Nifty and Bank Nifty Prediction for Tomorrow 21 July 2022
Nifty and Bank Nifty Prediction for Tomorrow 21 July 2022: Indian equity markets made a huge gap-up opening on Wednesday tracking positive cues from Wall Street overnight. The strong US corporate earnings, cut in windfall tax on diesel and aviation fuel, and FIIs inflow lifted the domestic market sentiments today.
Heavy buying witnessed in the frontline stocks and among sectors IT, FMCG, Metals, and Banks were in focus today. In the end, the benchmark indices Sensex and Nifty closed above 1 percent higher. The broader markets underperformed as compared to the benchmarks today. You can read the detailed market updates here
Nifty and Nifty Bank futures price movement for 20 July (July Expiry)
The Nifty futures price opened at 16521.30, making a gap-up opening of 174.35 points today. It has touched an intraday high of 16577.60 and a day’s low of 16492
The Nifty futures price has given a movement of 85.6 points today. In the end, it closed higher by 147.55 points or 0.90 percent and ended at 16494.50 levels.
The Bank Nifty futures opened at 36075 It made a positive opening of 332.4 points. The Bank Nifty futures has touched an intraday high at 36268.65 and a day’s low at 35900
During the day, the Bank Nifty futures has given a movement of 368.65 points. In the end, it closed higher by 177.40 points or 0.50 percent and closed at 35920 levels.
Nifty & Bank Nifty Prediction for Tomorrow 21 July 2022 (July Expiry)
Nifty Futures Prediction for Tomorrow 21 July 2022
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 16600 whereas All Down Moves Initiates Short Covering (Buy) @ 16350
If the Nifty futures share price Moves Above 16555 and sustain. Then you should Buy with 1st Target of 16590 during the day with a Stop Loss of 16518 FOR the Target of 16590- 16622- 16650- 16685
If the Nifty futures share price Moves Below 16432 and is sustained. Then you should Sell with the 1st Target of 16395 for the day with a Stop Loss of 15470. FOR the Target of 16395- 16358- 16318- 16290
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Bank Nifty Futures Prediction for Tomorrow 21 July 2022
Primary Trend of Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 36100 whereas All Down Moves Initiates Short Covering (Buy) @ 35700
Suppose the Bank Nifty futures Moves Above 36125 and sustain, then you should Buy with the 1st Target of 36285 during the day with a Stop Loss of 35970 and the Target of 36285- 36360- 36435- 36630
If the Bank Nifty futures Moves Below 35750 and sustain, then you should Sell with the 1st Target of 35660 the day with a Stop Loss of 35900. FOR the Target of 35660 – 35530 – 35360 – 35280
Global Stock Markets today
On the global front, the other Asian markets closed higher on Wednesday led by tech shares. The markets gained due to strong US corporate earnings reports overnight and easing fears of recession. The market mood was also optimistic after an official pledge from Beijing to support China’s economic recovery from the Covid fallout. The upside remained capped as prime lending rates for corporate and households remained unchanged in China.
European markets opened higher on Wednesday due to upbeat US corporate earnings and as worries about gas supply eased. The markets turned negative in the mid-day session as investors are worried that the European Central Bank policymakers may consider a bigger than expected 50 bps points rate hike on Thursday. The US futures, Dow Jones, and Nasdaq futures are trading marginally lower at this moment at 5 pm IST.
Conclusion
Indian markets gained for the fourth consecutive session with the support of positive global cues. The strong US corporate earnings, a cut in windfall tax on fuel, and FIIs turned buyers lifted the market sentiments today. While the recent ease in crude oil and commodity prices was also supporting the markets in the past few days. Investors are in hope that Fed may not be aggressive in July’s policy and this has eased recession fear.
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