Nifty and Bank Nifty Prediction for Tomorrow 20 Jan 2023
Nifty and Bank Nifty Prediction for Tomorrow 20 Jan 2023: Indian equity market indexes ended with minor cuts on Thursday. The domestic market sentiment was dented due to weak global cues, as the U.S. retail sales and Industrial production data reported below expectations. Indian equity benchmarks traded below their neutral line throughout the day on the back of selling in the Media, FMCG, and Consumer Durables sectors. However, some buying was witnessed in PSU Bank, Oil & Gas, and IT stocks.
The market breadth was negative today, the broader markets also closed lower, as Nifty mid and smallcap indexes fell 0.11% and 0.49% respectively. At the close, Sensex and Nifty snapped their winning streak and closed lower by 0.31% and 0.32% respectively. You can read detailed market updates here.
Nifty and Bank Nifty futures price movement for 19 Jan
The Nifty futures price opened at 18151 making a negative opening of 48.15 points today. It has touched an intraday high of 18177.75 and a day’s low of 18081
The Nifty futures price has given a movement of 96.75 points today. In the end, it closed lower by 93.55 points or 0.51 percent and ended at 18105.60 levels.
The Bank Nifty futures opened at 42450 It made a negative opening of 73.2 points. The Bank Nifty futures touched an intraday high at 42558.30 and a day’s low at 42281
During the day, the Bank Nifty futures have given a movement of 277.3 points. In the end, it closed lower by 207.20 points or 0.49 percent and closed at 42316 levels.
Nifty & Bank Nifty Prediction for Tomorrow 20 Jan 2023 (Jan Expiry)
Nifty Futures Prediction for Tomorrow 20 Jan 2023
Primary Nifty Trend in futures: Mild Negative
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 18140 and sustain. Then you should Buy with the 1st Target of 18170 during the day with a Stop Loss of 18115 FOR the Target of 18170- 18197- 18230- 18270
If the Nifty futures (Jan Series) share price Moves Below 18070 and is sustained. Then you should Sell with the 1st Target of 18035 for the day with a Stop Loss of 18107. For the Target of 18035- 18000- 17965- 17930
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Bank Nifty Futures Prediction for Tomorrow 20 Jan 2023
Primary Trend of Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42500 whereas All Down Moves Initiates Short Covering (Buy) @ 42000
Suppose the Bank Nifty futures (Jan Series) Moves Above 42435 and sustain, then you should Buy with the 1st Target of 42525 during the day with a Stop Loss of 42300 and the Target of 42525 – 42600- 42680-42800
If the Bank Nifty futures (Jan Series) Moves Below 42220 and sustain, then you should Sell with the 1st Target of 42130 the day with a Stop Loss of 42450. For the Target of 42130- 42020- 41930- 41840
Global Stock Market Updates
Asian stock markets closed mixed on Thursday, as investors were concerned about the gloomy global picture after the weak economic data released in the U.S. on Wednesday. Japan’s central bank’s decision to maintain the ultra-lose policy strengthen the yen which in turn weighed on its exporters and investors across the region.
Japan’s Nikkei after rallying on Wednesday, fell more than 1% on Thursday. China’s Shanghai closed higher with healthcare and information technology companies leading the gains, as strong foreign inflows helped sentiment, despite lower trading volumes ahead of the weeklong Lunar New Year holidays starting from 21st Jan. Hang Seng closed marginally lower today.
European stock markets opened negative and are trading sharply lower on Thursday. The weak economic data released in the U.S. and hawkish comments made by the Fed officials on Wednesday sparked recession fear in the world’s biggest economy. The U.S. future indexes Dow Jones and Nasdaq futures are trading lower at 5.30 pm IST, indicating a negative opening for the U.S. markets today.
Conclusion
Indian stock market indexes snapped their winning streak and closed lower amid weak global cues. The domestic markets are likely to trade sideways tomorrow in absence of any major trigger. You can also follow our Daily Morning Report at 7.30 am for market direction.
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