Nifty and Bank Nifty Prediction for Tomorrow 13 June 2023
Nifty and Bank Nifty Prediction for Tomorrow 13 June 2023: Indian stock market indexes snapped a two-day losing streak and closed marginally higher on Monday. The domestic markets traded in a tight range, as investors were cautious ahead of the economic data, due later in the day. Indian markets gained on the back of buying in IT, realty, media, and metal stocks, however, some selling pressure was witnessed in banking, financial, and pharma counters.
The market breadth was positive, on NSE 1225 shares advanced while 859 shares declined. The broader markets outperformed the benchmarks as the Nifty mid and smallcap indexes gained 0.55 percent and 0.87 percent respectively. At close, Sensex and Nifty advanced 0.16 percent and 0.21 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 12 June
The Nifty futures price opened at 18649.95, making a higher opening of 18.4 points. It has touched an intraday high of 18705.60 and a day’s low of 18624.10
The Nifty futures price has given a movement of 81.5 points. In the end, it closed higher by 58.85 points or 0.32 percent and ended at 18690.40 levels.
The Bank Nifty futures opened at 44160 It made a positive opening of 42.05 points. The Bank Nifty futures touched an intraday high at 44174.55 and a day’s low at 43991.60
During the day, the Bank Nifty futures have given a movement of 182.95 points. In the end, it closed lower by 21.95 points or 0.05 percent and closed at 44096 levels.
Nifty & Bank Nifty Prediction for Tomorrow 13 June 2023
Nifty Futures Prediction for Tomorrow 13 June 2023
Primary Trend in Nifty Futures: Sideways
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 18740 whereas All Down Moves can Initiate Short Covering @ 18620
If the Nifty futures Moves Above 18716 and sustains. Then Nifty futures can hit a 1st Target of 18740 during the day with a Stop Loss of 18680. In a day it could trade for the target of 18740- 18764- 18797 levels.
If the Nifty futures (June Series) share price Moves Below 18650 and is sustained. Then Nifty futures can see a 1st Target of 18622 levels for the day with a Stop Loss of 18670 In a day it could trade for the target of 18622- 18580 – 18556 levels.
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Bank Nifty Futures Prediction for Tomorrow 13 June 2023
Primary Trend in Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44200 whereas All Down Moves can Initiate Short Covering @ 43800
Suppose the Bank Nifty futures Moves Above 44175 and sustain, then you could see a 1st Target of 44235 during the day with a Stop Loss of 44090. During the day Bank Nifty futures could trade for the target of 44235- 44350- 44435
If the Bank Nifty futures (June Series) Moves Below 43980 and sustain, then you could see a 1st Target of 43900 levels in a day with a Stop Loss of 44060. During the day Bank Nifty futures could trade for the target of 43900- 43835- 43750
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Global Stock Market Updates
On the global front, Asian stock markets mostly closed in the green on Monday, as investors prefer to stay sideline ahead of the major central bank’s interest rate decision and key economic data, during the week. Nikkei ended higher for the second consecutive day, due to a rally in shares of domestic drugmakers and chip-related companies, and following gains from Wall Street on Friday.
Hang Seng erased early losses and managed to close in the green, while Shanghai snapped a three-day winning streak and closed slightly lower. The Shanghai index trimmed early losses as traders were encouraged after China’s central bank governor said that the second-quarter GDP growth will be ‘relatively high’ due to the low base effect.
European stock markets are trading higher on Monday ahead of the central banks meeting. The share price of UBS is trading higher after Switzerland’ based lender announced that it had completed the takeover of its former rival Credit Suisse. The US futures are trading mixed, Dow future is trading flat to negative while the Nasdaq future is trading higher at 4.30 pm IST
Conclusion
The domestic stock market indexes traded sideways on Monday and ended on a positive note on the back of firm global cues. Traders stayed on the sideline ahead of the domestic CPI and IIP data, which are expected later in the day.
Tomorrow markets will first react to the domestic economic data and remain cautious ahead of the US inflation figure which is due on Tuesday. 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 12-16 June 2023
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