Nifty | Bank Nifty Prediction for Tomorrow, 17 June 2021
Nifty & Bank Nifty Futures Prediction for Tomorrow 17 June 2021: Indian stock markets opened flat on Wednesday amid negative cues from the global market peers. The benchmark indices fell immediately after few minutes of trading in the morning session and remained under pressure throughout the day on the back of selling in metal, power, and utility stocks.
The domestic market sentiments were subdued due to the cautious approach in global peers ahead of the U.S Federal Reserve’s interest rate decision. Traders have become pessimistic as global forecasting firm Oxford Economics said retail inflation spike in May might cause the RBI to revisit its focus on growth risks, adding that a rate hike is still unlikely this year.
It has further stated that the underlying dynamics of the May inflation print augur caution and the recovery remains on uncertain ground and with fiscal support in retreat, the RBI will likely be hesitant to remove policy accommodation anytime soon.
Today’s market updates: Sensex, Nifty, and Bank Nifty spot price
At the close, Nifty fell 101.70 points or 0.64 percent and closed at 15767.55 levels while Sensex was down by 271.07 points or 0.51 percent and ended at 52501.98 levels. The Bank Nifty spot price slipped 244.25 points or 0.69 percent and finished at 35003.50 levels.
The midcap and smallcap indices also closed in the red following their large peers. The Nifty midcap index fell 255.85 points or 0.93 percent and closed at 27108.50 levels. The Nifty smallcap index was down by 50.40 points or 0.52 percent and end at 7538.75 levels.
The top five gainers in the Nifty 50 index were Tata Cons Product, NTPC, Nestle, ONGC, and HUL. The top five losers in the Nifty 50 index were Adani Ports, Tata Steel, JSW Steel, Hindalco, and Power Grid Corp. the most active stocks in the Nifty 50 index were Adani Ports, Tata Steel, and Infosys.
On a sectoral basis, FMCG, Insurance, IT & Software, and Electrical sectors closed in the green today. On the losing side, Metals, Oil & Gas, Real Estate, Consumer Durables, Capital Goods, Banking, and Automobile sectors dragged down the markets today.
Nifty and Nifty Bank futures price movement for 16 June, ( June Expiry)
The Nifty futures price opened at 15859 made a negative opening of 20 points. It has touched an intraday high at 15885 and a day’s low at 15766.15
The Nifty futures price has given a movement of 118.85 points today. In the end, it fell 102.15 points or 0.64 percent and ended at 15776.85 levels.
The Banknifty futures opened at 35233 It made a negative opening of 97.4 points today. It has touched an intraday high at 35463.90 and a day’s low at 35005
During the day, the Banknifty in futures has given a movement of 458.90 points. In the end, it closed lower by 231.8 points or 0.66 percent and closed at 35098.60 levels.
Nifty & Bank Nifty prediction for tomorrow 17 June, (June Expiry )
Nifty futures prediction for tomorrow, 17 June
Primary Nifty Trend in futures: Mild Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 15850 whereas All Down Moves Initiates Short Covering (Buy) @ 15700
If the Nifty futures share price Moves Above 15810 and sustain. Then you should Buy with 1st Target of 15832 during the day with a Stop Loss of 15733 FOR the Target of 15830-15852- 15890
If the Nifty futures share price Moves Below 15733 and sustained. Then you should Sell with the 1st Target of 15706 during the day with a Stop Loss of 15810. FOR the Target of 15706- 15680 -15632
Bank Nifty Futures Prediction for Tomorrow, 17 June
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35350, whereas All Down Moves Initiates Short Covering (Buy) @ 34900
Suppose the Bank Nifty futures Moves Above 35285 and sustain, then you should Buy with the 1st Target of 35370 during the day with a Stop Loss of 34915. FOR the Target of 35370 – 35510 – 35650
If the Bank Nifty futures Moves Below 34915 and sustained, then you should Sell with the 1st Target of 34820 during the day with a Stop Loss of 35285. FOR the Target of 34820 – 34730 – 34500
Global markets today
On the global front, Asian markets mostly closed in the red on Wednesday as investors’ eye is on the Federal Reserve policy meeting outcome later today, for its view on rising inflation and tapering asset purchase. European markets are trading flat as traders are cautious ahead of U.S Federal Reserve policy outcome, downside remained capped due to gains in financial and industrial stocks. The U.S futures, Dow, and Nasdaq futures are trading flat at this moment.
Conclusions
Indian stock markets closed in the red amid negative cues from the global market peers. Nifty holds 15700 levels is a positive sign. Going ahead, the market will first react to the Federal Reserve policy meeting outcome on Thursday, Fed’s view on inflation and tapering asset purchase will set the direction of the market for the coming two days.
You can also follow our Daily Morning Report and Nifty and Bank Nifty prediction for tomorrow June 17.
Also read, Intraday Trading books to make money from Stock Markets
Share Market Books in Hindi | शेयर मार्किट हिन्दी बुक्स
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