Nifty and Bank Nifty Prediction For Tomorrow 10 Aug 2023
Nifty and Bank Nifty Prediction For Tomorrow 10 Aug 2023: Indian equity benchmarks ended the volatile session with decent gains on Wednesday. The domestic markets got support from positive European markets and recovered all intraday losses in the second half. Some cautiousness was there in the markets ahead of the RBI monetary policy, the outcome is due on Thursday.
Among the sectors, Media gained the most, followed by Metal, and Oil & Gas, while selling pressure was witnessed in Realty, Financial Services, and Banking counter. The market breadth was positive.
The broader markets outperformed the equity benchmarks, as Nifty mid and smallcap indexes gained o.33 percent and 0.59 percent respectively. At the close, Sensex gained 149.31 points or 0.23 percent and closed at 65995.81 levels while Nifty ended higher by 61.70 points or 0.32 percent and settled at 19632.55 levels. You can read the detailed market updates here
Nifty and Bank Nifty Futures Price Movement for (31 Aug expiry)
The Nifty futures price opened at 19611.20, making a flat opening on Wednesday. It has touched an intraday high of 19701.90 and a day’s low of 19512.25
The Nifty futures price has given a movement of 189.65 points. In the end, it closed higher by 81.75 points or 0.42 percent and ended at 19693 levels.
The Bank Nifty futures opened at 45062.95 It also made a positive opening of 5.95 points. The Bank Nifty futures touched an intraday high at 45073.05 and a day’s low at 44685.95
During the day, the Bank Nifty futures have given a movement of 387.01 points. In the end, it ended lower by 39.30 points or 0.09 percent and closed at 45017.70 levels.
Nifty & Bank Nifty Prediction for Tomorrow 10 Aug 2023
Nifty Futures Prediction for Tomorrow 10 Aug 2023
Primary Trend in Nifty Futures: Negative & Volatile
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19800 whereas All Down Moves can Initiate Short Covering @ 19620
If Nifty futures for the Aug series Moves Above 19707 and sustains. Then Nifty futures can hit a 1st Target of 19732 during the day with a Stop Loss of 19690. In a day it could trade for the target of 19732- 19774- 19805 levels.
If the Nifty futures (Aug Series) share price Moves Below 19647 and is sustained. Then Nifty futures can see a 1st Target of 19615 levels for the day with a Stop Loss of 19677 In a day it could trade for the target of 19615- 19590 – 19565 level.
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Bank Nifty Futures Prediction for Tomorrow 10 Aug 2023
Primary Trend in Bank Nifty Futures- Negative & Volatile
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 45300 whereas All Down Moves can Initiate Short Covering @ 44800
Suppose the Aug series Bank Nifty futures Moves Above 45130 and sustain, then you could see a 1st Target of 45240 during the day with a Stop Loss of 45080. During the day Bank Nifty futures could trade for the target of 45240- 45335- 45425
If the Bank Nifty futures (Aug Series) Moves Below 44880 and sustain, then you could see a 1st Target of 44765 levels in a day with a Stop Loss of 44970. During the day Bank Nifty futures could trade for the target of 44765- 44685- 44575
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Global Stock Market Updates
Asian stock market indexes closed mixed on Wednesday, as China’s consumer prices fell into negative territory in July, for the first time in 28 months. The deflationary pressure in China, while worries over this week’s US inflation reading hit the market sentiments in the region. Meanwhile, Hong Kong traders are in the hope of more stimulus from Beijing after China’s deflation news.
Shanghai extended early losses and closed lower while Hang Seng erased early losses and ended marginally higher. Japan’s Nikkei snapped a three-day winning streak and closed lower. South Korea’s Kospi gained the most in the region, up 1.20 percent at the close.
European stock market indexes are trading higher on Wednesday, as investors digested China’s inflation data and as Italy clarifies the windfall tax imposed on banks. However, Investors remain cautious ahead of US inflation data due on Thursday.
The US future indexes, Dow and Nasdaq futures are trading marginally higher at 5 pm IST, indicating a positive opening for the US markets today. You can also follow our US markets Report at 10 PM IST.
Conclusion
Indian stock markets indexes bounced back in the second half, while banking stocks were under pressure ahead of the RBI Monetary policy outcome. Going ahead, markets will remain volatile tomorrow, in the morning session due to RBI policy outcome, and in the second half, weekly expiry and cautiousness ahead of US inflation data on Thursday.
Traders should remain cautious tomorrow and trade with strict stop losses only. You can follow our Daily Morning Report at 7.30 am for market direction.
Also, read Best Options Trading Books in India-Must Read 2022
Stock Market Prediction Next Week (7- 11 Aug 2023)
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