Nifty and Bank Nifty Prediction for Monday, 15 January 2024
Nifty and Bank Nifty Prediction for Monday, 15 January 2024: Indian equity benchmarks closed to a new record high on Friday, rising for the fourth consecutive day. The domestic markets opened higher despite weak global cues and extended gains as the session progressed with the support of strong buying in IT stocks.
Among the sector, the Nifty IT index jumped 5.14%, followed by PSU Bank, and Realty, while Media, Auto, and Pharma witnessed some selling pressure. The market breadth was positive, with the advance-decline indicating a ratio of 2:1 at the close. The NSE’s volatility index “India VIX” gained 2.46% to 13.08.
In the broader markets, the Nifty midcap and smallcap indexes gained 0.37% and 0.44% respectively. In the end, Sensex gained 847.28 points or 1.18% and closed a record high at 72568.46, while Nifty jumped 247.35 points or 1.14% and settled at 21894.55.
Nifty and Nifty Bank Futures Price Movement on Friday, 12 January
On Friday, January 12, the Nifty futures (January Series) opened at 21745. The index made a positive opening of 66.55 points from the previous close. It touched an intraday high at 21995 and a day’s low at 21731.
The index moved to 264 points on Friday, and it closed higher by 290.50 points or 1.34 percent and ended at 21968.95 levels.
The Bank Nifty futures (January Series) opened at 47656.80 levels on Friday. It made a positive opening of 83.1 points on Friday. It has touched an intraday high at 48047 and a day’s low at 47568.60
On Friday, the Bank Nifty futures gave a movement of 478.4 points and finished higher by 326.50 points or 0.69 percent and ended at 47900.20 levels.
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Nifty & Bank Nifty Prediction for Monday, 15 Jan 2024
Nifty Futures Prediction for Monday, 15 Jan 2024
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 22100 whereas All Down Moves can initiate Short Covering @ 21930
If the Nifty futures share price moves above 21992 and sustains. Then it can trade in the range of 22054- 22103- 22135 during the day with a stop loss of 21968.
If the Nifty futures share price moves below 21927 and is sustained. Then it can trade in the range of 21890- 21858- 21830 during the day with a stop loss of 21956.
Bank Nifty Futures Prediction for Monday, 15 Jan 2024
Primary Trend of Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 48200, whereas Down Moves can Initiate Short Covering @ 47800
Suppose the Bank Nifty futures move above 47960 and sustain, then it can trade in a range of 48050- 48130- 48220 during the day with a stop loss of 47900.
If the Bank Nifty futures move below 47730 and sustain, then the index can trade in the range of 47640- 47570- 47480 levels during the day with a stop loss of 47840.
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Global Stock Market Updates on Friday
European stock markets closed higher on Friday, the market sentiments were upbeat due to the latest economic data from the UK and the decline in US wholesale inflation. The GDP data released on Friday showed that the UK economy rebounded by 0.3% in November after a 0.3% decline in the previous month.
The pan-European Stoxx 600 index closed higher by 0.84% to 476.76, with gains across all major sectors, with defense and aerospace stocks gaining the most. Markets sentiments were further improved in afternoon trade after data showed that US producer prices unexpectedly fell last month.
The US stock markets ended with little change on Friday, as mixed earnings from big banks offset cooler-than-expected wholesale inflation data. The PPI inflation data released on Friday unexpectedly fell in December due to a decline in food items and diesel fuel. The probability of the Fed’s cutting interest rate in March showing in favor of 81.3% in the CME FedWatch Tool after the PPI data was released.
The 10-year Treasury yields which rose 4.072% after CPI inflation on Thursday declined to 3.944% on Friday. However, the Dow Jones Industrial Average was under pressure, and market upside was limited due to mixed quarterly earnings from banking giants. Delta Airlines fell more than 8% after the US carrier lowered its annual profit outlook.
Also Read- Key Factors that are Likely to Impact the Stock Markets Next Week ( 15 – 19 Jan 2024 )
Conclusion
On Friday, the market witnessed a significant surge in IT stocks coupled with the rupee slipping below the 83 mark. This supported the benchmark indices in reaching new highs despite both software heavyweights TCS and Infosys reported muted Q3 earnings.
Now the crucial question is whether the current rally in the stock market will persist. We anticipate the positive momentum will continue in the market on Monday. The market is currently backed by a steady inflow of funds into mutual funds and active buying from local investors.
The ongoing earnings season is likely to determine the direction of the domestic markets in the coming days. You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
Also, read- Global Stock Market Recap: The Impact of Inflation and Quarterly Earnings (8-12 Jan)
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Editor’s Desk
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