Nifty and Bank Nifty Prediction for Monday 09 Jan 2023
Nifty and Bank Nifty Prediction for Monday 09 Jan 2023: Indian equity market indexes fell sharply and closed in the deep red on Friday. The benchmark indices closed lower for the third straight session. Sensex settled below the psychological level of 60000. Investors remain cautious ahead of the US monthly job report and Q3 earnings which are going to kickstart from next week.
The market breadth was overall weak with the advanced decline indicating a ratio of 1:2 at the close. Among the sectors, barring FMCG and Consumer Durables all other sectoral indices closed in the red. IT Media, Banking, and Financial sectors fell the most on Friday. The broader markets fell in line with their larger peers. At the close, Sensex and Nifty ended lower by 0.75 percent and 0.74 percent respectively.
Nifty and Nifty Bank futures price movement on Friday, 6 Jan (Jan Expiry)
On Friday, Jan 6, the Nifty futures (Jan Series) opened at 18073.60 levels, it made a positive opening of 7.6 points. It touched an intraday high at 18132 and a day’s low at 17872.05
The Nifty future has given a movement of 259.95 points on Friday. In the end, it declined 117 points or 0.65 percent and ended at 17949 levels.
The Bank Nifty futures (Jan Series) opened at 42755.30 levels on the last day of the week. It made a negative opening of 15.6 points on Friday. It has touched an intraday high at 42839.80 and a day’s low at 42052
On Friday, the Bank Nifty future gave a movement of 787.8 points. At the close, it ended lower by 408 points or 0.95 percent and closed at 42362.90 levels.
Nifty & Bank Nifty Prediction for Monday 09 Jan 2023 (Jan Expiry)
Nifty Futures Prediction for Monday 09 Jan 2023
Primary Nifty Trend in futures: Negative with Cautious bias
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18100 whereas All Down Moves Initiates Short Covering (Buy) @ 17800
If the Nifty futures share price Moves Above 18022 and sustain. Then you should Buy with 1st Target of 18074 during the day with a Stop Loss of 17970 FOR the Target of 18074- 18110- 18138-18168
If the Nifty futures share price Moves Below 17900 and is sustained. Then you should Sell with the 1st Target of 17868 during the day with a Stop Loss of 17930. For the Target of 17868- 17832- 17800- 17765
Bank Nifty Futures Prediction for Monday 09 Jan 2023
Primary Trend of Bank Nifty Futures: Negative with Cautious bias
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42670, whereas All Down Moves Initiates Short Covering (Buy) @ 41950
Suppose the Bank Nifty futures Moves Above 42515 and sustain, then you should Buy with the 1st Target of 42600 during the day with a Stop Loss of 42350. For the Target of 42600- 42670- 42740- 42825
If the Bank Nifty futures Moves Below 42200 and sustain, then you should Sell with the 1st Target of 42110 during the day with a Stop Loss of 42285. For the Target of 42110- 42030- 41965- 41820
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Global stock market updates
The US stock markets rallied on Friday, as the monthly job report shows signs of slowing wage growth and services activity contracted in December. The economic data released on Friday ease the concern about the central bank’s rate-hiking path among investors.
The market sentiments were further boosted after Fed officials on Friday acknowledged cooling wage growth and other signs of a gradually slowing economy and hinted at a chance of a 0.25 bps hike at the next Fed meeting.
European stock markets closed higher on Friday as investors digested key eurozone inflation readings for December and US monthly job data. Investors cheered after the fall in eurozone inflation for the second consecutive month. All sectoral indices were closed in the green led by basic resources followed by chemicals and energy stocks.
Conclusions
Indian stock markets ended lower for the third straight session on Friday. The market sentiments were hit due to negative cues from Wall Street after the strong job data released on Thursday. However, the US and European markets bounced back on Friday with the positive news of slowing wage growth in the US and cooling inflation in the Eurozone.
Though technically Indian markets are in a negative trend, it is expected to bounce back following the positive trend from the US and Europe on Monday. SGX Nifty closed 150 points higher on Friday, indicating a gap-up opening for the Indian stock markets on Monday. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also read, Indian Stock Market Weekly Update (2- 6 Jan 2023)
Global Stock Market Indexes-Weekly Updates (2-6 Jan 2023)
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