen at the border with Hong Kong opened on Sunday. Shanghai and Hang Seng rose on Monday while Japan’s Nikkei was closed today due to a public holiday.
European stock market indexes are mostly trading higher on Monday following the gains in Asian markets. The market sentiments are boosted by the reopening of borders in China and a Friday Wall Street rally driven by jobs data easing rate hike worries. The US future indexes, Dow Jones and Nasdaq futures are trading in the green, indicating a positive opening for the US markets on Monday.
Conclusion
Indian markets ended higher on Monday amid positive global cues. The market sentiments become positive due to the hopes of less aggressive rate hikes in the US and China reopening. Going ahead, traders should remain cautious tomorrow as Fed Chair Powell’s speech is due on Tuesday. You can also follow our Daily Morning Report at 7.30 am for market direction.
Also, read Best Options Trading Books in India-Must Read 2022
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