Nifty and Bank Nifty Prediction for Tomorrow 17 Aug 2023
Nifty and Bank Nifty Prediction for Tomorrow 17 Aug 2023: Indian equity market indices ended with minor gains amid volatility on Wednesday. The domestic market sentiments were dented due to weak global cues, as the Fitch rating agency warned the US banking industry to downgrade big banks. The sentiments were further hit due to a surge in domestic retail inflation data and persistent selling pressure from FIIs.
However, markets recovered gradually and closed above the flat line on the back of buying in Media, Realty, Pharma, and IT stocks, while selling pressure was witnessed in Metal, Private Banks, and Consumer Durables. The market breadth was positive on Wednesday.
The broader markets also closed higher, as the Nifty midcap index gained 0.08 percent while smallcap index outperformed the benchmarks and ended higher by 0.57 percent. At the close, Sensex advanced 137.50 points or 0.21 percent and closed at 65539.42 levels while Nifty was up by 30.45 points or 0.16 percent and settled at 19465 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 19400.40, making a gap-down opening of 77.95 points on Wednesday. It has touched an intraday high of 19505.40 and a day’s low of 19352.55
The Nifty futures price has given a movement of 152.85 points. In the end, it closed lower by 12.35 points or 0.06 percent and ended at 19466 levels.
The Bank Nifty futures opened at 43975 It also made a gap-down opening of 259.05 points. The Bank Nifty futures touched an intraday high at 44147.70 and a day’s low at 43818.65
During the day, the Bank Nifty futures have given a movement of 329.05 points. In the end, it ended lower by 208.40 points or 0.47 percent and closed at 44025.65 levels.
Nifty & Bank Nifty Prediction for Tomorrow 17 Aug 2023
Nifty Futures Prediction for Tomorrow 17 Aug 2023
Primary Trend in Nifty Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19550 whereas All Down Moves can Initiate Short Covering @ 19400
If Nifty futures for the Aug series Moves Above 19509 and sustains. Then Nifty futures can hit a 1st Target of 19542 during the day with a Stop Loss of 19485. In a day it could trade for the target of 19542- 19576- 19615 levels.
If the Nifty futures (Aug Series) share price Moves Below 19457 and is sustained. Then Nifty futures can see a 1st Target of 19426 levels for the day with a Stop Loss of 19474 In a day it could trade for the target of 19426- 19385 – 19350 level.
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Bank Nifty Futures Prediction for Tomorrow 17 Aug 2023
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44250 whereas All Down Moves can Initiate Short Covering @ 43750
Suppose the Aug series Bank Nifty futures Moves Above 44155 and sustain, then you could see a 1st Target of 44240 during the day with a Stop Loss of 44050. During the day Bank Nifty futures could trade for the target of 44240- 44350- 44480
If the Bank Nifty futures (Aug Series) Moves Below 43930 and sustain, then you could see a 1st Target of 43840 levels in a day with a Stop Loss of 44020. During the day Bank Nifty futures could trade for the target of 43840- 43775- 43650
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Global Stock Market Updates
Asian stock market indexes closed lower on Wednesday, following the negative cues from Wall Street overnight, as Fitch rating warned to downgrade banks in the US. The major stock market indexes were under a bear’s grip, as more weak data was released from China. Investor’s sentiments were hit, as there is no clear action plan from Beijing. China’s Shanghai index closed lower, as the House Price index fell into the contraction zone, for the first time since April.
Japan’s Nikkei ended lower due to uncertainty about the global economic outlook. The business sentiment improved in Japan in July, as per the Reuters Tankan survey. South Korea’s Kospi resumed trading after a holiday and ended in the deep red. Elsewhere, Hang Seng, Straits Times, and Taiwan also ended lower on Wednesday.
European stock markets are mostly trading higher on Wednesday at 5 pm IST. FTSE is trading slightly lower as UK’s core inflation data flatlined last month, increasing the fear of the Bank of England hiking rates again and putting pressure on borrowers and consumers.
The US future indexes, Dow and Nasdaq futures are trading slightly lower at this moment, indicating a slightly lower opening for the US markets. You can also follow our US markets Report at 10 PM IST.
Conclusion
Indian stock market indexes recovered after opening a gap-down on Wednesday. The global market sentiments are weak and the near-term trends of Indian markets are also looking negative. The domestic markets need a positive trigger to bounce back either on the global or domestic front. 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 (14- 18 Aug 2023)
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