Market Analysis and Predictions for Nifty and Bank Nifty on December 2023
Market Analysis and Predictions for Nifty and Bank Nifty on December 2023 Market Analysis and Predictions for Nifty and Bank Nifty The Indian equity market witnessed a day of moderate gains on December 7, 2023, continuing its positive streak for the seventh consecutive session. The Sensex and Nifty reached record highs during the late trading session, with the Sensex touching 69744.62 and Nifty reaching 20961.21. Simultaneously, the Bank Nifty index achieved a fresh record high at 47259.85.
Sector-wise Performance: Various sectors displayed distinct trends during the trading session. The Media sector led the gains with an impressive growth of over 2%, closely followed by IT and Oil and Gas. However, sectors like Banking, Pharma, and Realty experienced some selling pressure. The overall market breadth remained positive throughout the day.
Performance in Broader Markets: In the broader markets, the Nifty midcap and smallcap indexes witnessed gains of 0.25% and 0.38%, respectively. At the close, the Sensex recorded a gain of 357.59 points or 0.52%, finishing at 69653.73. Similarly, the Nifty advanced by 82.60 points or 0.40%, settling at 20937.70.
Nifty and Bank Nifty Futures Price Movement (28 Dec Expiry): Looking ahead to the futures market for December 28, 2023, the Nifty futures opened at 21038.80, displaying a gap-up opening of 96.2 points on Wednesday. Throughout the day, Nifty futures reached an intraday high of 21080 and a day’s low of 20941.25, showing a movement of 138.75 points. Eventually, the Nifty futures closed higher by 100 points or 0.48%, concluding at 21042.60 levels.
On the other hand, Bank Nifty futures for the same expiry date opened at 47302.05, marking a positive opening of 149.65 points. The intraday high for Bank Nifty futures was at 47367.95, and the day’s low was at 46845, reflecting a movement of 522.95 points. However, by the end of the day, Bank Nifty futures closed lower by 252.25 points or 0.53%, settling at 46900.15 levels.
The market dynamics on December 7, 2023, demonstrated resilience with overall gains, despite certain sectors facing selling pressure. Investors and traders may keep a close eye on the upcoming sessions, considering the recent record highs and the movement observed in Nifty and Bank Nifty futures for potential trading opportunities.
