Nifty and Bank Nifty Prediction for Monday 24 July 2023
Nifty and Bank Nifty Prediction for Monday 24 July 2023: Indian stock market indexes snapped a 6-day winning streak on Friday. The domestic markets opened a gap-down and extended losses as the session progressed. The indices closed near the day’s low on Friday amid weak global cues and disappointing quarterly earnings.
The IT and FMCG sectors fell the most followed by energy, as Infosys and HUL tumbled after the first quarter results. Meanwhile, the heavyweight Reliance slipped ahead of the 1st quarterly results, which also hit the market sentiments on Friday.
The broader markets ended mixed, the Nifty mid-cap index was down by 0.36 percent while the small-cap index was up by 0.72 percent on the last trading session of the week. In the end, Sensex fell sharply by 1.31 percent and settled at 66684.26 level while the Nifty index ended at 19745, down by 1.17 percent.
Nifty and Nifty Bank futures price movement on Friday, 21 July
On Friday, July 21, the Nifty futures (July Series) opened at 19860 level, it made a negative opening of 110.2 points from the previous close. It touched an intraday high at 19899.90 and a day’s low at 19730
The Nifty futures have given a movement of 169.9 points on Friday. In the end, it closed lower by 163.65 points or 0.82 percent and ended at 19806.55 levels.
The Bank Nifty futures (July Series) opened at 46075 levels on the last day of the week. It made a negative opening of 76.4 points on Friday. It has touched an intraday high at 46360 and a day’s low at 45982.80
On Friday, the Bank Nifty futures gave a movement of 377.2 points. At the close, Bank Nifty future finished higher by 18.90 points or 0.04 percent and ended at 46151.40 levels.
Nifty & Bank Nifty Prediction for Monday 24 July 2023 (July Expiry)
Nifty Futures Prediction for Monday 24 July 2023
Primary Nifty Trend in Futures: Mild Negative & Volatile
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 19850 whereas All Down Moves can initiate Short Covering @ 19730
If the Nifty futures share price Moves Above 19816 and sustains. Then it can touch the 1st Target of 19846 during the day with a Stop Loss of 19790 FOR the Target of 19846- 19876- 19903
If the Nifty futures share price Moves Below 19754 and is sustained. Then it can touch the 1st Target of 19730 during the day with a Stop Loss of 19780. For the Target of 19730- 19691- 19645.
Bank Nifty Futures Prediction for Monday 24 July 2023
Primary Trend of Bank Nifty Futures: Mild Positive & Volatile
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiates Profit Booking @ 46350, whereas All Down Moves can Initiate Short Covering @ 45900
Suppose the Bank Nifty futures Moves Above 46220 and sustain, then it can touch the 1st Target of 46300 during the day with a Stop Loss of 46140. For the Target of 46300- 46380- 46450
If the Bank Nifty futures Moves Below 46020 and sustain, then the index can touch the 1st Target of 45950 during the day with a Stop Loss of 46130. For the Target of 45950- 45825- 44750
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Global Stock Market Updates
European stock markets closed higher on Friday, as investors followed positive trends from Wall Street. The major indexes in Europe closed mixed on Friday as investors digested the fresh round of quarterly earnings.
The upside remains capped due to the continued weakness in tech stocks and as investors looked ahead to the Spanish election during the weekend. The majority of the indices closed in the green territory on Friday, with household goods leading gains while mining stocks declined.
The US stock markets closed mixed on Friday, Dow Jones edged higher for the 10th straight day, its longest streak since 2017. Investors remain cautious ahead of the big tech earnings and Fed’s monetary policy next week and bet on defensive counters like utilities and healthcare.
Nasdaq erased early gains and turned negative at the close, as big tech stocks were nervous ahead of next week’s quarterly earnings from Alphabet and Microsoft. While the downside was limited due to a rally in chip stocks after the quarterly results of Qualcomm Incorporated.
Conclusions
Indian stock markets fell sharply on Friday, snapping a 6-day winning streak. The market sentiments were downbeat due to the disappointing Q1 results of Infosys and HUL and weak global cues. Profit booking was witnessed on Friday, as the market was overbought and investors remain cautious ahead of big corporate results and crucial global market events next week. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also, read- Indian Stock Market Surges 4-Weeks on FIIs Inflow & Positive US Markets
Global Stock Markets Mixed, Dow Gains for 10th Straight Day
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