Nifty and Bank Nifty Prediction for Tomorrow 31 Jan 2023
Nifty and Bank Nifty Prediction for Tomorrow 31 Jan 2023: Indian equity markets made a decent gain amid volatility on Monday, after a sharp selloff on Friday. Investors were cautious ahead of crucial events like the Union Budget and a slew of central bank’s interest rate decisions due this week. The Adani Group shares traded in volatile after the company replied back to the US Hindenburg Research report, which sparked a sharp selloff of its stocks.
Among the sectors, IT, PSU Banks, and Consumer Durables witnessed some buying while Oil & Gas, FMCG, and Media stocks declined. The market breadth was quite negative. The broader markets underperformed today, as Nifty mid and smallcap indexes declined 0.19 percent and 0.10 percent respectively. At the close, Sensex and Nifty gained 0.29 percent and 0.25 percent respectively. You can read detailed market updates here.
Nifty and Bank Nifty futures price movement for 30 Jan
The Nifty futures price opened at 17639 making a negative opening of 48.15 points today. It has touched an intraday high of 17829 and a day’s low of 17522.25
The Nifty futures price has given a movement of 306.75 points today. In the end, it closed higher by 55.70 points or 0.31 percent and ended at 17742.15 levels.
The Bank Nifty futures opened at 40267.75 It made a negative opening of 394 points. The Bank Nifty futures touched an intraday high at 41129 and a day’s low at 39736.20
During the day, the Bank Nifty futures have given a movement of 1392.8 points. In the end, it closed higher by 90.05 points or 0.22 percent and closed at 40751.80 levels.
Nifty & Bank Nifty Prediction for Tomorrow 31 Jan 2023 (Feb Expiry)
Nifty Futures Prediction for Tomorrow 31 Jan 2023
Primary Nifty Trend in futures: Negative and Volatile
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17900 whereas All Down Moves Initiates Short Covering (Buy) @ 17600
If the Nifty futures share price Moves Above 17785 and sustains. Then you should Buy with the 1st Target of 17827 during the day with a Stop Loss of 17740 FOR the Target of 17827- 17874- 17900- 17932
If the Nifty futures (Feb Series) share price Moves Below 17692 and is sustained. Then you should Sell with the 1st Target of 17658 for the day with a Stop Loss of 17722. For the Target of 17658- 17618- 17580- 17530
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Bank Nifty Futures Prediction for Tomorrow 31 Jan 2023
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 41100 whereas All Down Moves Initiates Short Covering (Buy) @ 40250
Suppose the Bank Nifty futures (Feb Series) Moves Above 40980 and sustain, then you should Buy with the 1st Target of 41090 during the day with a Stop Loss of 40740 and the Target of 41090 – 41211- 41303- 41380
If the Bank Nifty futures (Feb Series) Moves Below 40590 and sustain, then you should Sell with the 1st Target of 40480 the day with a Stop Loss of 40680. For the Target of 40480- 40376- 40258- 40110
Global Stock Market Updates
Asian stock markets ended mixed on Monday, as investors were nervous ahead of the crucial events during the week including US and European Central Bank’s policy meeting. Japan’s Nikkei closed marginally higher following the gains from Wall Street on Friday, the upside was limited as investors were cautious ahead of the Fed interest rate decision and domestic corporate earnings announcement.
China’s Shanghai closed higher as traders back after the week-long holiday. The sentiments were boosted by the release of solid new-energy vehicle sales figures over the Lunar New Year holiday. Hang Seng declined due to the drag on technology shares.
Europen stock markets are trading lower as investors eyed central banks’ interest rate decisions in the US, UK, and Eurozone this week. The US future indexes, Dow and Nasdaq futures are trading lower at 5 pm IST, indicating a negative opening for the US markets today.
Conclusion
Indian markets closed marginally higher amid high volatility. The reply given by the Adani Group had a mixed impact on the markets today and would expect medium-term volatility in the Adani group stocks and the markets.
Now the immediate focus for the markets will be Union Budget and the US Federal Reserve Interest decision, both are due on 1st Feb. The domestic markets will continue to remain volatile due to crucial events. You can also follow our Daily Morning Report at 7.30 am for market direction.
Also, read Best Stock Market Books You Must Read-2023
Stock Market Prediction Next Week (30 Jan- 3 Feb 2023)
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