Nifty and Bank Nifty Prediction for Tomorrow 6 June 2023
Nifty and Bank Nifty Prediction for Tomorrow 6 June 2023: Indian equity markets ended higher for the second consecutive day on Monday amid positive global cues. The domestic markets opened a gap-up and traded in a tight rage throughout the day. Traders took note that India’s services sector growth eased slightly in May, but registered the second-strongest rate of growth in close to 13 years due to favorable demand conditions and new clients win.
Among the sectors, auto, media, energy, and pvt banks were in demand while some selling pressure was witnessed in FMCG, PSU Bank, and IT sectors. The market breadth was strong today. The broader markets ended higher, Nifty mid and smallcap indexes gained 0.14 percent and 0.36 percent respectively. At the close, Nifty and Sensex advanced 0.32 percent and 0.38 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 5 June
The Nifty futures price opened at 18700.20, making a higher opening of 64.25 points. It has touched an intraday high of 18729 and a day’s low of 18676.60
The Nifty futures price has given a movement of 52.4 points. In the end, it closed higher by 66.05 points or 0.35 percent and ended at 18702 levels.
The Bank Nifty futures opened at 44242 It made a positive opening of 131.4 points. The Bank Nifty futures touched an intraday high at 44411 and a day’s low at 44202.70
During the day, the Bank Nifty futures have given a movement of 208.3 points. In the end, it closed higher by 171.40 points or 0.39 percent and closed at 44282 levels.
Nifty & Bank Nifty Prediction for Tomorrow 6 June 2023
Nifty Futures Prediction for Tomorrow 6 June 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 18750 whereas All Down Moves can Initiate Short Covering @ 18550
If the Nifty futures Moves Above 18718 and sustains. Then Nifty futures can hit a 1st Target of 18751 during the day with a Stop Loss of 18685. In a day it could trade for the target of 18751- 18780- 18809 levels.
If the Nifty futures (June Series) share price Moves Below 18630 and is sustained. Then Nifty futures can see a 1st Target of 18602 levels for the day with a Stop Loss of 18662. In a day it could trade for the target of 18602- 18574 – 18550 levels.
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Bank Nifty Futures Prediction for Tomorrow 6 June 2023
Primary Trend in Bank Nifty Futures: Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44500 whereas All Down Moves can Initiate Short Covering @ 44100
Suppose the Bank Nifty futures Moves Above 44360 and sustain, then you could see a 1st Target of 44470 during the day with a Stop Loss of 44270. During the day Bank Nifty futures could trade for the target of 44470- 44550- 44625
If the Bank Nifty futures (June Series) Moves Below 44130 and sustain, then you could see a 1st Target of 44050 levels in a day with a Stop Loss of 44240. During the day Bank Nifty futures could trade for the target of 44050- 43980- 43900
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Global Stock Market Updates
On the global front, Asian markets closed in the green on Monday. The market sentiments were lifted by hopes of a pause in the US Fed’s rate hikes campaign after the US labor report and upbeat news on services activity from China. The services activity in China accelerated in May but the market upside remained capped on Monday due to continuing Sino-US tension.
Japan’s Nikkei ended over 2% higher, closing at its highest in 33 years. Nikkei gained the most in the region on Monday, as the service activity expanded to a record high in May. Hong Kong’s service activity slows in May compared to the previous month. Shanghai and Hang Seng indexes closed in the green today.
European stock market indexes are mostly trading higher on Monday, following the positive cues from US and Asian markets. FTSE trading higher as oil & gas stocks are trading higher after Saudi Arabia cuts production. The Eurozone services activity fell in May as compared to the previous month, but remain above 50-marks. The US future indexes, Dow and Nasdaq futures are trading flat at this moment at 5 pm IST.
Conclusion
The domestic markets made decent gains following the positive cues from the global markets. Market focus will now shift to the US Fed’s next week monetary policy and RBI monetary policy announcement on the 8th of June. Banking, financial & other rate-sensitive stocks may remain volatile ahead of the RBI’s credit policy. 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 (5- 9 June 2023)
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