Nifty | Bank Nifty Prediction for Tomorrow, 16 Dec 2021
Nifty and Bank Nifty Prediction for Tomorrow, 16 Dec 2021: Indian equity benchmark indices opened flat on Wednesday amid weak global cues. Indian markets extended their losses in the last hour and closed in the negative zone. Market sentiments got hit as the Asian Development Bank (ADB) for the second time in three months scales down India’s growth estimate for FY22 due to supply chain issues of industries.
The broader markets also closed lower today following their larger peers. Continuous selling pressure was witnessed in Nifty PSU Banking, Financial Services, Media, and Realty counters. You can read the detailed market updates here.
Nifty and Nifty Bank futures price movement for 15 Dec (Dec Expiry)
The Nifty futures price opened at 17325, making a negative opening of 30.05 points. It has touched an intraday high at 17379.50 and a day’s low at 17217
The Nifty futures price has given a movement of 162.5 points today. In the end, it declined 107.40 points or 0.62 percent and ended at 17247.65 levels.
The Bank Nifty futures opened at 37000.05. It made a negative opening of 42.45 points today. It has touched an intraday high at 37218 and a day’s low at 36901
During the day, the Bank Nifty futures has given a movement of 317 points. In the end, it closed lower by 136.85 points or 0.37 percent and closed at 36905.65 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 16 Dec 2021 (Dec Expiry)
Nifty Futures prediction for Tomorrow, 16 Dec 2021
Primary Nifty Trend in futures: Volatile
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17350 whereas All Down Moves Initiates Short Covering (Buy) @ 17160
If the Nifty futures share price Moves Above 17285 and sustain. Then you should Buy with 1st Target of 17325 during the day with a Stop Loss of 17265 FOR the Target of 17325- 17355- 17394
If the Nifty futures share price Moves Below 17224 and is sustained. Then you should Sell with the 1st Target of 17195 during the day with a Stop Loss of 17255. FOR the Target of 17195- 17158- 17132
Bank Nifty Futures prediction for Tomorrow, 16 Dec 2021
Primary Trend of Bank Nifty Futures: Volatile
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 37250 whereas All Down Moves Initiates Short Covering (Buy) @ 36750
Suppose the Bank Nifty futures Moves Above 37050 and sustain, then you should Buy with the 1st Target of 37135 during the day with a Stop Loss of 36960. FOR the Target of 37135 – 37226 – 37430
If the Bank Nifty futures Moves Below 36840 and sustain, then you should Sell with the 1st Target of 36740 during the day with a Stop Loss of 36920. FOR the Target of 36740 – 36660 – 36540
Global markets today
On the global front, Asian markets closed mixed on Wednesday ahead of Central Bank’s meeting this week. China’s factory output grew faster than expected in November supported by energy production and moderation in higher material costs, but new restrictions to fight rising Covid-19 cases hit retailers in China.
European markets are trading mixed ahead of key central bank meetings. FTSE is trading lower due to a spike in inflation as per the latest report. The US future, Dow, and Nasdaq futures are trading almost flat at this time at 5 pm IST
Conclusions
Indian markets continued to decline for the fourth straight session on the back of weak global cues, rising Omicron cases, and higher inflation data. Now all eyes will be on the US Fed meeting outcome expected tonight, Indian markets will react on Thursday. The commentary on tapering assets, inflation forecast, and growth would be important to watch out for the US policy meeting outcome.
Also read, Stock Market Prediction Next Week (13 Dec- 17 Dec 2021)
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