Nifty and Bank Nifty Prediction for Monday 23 Jan 2023
Nifty and Bank Nifty Prediction for Monday 23 Jan 2023: Indian equity market indexes ended lower for the second consecutive day on Friday amid positive cues from Asian markets. The domestic markets were trading flat in the early session and fell gradually in the late morning on the back of selling in Media, FMCG, Metals, and Pharma stocks.
However, some buying was witnessed in Banking and Financial stocks and the Banknifty closed higher on the last day of the week. Foreign investors were the net sellers in the Indian markets, they offloaded shares worth Rs 2002.25 crore according to the provisional data available in NSE.
The market breadth was slightly weak with the advance-decline indicating a ratio of 3:4 at the close. The broader markets underperformed the frontline index, as Nifty midcap and smallcap indexes declined by 0.78 percent and 0.57 percent respectively. At the close, Sensex and Nifty were down by 0.39 percent and 0.44 percent respectively.
Nifty and Nifty Bank futures price movement on Friday, 20 Jan (Jan Expiry)
On Friday, Jan 20, the Nifty futures (Jan Series) opened at 18150 levels, it made a positive opening of 36.85 points. It touched an intraday high at 18170.80 and a day’s low at 18036
The Nifty future has given a movement of 134.8 points on Friday. In the end, it declined 57.20 points or 0.32 percent and ended at 18055.95 levels.
The Bank Nifty futures (Jan Series) opened at 42455.10 levels on the last day of the week. It made a positive opening of 105.1 points on Friday. It has touched an intraday high at 42709 and a day’s low at 42335.35
On Friday, the Bank Nifty future gave a movement of 373.65 points. At the close, it ended higher by 200.60 points or 0.47 percent and closed at 42550.60 levels.
Nifty & Bank Nifty Prediction for Monday 23 Jan 2023 (Jan Expiry)
Nifty Futures Prediction for Monday 23 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 18115 and sustains. Then you should Buy with 1st Target of 18140 during the day with a Stop Loss of 18074 FOR the Target of 18140- 18170- 18202- 18235
If the Nifty futures share price Moves Below 18025 and is sustained. Then you should Sell with the 1st Target of 17985 during the day with a Stop Loss of 18056. For the Target of 17985- 17958- 17930- 17900
Bank Nifty Futures Prediction for Monday 23 Jan 2023
Primary Trend of Bank Nifty Futures: Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42800, whereas All Down Moves Initiates Short Covering (Buy) @ 42350
Suppose the Bank Nifty futures Moves Above 42660 and sustain, then you should Buy with the 1st Target of 42720 during the day with a Stop Loss of 42550. For the Target of 42720- 42800- 42880- 42958
If the Bank Nifty futures Moves Below 42425 and sustain, then you should Sell with the 1st Target of 42360 during the day with a Stop Loss of 42510. For the Target of 42360- 42280- 42220- 42135
If you want Market Views and Live Trading calls for Nifty, Bank Nifty and Stocks, Cash/F&O Segment, and Global /Domestic market happenings then join our Telegram Channel – https://t.me/nifty50stocks1
Global stock market updates
The US stock markets rallied on the final day of the week due to solid corporate earnings by Netflix, while Google share gained after the job cuts announced by its parent company Alphabet. The communication services sector was the top performer on Friday gaining nearly 4%, as investors bet on beaten-down stocks. The upside remains capped, as the concerns about corporate earnings persist and the U.S. economy shows signs of a slowdown and a possible recession.
European stock markets closed higher on Friday following the gains from Wall Street. The market rebounded after Thursday’s selloff but the higher side was limited, as investors remained concerned that the central banks will continue to hike interest rates despite the slowdown in inflation. Most of the major sectors closed in the positive territory, the travel and leisure sector led the gain on Friday
Conclusions
The domestic markets underperform the other Asian peers on Friday. Indian markets traded sideways in the first half and later closed marginally lower on the last day of the week. The local markets are desperately looking for direction on either side and hopefully will get the same in the next week ahead of the monthly F&O expiry.
The US markets ended higher on Friday, which is a positive sign for the Indian markets. Shanghai, Hang Seng, and Taiwan will remain closed on Monday on account of the Lunar New Year. Indian markets are expected to open higher on Monday. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also read, Global Stock Market Indexes-Weekly Updates (16- 20Jan 2023)
Indian Stock Market Weekly Update (16- 20 Jan 2023)
If you like the post “Nifty and Bank Nifty Prediction for Monday 23 Jan 2023” please share it with your friends and others
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution to compile the data for its Website. The views and investment tips expressed by investment experts on Nifty50Stocks.com are their own and for educational purposes. Nifty50Stocks.com is not SEBI registered Advisors. Nifty50stocks.com advises its users to check with certified and SEBI-registered experts before taking any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
