Nifty and Bank Nifty Prediction for Tomorrow 24 Aug 2023
Nifty and Bank Nifty Prediction for Tomorrow 24 Aug 2023: Indian equity market indexes ended with decent gains amid mixed global cues on Wednesday. The equity benchmarks erased intraday losses after initial volatility in the late morning session and ended higher for the third straight session. Among the sectors, PSU Banks, Pvt Banks, and Financial Services gained the most while some selling pressure was witnessed in Energy, PMCG, and Pharma sectors.
The market breadth was quite positive. On NSE 1205 shares advanced while 826 shares declined at the close. The broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes gained 0.39 percent and 0.91 percent respectively.
At the closed, Sensex advanced 213.27 points or 0.33 percent and closed at 65433.30 levels while Nifty gained 47.55 points or 0.25 percent and settled at 19444 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 19395, making a slightly positive opening of 8.7 points on Wednesday. It has touched an intraday high of 19456.75 and a day’s low of 19352.25
The Nifty futures price has given a movement of 104.5 points. In the end, it closed higher by 46.70 points or 0.24 percent and ended at 19433 levels.
The Bank Nifty futures opened at 44077.05 It also made a slightly negative opening of 11 points. The Bank Nifty futures touched an intraday high at 44573.65 and a day’s low at 44016.15
During the day, the Bank Nifty futures have given a movement of 557.5 points. In the end, it ended higher by 463.65 points or 1.05 percent and closed at 44551.70 levels.
Nifty & Bank Nifty Prediction for Tomorrow 24 Aug 2023
Nifty Futures Prediction for Tomorrow 24 Aug 2023
Primary Trend in Nifty Futures: Mild Negative
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19500 whereas All Down Moves can Initiate Short Covering @ 19380
If Nifty futures for the Aug series Moves Above 19465 and sustains. Then Nifty futures can hit a 1st Target of 19502 during the day with a Stop Loss of 19438. In a day it could trade for the target of 19502- 19532- 19554 levels.
If the Nifty futures (Aug Series) share price Moves Below 19407 and is sustained. Then Nifty futures can see a 1st Target of 19380 levels for the day with a Stop Loss of 19424 In a day it could trade for the target of 19380- 19352 – 19322 level.
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Bank Nifty Futures Prediction for Tomorrow 24 Aug 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44800 whereas All Down Moves can Initiate Short Covering @ 44300
Suppose the Aug series Bank Nifty futures Moves Above 44665 and sustain, then you could see a 1st Target of 44770 during the day with a Stop Loss of 44605. During the day Bank Nifty futures could trade for the target of 44770- 44825- 44905
If the Bank Nifty futures (Aug Series) Moves Below 44480 and sustain, then you could see a 1st Target of 44380 levels in a day with a Stop Loss of 44555. During the day Bank Nifty futures could trade for the target of 44380- 44320- 44250
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Global Stock Market Updates
Asian-Pacific stock markets indexes mostly extended their previous session gains on Wednesday. Japan’s Nikkei ended higher for the third straight session, as the country’s business activity expanded at a faster pace in August due to expansion in service sectors, according to a Jibun Bank PMI data survey.
Shanghai and Kospi ended lower while Hang Seng gained in the late trade on Wednesday. Straits Times ended higher on Wednesday, as Singapore’s core inflation for July came lower than June, in line with the expectation. Taiwan and SET Composite also closed higher on Wednesday.
European stock market indexes trimmed early gains on Wednesday, as PMI survey data disappoints. Investors are waiting for quarterly earnings of Nvidia shares due later in the day. German business activity fell sharply in August as per Flash PMI data. Eurozone PMI survey came below expectations, as services activity fell into decline.
The US future indexes, Dow and Nasdaq futures are trading marginally higher at 5 pm IST, indicating a flat to positive opening for the US markets today. You can also follow our US markets Report at 10 PM IST.
Conclusion
Indian stock markets closed near the day’s high on Wednesday amid mixed global cues. A sharp pullback in Bank Nifty supported the markets in the second half, both PSU and Pvt banking stocks witnessed buying today, looking for further up moves in the banking index. Going ahead, tomorrow markets will open as per global cues, 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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