Nifty and Bank Nifty Prediction for Tomorrow 30 Aug 2022
Nifty and Bank Nifty Prediction for Tomorrow 30 Aug 2022: The Indian equity headline indexes ended with major cuts on Monday amid weak global cues. The market sentiments were downbeat as Fed Chair while addressing the Jackson Hole symposium last week, flagged the likely need for restrictive monetary policy to curb record-high inflation. Among the sectors, FMCG and Oil and Gas closed slightly higher while IT, Media, and Banking fell the most on Monday.
The market breadth was negative, and the headline index Sensex and Nifty declined 1.46 percent and 1.40 percent respectively, The broader markets outperformed the frontline index, as the Nifty mid and smallcap indexes fell 0.83 percent and 0.98 percent respectively. You can read the detailed market updates here
Nifty and Nifty Bank futures price movement for 29 Aug (Sept Expiry)
The Nifty futures price opened at 17290, making a gap-down opening of 363.75 points today. It has touched an intraday high of 17440 and a day’s low of 17250.05
The Nifty futures price has given a movement of 189.95 points today. In the end, it closed lower by 269.75 points or 1.53 percent and ended at 17384 levels.
The Bank Nifty futures opened at 38315 It made a negative opening of 906.85 points. The Bank Nifty futures has touched an intraday high at 38560 and a day’s low at 38129
During the day, the Bank Nifty futures has given a movement of 431 points. In the end, it closed lower by 735.85 points or 1.88 percent and closed at 38486 levels.
Nifty & Bank Nifty Prediction for Tomorrow 30 Aug 2022 (Sept Expiry)
Nifty Futures Prediction for Tomorrow 30 Aug 2022
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17450 whereas All Down Moves Initiates Short Covering (Buy) @ 17250
If the Nifty futures share price Moves Above 17456 and sustain. Then you should Buy with 1st Target of 17502 during the day with a Stop Loss of 17415 FOR the Target of 17502- 17547- 17590
If the Nifty futures share price Moves Below 17317 and is sustained. Then you should Sell with the 1st Target of 17248 for the day with a Stop Loss of 17372. For the Target of 17248- 17185- 17135
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Bank Nifty Futures Prediction for Tomorrow 30 Aug 2022
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 38630 whereas All Down Moves Initiates Short Covering (Buy) @ 38000
Suppose the Bank Nifty futures Moves Above 38675 and sustain, then you should Buy with the 1st Target of 38809 during the day with a Stop Loss of 38550 and the Target of 38809- 38925- 39045
If the Bank Nifty futures Moves Below 38285 and sustain, then you should Sell with the 1st Target of 38150 the day with a Stop Loss of 38450. For the Target of 38150 – 38035 -37920
Global Stock Markets Today
On the global front, the other Asian market indexes mostly closed in red on Monday after Fed Chair Jerome Powell showed that the central bank had no intention of slowing its pace of interest rate hikes in the upcoming September meeting. The key indexes, Nikkei, Taiwan, and Kopsi were the worst performer today falling more than 2 percent, while Shanghai closed marginally higher at the close.
European markets are trading lower on Monday while bond yields surged as the central bank policymakers sounded hawkish, likely to go for aggressive rate hikes to curb inflation amid rising risks of a recession. The US futures, Dow Jones, and Nasdaq futures are trading lower today, indicating a negative opening for the US markets.
Conclusion
Indian stock market indexes closed sharply lower on Monday as the market sentiments turned negative after Fed Chair Powell’s speech on Friday. The Indian volatility index India VIX gained more than 8% today and closed at 19.82 levels indicating more volatility ahead. Traders should remain cautious tomorrow and avoid taking any carryforward position as the market will be closed on Wednesday due to Ganesh Chaturthi
Also read: Best Options Trading Books in India-Must Read 2021
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