Nifty and Bank Nifty Prediction for Wednesday 16 Aug 2023
Nifty and Bank Nifty Prediction for Wednesday 16 Aug 2023: Indian equity markets snapped a two-day losing streak on Monday and ended with minor gains. The domestic market sentiments opened lower amid negative cues from Asian peers, as China’s property troubles hit market sentiments across the region. However, Indian stock market indexes gradually recovered in the second half and closed just above their flat line.
Among the sectors, Media, IT, and FMCG sectors erased their early losses and closed higher while the Metal, PSU Bank, and Realty indexes declined the most. The market breadth was negative on Monday. Indian NSE volatility index “India VIX” jumped 4.10% to 12.
The broader markets underperformed the frontline index, as Nifty Mid and Smallcap indexes closed lower by 0.17 percent and 0.73 percent respectively. At the close, Sensex gained 79.27 points or 0.12 percent and ended at 65401.92 levels, while Nifty was slightly closed higher by 6.25 points or 0.03 percent and settled at 19434.55 levels. You can read the detailed market updates here
Nifty and Bank Nifty Futures Price Movement for (31 Aug expiry)
The Nifty futures price opened at 19449.80, making a negative opening of 54.55 points on Monday. It has touched an intraday high of 19506.25 and a day’s low of 19316.85
The Nifty futures price has given a movement of 189.4 points. In the end, it closed lower by 33.85 points or 0.17 percent and ended at 19470.50 levels.
The Bank Nifty futures opened at 44319.95 It also made a negative opening of 144.4 points. The Bank Nifty futures touched an intraday high at 44398.95 and a day’s low at 43982.40
During the day, the Bank Nifty futures have given a movement of 416.55 points. In the end, it ended lower by 263.35 points or 0.59 percent and closed at 44201 levels.
Nifty & Bank Nifty Prediction for Wednesday 16 Aug 2023
Nifty Futures Prediction for Tomorrow 16 Aug 2023
Primary Trend in Nifty Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19530 whereas All Down Moves can Initiate Short Covering @ 19380
If Nifty futures for the Aug series Moves Above 19528 and sustains. Then Nifty futures can hit a 1st Target of 19572 during the day with a Stop Loss of 19497. In a day it could trade for the target of 19572- 19605- 19634 levels.
If the Nifty futures (Aug Series) share price Moves Below 19455 and is sustained. Then Nifty futures can see a 1st Target of 19422 levels for the day with a Stop Loss of 19474 In a day it could trade for the target of 19422- 19388 – 19338 level.
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Bank Nifty Futures Prediction for Tomorrow 16 Aug 2023
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44300 whereas All Down Moves can Initiate Short Covering @ 43800
Suppose the Aug series Bank Nifty futures Moves Above 44390 and sustain, then you could see a 1st Target of 44470 during the day with a Stop Loss of 44295. During the day Bank Nifty futures could trade for the target of 44470- 44550- 44640
If the Bank Nifty futures (Aug Series) Moves Below 44060 and sustain, then you could see a 1st Target of 43980 levels in a day with a Stop Loss of 44160. During the day Bank Nifty futures could trade for the target of 43980- 43850- 43760.
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Global Stock Market Updates
Asian stock market indexes mostly closed in the deep red on Monday ahead of the crucial economic data due later this week. The market sentiments were hit after China’s top private property developer “Country Garden” suspended trading after it missed bond payments and warned of huge losses in 2023. Investors are worried about China’s property sectors’ trouble, as any collapse of “Country Garden” could impact badly on the Chinese economy.
Shanghai index closed lower ahead of China’s Industrial Production, Retail Sales, and House Price reading on Tuesday. Nikkei extended early losses and closed lower, as Japan will release Q2 GDP growth data on Tuesday and the inflation reading later this week.
Hang Seng fell the most in the region, as the index was dragged by basic materials and consumer cyclical stocks, and the real estate sector.
European stock markets are trading marginally higher on Monday with almost all sectors trading above their neutral lines. Retail stocks are marginally higher while oil & gas and mining stocks are trading minor losses. The share price of Philips up around 5% after the news about Exor’s stake purchase.
The US future index, Dow futures index is trading slightly higher while the Nasdaq future is trading lower at 5.30 pm IST, indicating a mixed opening for the US stock markets today. You can also follow our US markets Report at 10 PM IST.
Conclusion
Indian stock market ended the volatile session with little changes. After the initial fall markets recovered gradually. The market sentiments were weak due to FII’s fresh selling on Friday, weakness in Asian markets, and some cautiousness ahead of the domestic inflation data. However, the markets recovered in the second half, as WPI inflation was in line with the expectation.
The CPI inflation data rose 7.44% in July from 4.81% in June, much higher than the expectation of 6.5%. On Tuesday, Indian markets will remain closed on account of 15 Aug- Independence Day Holiday. Indian markets will resume on Wednesday and will react negatively to the CPI inflation data. 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 (14- 18 Aug 2023)
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