Nifty and Bank Nifty Prediction for Tomorrow 7 July 2022
Nifty and Bank Nifty Prediction for Tomorrow 7 July 2022: Indian equity markets opened slightly higher on Wednesday as indicated by the SGX Nifty in the morning. The domestic market sentiments remain positive as FIIs were net buyers in the previous session and on a sharp fall in crude oil prices.
The benchmark indexes gradually increased their early gains and closed on a strong note today. Barring oil & gas sectors, all other sectors closed higher led by FMCG, Auto, and Realty. The broader markets also closed higher on Wednesday. You can read the detailed market updates here
Nifty and Nifty Bank futures price movement for 6 July (July Expiry)
The Nifty futures price opened at 15796.85, making a positive opening of 20.8 points. It has touched an intraday high of 16020 and a day’s low of 15781.05
The Nifty futures price has given a movement of 238.95 points today. In the end, it closed higher by 242.40 points or 1.54 percent and ended at 16018.45 levels.
The Bank Nifty futures opened at 33900 It made a positive opening of 72.85 points. The Bank Nifty futures has touched an intraday high at 34434 and a day’s low at 33800.95
During the day, the Bank Nifty futures has given a movement of 633.05 points. In the end, it closed higher by 604.55 points or 1.79 percent and closed at 34431.7 levels.
Nifty & Bank Nifty Prediction for Tomorrow 7 July 2022 (July Expiry)
Nifty Futures Prediction for Tomorrow 7 July 2022
Primary Nifty Trend in futures: Positive with Cautious bias
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 16200 whereas All Down Moves Initiates Short Covering (Buy) @ 15930
If the Nifty futures share price Moves Above 16052 and sustain. Then you should Buy with 1st Target of 16085 during the day with a Stop Loss of 16005 FOR the Target of 16085- 16117- 16165- 16197
If the Nifty futures share price Moves Below 15962 and is sustained. Then you should Sell with the 1st Target of 15930 for the day with a Stop Loss of 15995. FOR the Target of 15930- 15902- 15865- 15825
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Bank Nifty Futures Prediction for Tomorrow 7 July 2022
Primary Trend of Bank Nifty Futures: Positive with Cautious bias
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 34800 whereas All Down Moves Initiates Short Covering (Buy) @ 34250
Suppose the Bank Nifty futures Moves Above 34560 and sustain, then you should Buy with the 1st Target of 34680 during the day with a Stop Loss of 34375 and the Target of 34680- 34818- 34950- 35020
If the Bank Nifty futures Moves Below 34200 and sustain, then you should Sell with the 1st Target of 34055 the day with a Stop Loss of 34330. FOR the Target of 34055 – 33958 – 33865 – 33730
Global Stock Markets Today
On the global front, the other Asian markets closed in red on Wednesday due to fear of recession backed by the gloomy forecast of a global economic slowdown, rising prices, and continued political tension. Nikkei fell after two days of rally, dragged down by the energy stocks as sentiments were hit by the fear of recession. Shanghai and Hang Seng were down due to the rising covid cases in China, and potential lockdown in the region.
European markets are trading higher on Wednesday, driven by a deal that will see Amazon take a stake in Just Eat Takeaway’s struggling US unit Grubhub. The US market future indexes, Dow, and Nasdaq futures are trading marginally lower at this moment at 5.30 pm IST.
Conclusion
Indian stock market indexes outperformed other Asian market peers today. Indian markets made strong gains due to ease in crude oil prices, as India is the second-largest importer of crude. Secondly, FIIs buying in the previous session boost the market sentiments today. Going ahead, recession fears and a surge in Covid-19 cases in China can make the market volatile.
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