Nifty and Bank Nifty prediction for Monday, 24 Jan 2022
Nifty and Bank Nifty prediction for Monday, 24 Jan 2022: Indian stock markets trimmed intraday losses last Friday, and closed in the red. The broader markets underperformed on the last day of the week as Nifty midcap and smallcap indexes declined more than 2 percent each. The sectors that dragged the markets on Friday were metals, pharma, IT, and PSU Banks.
The Foreign Institutional Investors (FIIs) were the sellers and DIIs were buyers on Friday. The FIIs sold Rs 3148.58 crore while DIIs bought Rs 269.36 crore in the cash segment. Traders remained cautious and avoided the carry forward position due to weak global cues and post-market Q3 earnings of a heavyweight like Reliance and ICICI Bank on Saturday.
You can read Friday’s market updates here and weekly stock market analysis here
Nifty & Nifty Bank futures price movement on Friday, 21 January (Jan Expiry)
On Friday, 21 January, Nifty futures opened at 17670.05 levels, it made a negative opening of 134.05 points. It has touched an intraday high at 17723.15 and a day’s low at 17502.50.
The Nifty future has given a movement of 220.65 points on Friday. In the end, it declined by 156.20 points only or 0.88 percent, and ended at 17647.90 levels.
The Bank Nifty futures opened at 37700.15 levels on the last day of the week. It made a negative opening of 277.7 points on Friday. It has touched an intraday high at 37814.45 and a day’s low at 37276
On Friday, the Bank Nifty future gave a movement of 538.45 points. In the end, it declined by 237 points or 0.62 percent and closed at 37740.85 levels.
Nifty & Bank Nifty Prediction for Monday, 24 Jan 2022 (Jan Expiry)
Nifty Futures Prediction for Monday, 24 Jan 2022
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17700 whereas All Down Moves Initiates Short Covering (Buy) @ 17450
If the Nifty futures share price Moves Above 17685 and sustain. Then you should Buy with 1st Target of 17721 during the day with a Stop Loss of 18645 FOR the Target of 17721- 17747- 17772- 17809
If the Nifty futures share price Moves Below 17580 and is sustained. Then you should Sell with the 1st Target of 17550 during the day with a Stop Loss of 17609. FOR the Target of 17550- 17518- 17490- 17465
Bank Nifty Futures Prediction for Monday, 24 Jan 2022
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 38000, whereas All Down Moves Initiates Short Covering (Buy) @ 37400
Suppose the Bank Nifty futures Moves Above 37860 and sustain, then you should Buy with the 1st Target of 37970 during the day with a Stop Loss of 37735. FOR the Target of 37970 – 38160 – 38270- 38340
If the Bank Nifty futures Moves Below 37470 and sustain, then you should Sell with the 1st Target of 37409 during the day with a Stop Loss of 37565. FOR the Target of 37409 – 37308 – 37190- 37054.
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Global stock market updates
European markets closed lower on Friday as stocks in the US and Asia fell triggered by rate hike fears and poor quarterly earnings. Investors were fear of the prospects for policy tightening by the US Central Bank. The market sentiments were also dampened on Friday as UK official data showed retail sales plunged 3.7% in December due to covid related restrictions.
The US stock market indexes tumbled on Friday, as investors worried about the prospect of higher interest rate and their effect on valuations. The tech-heavy Nasdaq Index continued its southward journey for the last four weeks in a row due to a decline in technology shares. Netflix’s disappointing quarterly result was the latest setback for the technology investors, as Nasdaq dragged 2.7% last Friday
Conclusions
Indian stock market is under the bear grip now, markets corrected more than 3.5 percent last week. The global markets are falling, last Friday European and US markets closed in the deep red and there is no sign of respite for the next week too. But we may see a relief rally with the support of Q3 corporate earnings after the upbeat quarterly result announced by Reliance.
Traders need to remain cautious in the next week as Indian markets will be closed on Wednesday due to 26th January Republic Day and the next day will be the F&O monthly expiry.
Tomorrow, you can follow “Key Factors to Impact the Indian Stock Market next week” on our website to know the market direction.
Also read, Stock Market Books that can enhance your Market Knowledge
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