Nifty and Bank Nifty Prediction for Tomorrow 2 Aug 2023
Nifty and Bank Nifty Prediction for Tomorrow 2 Aug 2023: Indian equity markets ended a volatile session with minor cuts on Tuesday. The domestic market indices turned red in the morning session, as the country’s manufacturing activity showed a sign of losing momentum in July as per the S&P Global manufacturing PMI data. The market sentiments were also hit due to FIIs outflow and rising crude oil prices.
Among the sectors, IT, Metal, and Pharma were advanced while Realty, PSU Bank, and FMCG were under selling pressure. The market breadth was positive. The broader markets outperform the benchmarks, as Nifty mid and smallcap indexes gained 0.03 percent and 0.68 percent respectively.
At the close, Sensex was down by 68.36 points or 0.10 percent at 66459.31 levels, while Nifty declined 20.25 points or 0.10 percent and settled at 19733.55 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 19862, making a positive opening of 18.05 points on Tuesday. It has touched an intraday high of 19869 and a day’s low of 19785.75
The Nifty futures price has given a movement of 83.25 points. In the end, it closed lower by 33.65 points or 0.17 percent and ended at 19810.30 levels.
The Bank Nifty futures opened at 45903.05 It also made a positive opening of 42.1 points. The Bank Nifty futures touched an intraday high at 45944 and a day’s low at 45615.25
During the day, the Bank Nifty futures have given a movement of 328.75 points. In the end, it declined 114.80 points or 0.25 percent and closed at 45746.15 levels.
Nifty & Bank Nifty Prediction for Tomorrow 2 Aug 2023
Nifty Futures Prediction for Tomorrow 2 Aug 2023
Primary Trend in Nifty Futures: Range Bound
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19860 whereas All Down Moves can Initiate Short Covering @ 19740
If Nifty futures for the Aug series Moves Above 19832 and sustains. Then Nifty futures can hit a 1st Target of 19856 during the day with a Stop Loss of 19809. In a day it could trade for the target of 19856- 19874- 19902 levels.
If the Nifty futures (Aug Series) share price Moves Below 19774 and is sustained. Then Nifty futures can see a 1st Target of 19745 levels for the day with a Stop Loss of 19798 In a day it could trade for the target of 19745- 19719 – 19690 level.
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Bank Nifty Futures Prediction for Tomorrow 2 Aug 2023
Primary Trend in Bank Nifty Futures- Range Bound
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 45950 whereas All Down Moves can Initiate Short Covering @ 45600
Suppose the Aug series Bank Nifty futures Moves Above 45885 and sustain, then you could see a 1st Target of 45960 during the day with a Stop Loss of 45780. During the day Bank Nifty futures could trade for the target of 45960- 46050- 46135
If the Bank Nifty futures (Aug Series) Moves Below 45670 and sustain, then you could see a 1st Target of 45610 levels in a day with a Stop Loss of 45745. During the day Bank Nifty futures could trade for the target of 45610- 45540- 45470.
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Global Stock Market Updates
Asian stock markets closed mixed on Tuesday, as investors digested the economic data released in the region. The market sentiments remain downbeat in China, as Caixin manufacturing PMI data showed China’s factory activity fell below expectations with supply, demand, and export orders all deteriorating. Shanghai index erased early gains and closed almost flat.
The Hang Seng indexes erased early gains and closed lower, as property-related stocks decline while the tech index gained marginally on Tuesday. Nikkei ended higher, as Japan’s unemployment rate fell slightly in June. The weaker yen also boosted the sentiments of chip-related stocks and auto stocks gained after Toyota Motors’ upbeat quarterly results. South Korea’s Kospi extended the previous session’s gain and jumped the most in the region
European stock markets are trading in the red on Tuesday, as investors digested the new batch of earnings. The sentiments were also hit, as Eurozone manufacturing activity fell in July at the fastest pace since the start of the Covid-19 pandemic, a new survey showed Tuesday.
The US futures, Dow, and Nasdaq futures are trading lower at 5 pm IST, indicating a negative opening for the US markets today.
Conclusion
Indian markets traded volatile in a narrow range on Tuesday. The indices were struggling for a direction in a choppy session. Investors overlooked the upbeat GST collections for the month of July, which rose around 11% year on year to Rs 1.65 lakh crore. You can follow our Daily Morning Report at 7.30 am for market direction.
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