Nifty and Bank Nifty Prediction for 16 August 2022
Nifty and Bank Nifty Prediction for 16 August 2022: Indian stock market indexes made a decent gain on Friday amid positive cues from Asian markets. The domestic market sentiments were positive due to sustained buying by the FIIs, positive global cues, and easing crude oil prices. The broader markets also closed higher, midcap index outperformed on Friday. At close, Sensex and Nifty gained 0.22 percent each on the last day of the week.
Among the sectors, Energy and Metals closed higher while Media, IT, and Pharma sectors ended in the red. The market breadth was quite strong as the advance decline indicated a ratio of 3:2 at the close. FIIs were the net buyers in the equity cash segment, they bought Rs 3040.46 crore while DIIs were the net sellers, they sold Rs 839.45 crore on Friday.
Nifty, Bank Nifty futures price movement on Friday, 12 Aug ( Aug Expiry)
On Friday, Aug 12, the Nifty futures (Aug Series) opened at 17675 levels, it made a negative opening of 9.95 points. It has touched an intraday high at 17753.60 and a day’s low at 17621
The Nifty future has given a movement of 132.6 points on Friday. In the end, it gained 31.95 points or 0.18 percent and ended at 17716.90 levels.
The Bank Nifty futures (Aug Series) opened at 38880 levels on the last day of the week. It made a negative opening of 63.65 points on Friday. It has touched an intraday high at 39115 and a day’s low at 38790
On Friday, the Bank Nifty future gave a movement of 325 points. At the close, it was up by 160.30 points or 0.41 percent and closed at 39103.95 levels.
Nifty & Bank Nifty Prediction for 16 August 2022 (Aug Expiry)
Nifty Futures Prediction for Tuesday 16 Aug 2022
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17850 whereas All Down Moves Initiates Short Covering (Buy) @ 17640
If the Nifty futures share price Moves Above 17752 and sustain. Then you should Buy with 1st Target of 17782 during the day with a Stop Loss of 17722 FOR the Target of 17782-17816- 17842- 17870
If the Nifty futures share price Moves Below 17665 and is sustained. Then you should Sell with the 1st Target of 17609 during the day with a Stop Loss of 17695. For the Target of 17609- 17584- 17538- 17500
Bank Nifty Futures Prediction for Tuesday 16 August 2022
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 39400, whereas All Down Moves Initiates Short Covering (Buy) @ 38900
Suppose the Bank Nifty futures Moves Above 39265 and sustain, then you should Buy with the 1st Target of 39360 during the day with a Stop Loss of 39140. For the Target of 39360 – 39435- 39550-39625
If the Bank Nifty futures Moves Below 38880 and sustain, then you should Sell with the 1st Target of 38740 during the day with a Stop Loss of 37915. For the Target of 38740 -38625- 38515-38430
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Global stock market updates
The US stock market indexes closed higher on Friday as investors cheered the sign of a slowdown in inflation. Investors hope that the cooldown in retail inflation will encourage the US central bank to become less hawkish in their next meeting, which in turn could prevent the economy from entering into a recession. The key US indexes ended higher on Friday on the back of buying in Technology, Consumer Goods, and consumer Services stocks.
European stock market indexes rose on Friday as the industrial production in the eurozone area rose in the month of June. The pharmaceutical giant GlaxoSmithKline jumped 4% after it fell sharply in the previous session amid litigation worries. The travel and leisure sectors jumped on Friday after an upbeat earnings forecast.
Conclusions
Indian stock markets traded in a tight range on Friday and closed marginally higher. Some cautiousness was witnessed in the markets in the last hour ahead of CPI and IIP numbers. The CPI numbers eased in July and IIP growth in June falls as the favorable base effect fades. The domestic markets will be closed on Monday due to Independence Day, on Tuesday markets will first react to the economic data and other global cues in the early trades.
To know the market events for next week you can read our key factors that are likely to impact the market in next week’s report today late evening.
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