In a continuation of the positive trend, Indian equity markets closed higher for the second consecutive Friday. Fueled by optimistic global cues, the domestic markets opened on a positive note, with notable gains in Realty, IT, and Metal shares. However, some selling pressure was observed in Banking and Financial stocks.
The market exhibited strength, with an impressive advance-decline ratio of 3:1 at the close. The NSE’s volatility index, “India VIX,” declined by 0.36% to 13.71. The broader markets outperformed the front-line index, as the Nifty mid and small-cap indices gained 0.73% and 1.03%, respectively.
At the closing bell, the Sensex marked an uptick of 241.86 points or 0.34%, settling at 71106.96. Simultaneously, the Nifty added 94.35 points or 0.44%, reaching 21349.40. Note that Indian stock markets will be closed on Monday, 25 December 2023, in observance of Christmas.
Nifty and Nifty Bank Futures Price Movement on Friday, 22 December
On Friday, December 22, the Nifty futures (December Series) displayed an opening at 21401.55, marking a positive start with a 51.15 points gain from the previous close. The day witnessed an intraday high at 21474 and a low at 21285.
Closing higher by 34.65 points or 0.16%, the Nifty futures settled at 21385.05 levels. Bank Nifty futures (December Series) opened at 48105 levels, experiencing a flat start. The intraday movement saw a high at 48280.15 and a low at 47470.80.
Bank Nifty futures concluded the day lower by 573 points or 1.19%, ending at 47532 levels after a movement of 809.35 points.
Nifty & Bank Nifty Prediction for Tuesday, 26 Dec 2023
Nifty & Bank Nifty Futures Prediction for Tuesday, 26 Dec 2023 is Bullish to Sideways as per analysis by our experts at Tradersingh.
However, we can only plan for bearish sentiment if a candle closes below 9 EMA on the daily time frame. Currently, the market is moving in Buy on Dips Pattern.
Note: This is not a Buy/Sell recommendation, please consult your financial advisor before making any decision in the financial markets.
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All upward movements may prompt profit booking @ 21500, while downward movements could trigger short-covering @ 21330.
If the Nifty futures surpass 21410 and sustain, it may trade in the range of 21447-21480-21508 during the day with a stop loss of 21385.
On the flip side, if the Nifty futures dip below 21354 and sustain, expect a trading range of 21321-21285-21240 during the day with a stop loss of 21374.
Bank Nifty Futures Prediction for Tuesday, 26 Dec 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Futures: Profit booking @ 47850 on upward moves, and short-covering @ 47350 on downward moves.
Should Bank Nifty futures rise above 47655 and sustain, it could trade in the range of 47740-47825-47910 during the day with a stop loss of 47600.
Conversely, if Bank Nifty futures fall below 47425 and sustain, anticipate a trading range of 47335-47250-47170 levels during the day with a stop loss of 47480.
Global Stock Market Data Update
European stock markets closed with little change ahead of the Christmas holiday, while the UK economy contracted in Q3, raising recession concerns. The US markets closed mixed, with the S&P 500 marking its longest winning streak since 2017. Durable goods orders exceeded expectations, but new home sales dipped in November.
Dow Jones faced pressure as Nike cut its sales outlook, leading to a 12% decline in its stock and announcing a $2 billion cost-cutting plan over the next three years. For more live updates and market insights, join our WhatsApp and Telegram channels.
