Nifty and Bank Nifty Prediction for Tomorrow 12 July 2023
Nifty and Bank Nifty Prediction for Tomorrow 12 July 2023: Indian equity markets ended higher on Tuesday amid positive global cues. The domestic markets trimmed some intraday gains in the second half due to profit booking in financial and banking stocks. Investors remain cautious ahead of the key US inflation data later this week. The NSE volatility index “India VIX” declined 3.94% to 11.01 level.
Among the sectors, Auto, FMCG, and Pharma advanced while selling pressure was witnessed in Financial Services, Banking, and Metal sectors. The market breadth was positive, on NSE 1205 shares advanced, and 852 shares declined.
The broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes gained 0.88 percent and 1.26 percent respectively. At the close, Sensex and Nifty ended higher by 0.42 percent and 0.43 percent respectively. You can read the detailed market updates here
Nifty and Bank Nifty futures price movement for (27 July expiry)
The Nifty futures price opened at 19452.20, making a positive opening of 42.65 points on Tuesday. It has touched an intraday high of 19562.50 and a day’s low of 19436.25
The Nifty futures price has given a movement of 126.25 points. In the end, it closed higher by 107.50 points or 0.55 percent and ended at 19517.05 levels.
The Bank Nifty futures opened at 45051.10 It made a positive opening of 106.15 points. The Bank Nifty futures touched an intraday high at 45180 and a day’s low at 44786.55.
During the day, the Bank Nifty futures have given a movement of 393.45 points. In the end, it closed lower by 43.95 points or 0.10 percent and closed at 44901 levels.
Nifty & Bank Nifty Prediction for Tomorrow 12 July 2023
Nifty Futures Prediction for Tomorrow 12 July 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19580 whereas All Down Moves can Initiate Short Covering @ 19450
If Nifty futures for the July series Moves Above 19532 and sustains. Then Nifty futures can hit a 1st Target of 19554 during the day with a Stop Loss of 19510. In a day it could trade for the target of 19554- 19580- 19615 levels.
If the Nifty futures (July Series) share price Moves Below 19480 and is sustained. Then Nifty futures can see a 1st Target of 19454 levels for the day with a Stop Loss of 19500 In a day it could trade for the target of 19454- 19432 – 19402 level.
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Bank Nifty Futures Prediction for Tomorrow 12 July 2023
Primary Trend in Bank Nifty Futures- Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 45050 whereas All Down Moves can Initiate Short Covering @ 44600
Suppose the July series Bank Nifty futures Moves Above 45060 and sustain, then you could see a 1st Target of 45130 during the day with a Stop Loss of 44950. During the day Bank Nifty futures could trade for the target of 45130- 45200- 45280
If the Bank Nifty futures (July Series) Moves Below 44770 and sustain, then you could see a 1st Target of 44680 levels in a day with a Stop Loss of 44885. During the day Bank Nifty futures could trade for the target of 44680- 44605- 44530
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Global Stock Market Updates
Asian markets closed higher on Tuesday, as investors are expecting further cool down in the June inflation rate in the US, which is due later this week and US Fed might reel back its aggressive interest rates campaign. Investors become optimistic, after the news that China will roll out significant stimulus to boost its struggling economy.
Kospi snapped a 6-day losing streak and closed higher on Tuesday. Nikkei erased most of its early gains and ended higher after 5 straight sessions of losses. Shanghai and Hang Seng extended their previous session gains, as Hong Kong-listed China developers gained over 3% after China extended its policy support to shore up the real estate sector.
European stock market indexes are higher on Tuesday following gains from Wall Street and Asian markets overnight. The UK’s FTSE is trading below the flatline, as the wage growth hit a record high in the three months to the end of May, raising concerns about an increase in inflation.
The Dow and Nasdaq futures are trading slightly higher at this moment, indicating a positive opening for the US stock markets today.
Conclusion
Indian stock markets opened higher on Tuesday on the back of positive global cues. The domestic markets trimmed some intraday gains due to profit booking but remain positive throughout the day.
Going ahead, IT stock will be in focus ahead of TCS, HCL Tech, and Wipro quarterly results later this week. Some cautiousness will be there in the markets ahead of domestic and US inflation data which is due on Wednesday. You can follow our Daily Morning Report at 7.30 am for market direction.
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