Nifty and Bank Nifty Prediction for Monday 3 July 2023
Nifty and Bank Nifty Prediction for Monday 3 July 2023: Indian equity market indexes ended with solid gains on Friday. The market sentiments were positive due to strong FIIs inflow, progress in the monsoon, and positive global cues. The Sensex and Nifty opened higher and marched in the northward direction as the session progressed and closed near the day’s high. The domestic indices, Sensex, Nifty 50, and Bank Nifty closed at fresh new record highs on Friday. Barring Metal all other sectoral indices closed in the green.
The market breadth was strong with the advance and decline indicating a ratio of 2:1 at the close. The broader markets also advanced following their larger peers, as nifty mid and smallcap indexes gained 0.66 percent and 0.46 percent respectively. At the close, Sensex and Nifty jumped 1.26 percent and 1.14 percent respectively on Friday.
Nifty and Nifty Bank futures price movement on Friday, 30 June
On Friday 30 June, the Nifty futures (July Series) opened at 19082 level, it made a positive opening of 9.55 points from the previous close. It touched an intraday high at 19273.15 and a day’s low at 19082
The Nifty futures have given a movement of 191.15 points on Friday. In the end, it closed higher by 198.35 points or 1.04 percent and ended at 19270.80 levels.
The Bank Nifty futures (July Series) opened at 44625.50 levels on the last day of the week. It made a positive opening of 178.05 points on Friday. It has touched an intraday high at 44893.15 and a day’s low at 44551.10
On Friday, the Bank Nifty futures gave a movement of 342.05 points. At the close, it ended higher by 412.55 points or 0.93 percent and closed at 44860 levels.
Nifty & Bank Nifty Prediction for Monday 3 July 2023 (July Expiry)
Nifty Futures Prediction for Monday 3 July 2023
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 19350 whereas All Down Moves can initiate Short Covering @ 19200
If the Nifty futures share price Moves Above 19315 and sustains. Then it can touch the 1st Target of 19344 during the day with a Stop Loss of 19270 FOR the Target of 19344- 19380- 19418
If the Nifty futures share price Moves Below 19200 and is sustained. Then it can touch the 1st Target of 19157 during the day with a Stop Loss of 19230. For the Target of 19157- 19131- 19090
Bank Nifty Futures Prediction for Monday 3 July 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiates Profit Booking @ 45250, whereas All Down Moves can Initiate Short Covering @ 44800
Suppose the Bank Nifty futures Moves Above 45020 and sustain, then it can touch the 1st Target of 45130 during the day with a Stop Loss of 44920. For the Target of 45130- 45215- 45300
If the Bank Nifty futures Moves Below 44640 and sustain, then the index can touch the 1st Target of 44555 during the day with a Stop Loss of 44725. For the Target of 44555- 44480- 44400
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Global stock market updates
The US stock markets finished higher on Friday, ending the last trading session of the first half of 2023 on a strong note. The market sentiments were bullish after the fresh data showing inflation cooled down more than expected.
The data released on Friday showed weaker-than-expected consumer spending which has also eased the concern that Fed is likely to lean hawkish in the July meeting. Tech stocks rallied after the inflation data, the share price of Apple gained more than 2% and closes above $3T on Friday.
European stock market indexes closed higher on Friday as eurozone inflation fell more than expected in June. The Eurozone June inflation data came at 5.5% due to the impact of the ECB’s monetary policy tightening but remains above the 2% target.
The Pan-European Stoxx 600 index gained 1.2% on Friday, as all major sectors ended in the positive territory including banks, chemicals, insurance, and retail gained over 1%. On a half-yearly basis, the index gained over 8% despite interest rate hikes, banking failure, and other uncertainties in the region
Conclusions
Indian stock markets ended on a strong note near the day’s high on Friday. The positive economic data released on Friday, in the US also lifted global sentiments. We feel the positive momentum is likely to continue in the Indian markets and the indices will make new record highs on Monday. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also, read- Global Stock Market – Nasdaq hits biggest half-yearly gain in 40 years
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