Nifty and Bank Nifty Prediction for Tomorrow, 6 December 2023: The equity benchmarks extended gains and hit a fresh high on Tuesday, rising for the sixth consecutive day. The domestic markets opened higher despite weak global cues and extended their early gains on the back of heavy buying in Energy, Metals, and Banking stocks, while some selling pressure was witnessed in the Media, IT, and Realty sectors.
The market breadth was positive. Investors shrugged off the S&P Global Services PMI data that showed India`s service sector activity expanded at its slowest pace in November, the lowest in 2023. Sensex and Nifty hit a record high at 69381.31 and 20864.05 in mid-morning trade on Tuesday.
In the broader markets, the Nifty mid and smallcap index gained 0.47% and 0.11% respectively. At the close, Sensex gained 431.02 points or 0.63% and finished at 69296.14, while Nifty advanced 168.30 points or 0.81% and settled at 20855.10. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (28 Dec expiry)
The Nifty futures price for December 28, expiry opened at 20855.05, making a higher opening of 56.15 points on Tuesday. It has touched an intraday high of 20954.95 and a day’s low of 20802
The Nifty futures price has given a movement of 152.95 points. In the end, the Nifty futures closed higher by 154.10 points or 0.74 percent and ended at 20953 levels.
The Bank Nifty futures for December 28, expiry opened at 46854.45. It also made a positive opening of 194.9 on Tuesday. The Bank Nifty futures touched an intraday high at 47493.95 and a day’s low at 46749.15
During the day, the Bank Nifty futures have given a movement of 744.8 points. In the end, Bank Nifty Futures closed higher by 480.45 points or 1.03 percent and closed at 47140 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 6 Dec 2023
Nifty Futures Prediction for Tomorrow, 6 Dec 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 21030 whereas All Down Moves can Initiate Short Covering @ 20900
If the Nifty futures move above 20965 and sustain. Then the index can trade in a range of 21004- 21030- 21056 levels during the day.
If the Nifty futures share price moves below 20900 and is sustained. Then the index futures can trade in a range of 20877- 20852- 20818 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 6 Dec 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47500 whereas All down moves can Initiate Short Covering @ 46950.
Suppose the Bank Nifty futures move above 47225 and sustain, then the index can trade in the range of 47315- 47506- 47680 levels during the day.
If the Bank Nifty futures move below 46940 and sustain, then the index can trade in the range of 46760- 46575- 46400 levels during the day.
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Conclusion
Indian stock markets extended gains and hit fresh highs despite weakness in the global markets. The sentiments remained positive due to state election results, positive economic data, and the FII flow to the Indian equity markets.
Despite the bullish trends, it is advisable to remain cautious and trade with a strict stop loss in the coming days. The Nifty index entered into a strongly overbought zone, with RSI now exceeding 80 suggesting we may see some pullback soon. You can also follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Stock Market Prediction Next Week (4- 8 Dec 2023)
Options Trading Books: Your Ultimate 2023 Guide to Winning Big
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Disclaimer-
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
