Nifty & Bank Nifty Prediction for Tomorrow, 16 July 2021
Nifty and Bank Nifty prediction for tomorrow, 16 July 2021: Indian stock markets opened higher on Thursday amid positive Asian market cues. The markets continued to extend their yesterday’s gain on sustained buying activities by funds and retail investors. The benchmark indices Sensex and Nifty have touched a new record high today. In the end, the market gained around half a percent and closed in the positive territory.
The domestic market sentiments were upbeat with a private report stated that IT spending in the country is expected to grow at 8 percent to $92.7 billion in 2021. The growth at 8 percent is slightly less than the world average of 8.6 percent and global spending on IT is estimated to come at $4.2 trillion.
The textile stocks were in limelight in today’s trade as garment exporters will continue to get a rebate on central and state taxes on their outward shipments. The government on Wednesday approved the extension of the RoSCTL scheme till March 2024.
Today’s Market Updates: Sensex, Nifty, and Bank Nifty on spot levels
At the closed, Nifty gained 70.25 points or 0.45 percent and closed at 15924.20 levels while Sensex was up by 254.80 points or 0.49 percent and finished at 53,158.85 levels. The Bank Nifty on spot levels climbed 239.40 points or 0.68 percent and ended at 35907.65.
The broader markets also gained tracking their larger peers today. The Nifty midcap index gained 131.40 points or 0.48 percent and closed at 27754.70 levels. The Nifty smallcap index was up by 97.35 points or 0.95 percent and finished at 10333.15 levels.
The top five gainers in the Nifty 50 index were HCL Tech, L&T, Wipro, Tech Mahindra, and Hindalco. The top five losers in the Nifty 50 index were ONGC, Eicher Motors, Bharti Airtel, Grasim, and Coal India. The value-wise most active stocks were Wipro, Infosys, and L&T while volume-wise most active stocks were Wipro, ITC, and ONGC.
On a sectoral basis, IT & Software, Realty, Banking Capital Goods, Infrastructures sectors gained the most. The sectors that closed in the red were Oil & Gas, Telecom, Healthcare, and Automobiles.
Nifty and Nifty Bank futures price movement for 15 July ( July Expiry)
The Nifty futures price opened at 15879 and made a positive opening of 9.95 points. It has touched an intraday high at 15967.50 and a day’s low at 15866.55
The Nifty futures price has given a movement of 100.95 points today. In the end, it gained 70.95 points or 0.45 percent and ended at 15940 levels.
The Bank Nifty futures opened at 35760.05. It made a positive opening of 4.45 points today. It has touched an intraday high at 36067.95 and a day’s low at 35718.65
During the day, the Bank Nifty in futures has given a movement of 349.3 points. In the end, it closed higher by 254.4 points or 0.71 percent and closed at 36010 levels.
Nifty & Bank Nifty Prediction for Tomorrow 16 July, (July Expiry)
Nifty Futures Prediction for Tomorrow, 16 July 2021
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 15980 whereas All Down Moves Initiates Short Covering (Buy) @ 15900
If the Nifty futures share price Moves Above 15962 and sustain. Then you should Buy with 1st Target of 15984 during the day with a Stop Loss of 15901 FOR the Target of 15984-16004- 16028
If the Nifty futures share price Moves Below 15901 and is sustained. Then you should Sell with the 1st Target of 15877 during the day with a Stop Loss of 15962. FOR the Target of 15877- 15850 -15824
Bank Nifty Futures Prediction for Tomorrow, 16 July 2021
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 36200, whereas All Down Moves Initiates Short Covering (Buy) @ 35950
Suppose the Bank Nifty futures Moves Above 36150 and sustain, then you should Buy with the 1st Target of 36218 during the day with a Stop Loss of 35930. FOR the Target of 36218 – 36292 – 36455
If the Bank Nifty futures Moves Below 35930 and sustain, then you should Sell with the 1st Target of 35865 during the day with a Stop Loss of 36150. FOR the Target of 35865 – 35795 – 35690
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Global markets today
On the global front, Asian markets were mostly closed higher on Thursday as economic data from China was better than expected. The Asian market sentiments were upbeat as the U.S Federal Reserve chair Jerome Powell said the higher inflation is temporary and tapering of its massive stimulus is still a way off.
European market indices are trading lower as lower crude prices hit oil stocks and wind energy companies slipped after Siemens Energy posted a downbeat margin outlook. The U.S future market indices are trading mixed, Dow future is trading lower whereas Nasdaq future is trading marginally higher at 4.30 pm IST on Thursday.
Conclusions
Indian stock markets extended their yesterday’s rally. The domestic market got support from Asian markets and a healthy buying in the Realty, IT, and Banking space The benchmark indices Sensex and Nifty touched a new high today. Nifty closed above 15900 levels is a positive for the market, may continue its northward journey.
You can also follow our Daily Morning Report and Nifty and Bank Nifty prediction for tomorrow 16 July.
Also read, 5 Best Stock Market Books- Beginners Must Read in 2021
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