Nifty and Bank Nifty Prediction for Tomorrow 4 Aug 2023
Nifty and Bank Nifty Prediction for Tomorrow, 4 Aug 2023: The Indian equity benchmarks ended the volatile session with significant losses on Thursday amid weak global cues. The domestic market sentiments were weak despite the Indian Services PMI reading surging to a 13-year high in July. The market volatility was due to the expiry of the index options on the NSE.
Among the sectors, Nifty Pharma, and Media advanced while Realty, Financial Services, and Banks dragged the markets. The market breadth was weak at the close. The broader markets outperformed the benchmarks, as Nifty mid and small-cap indexes gained 0.25 percent and 0.12 percent respectively.
At the close, Sensex declined 542.10 points or 0.82 percent and closed at 65240.68 levels, while Nifty ended lower by 144.90 points or 0.74 percent and settled at 19381.65 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 19540, making a negative opening of 56.55 points on Thursday. It has touched an intraday high of 19647 and a day’s low of 19390
The Nifty futures price has given a movement of 257 points. In the end, it closed lower by 124.55 points or 0.64 percent and ended at 19472 levels.
The Bank Nifty futures opened at 45000 It also made a negative opening of 247.95 points. The Bank Nifty futures touched an intraday high at 45185 and a day’s low at 44487.55
During the day, the Bank Nifty futures have given a movement of 697.45 points. In the end, it declined 435.45 points or 0.97 percent and closed at 44688.05 levels.
Nifty & Bank Nifty Prediction for Tomorrow 4 Aug 2023
Nifty Futures Prediction for Tomorrow 4 Aug 2023
Primary Trend in Nifty Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19600 whereas All Down Moves can Initiate Short Covering @ 19350
If Nifty futures for the Aug series Moves Above 19528 and sustains. Then Nifty futures can hit a 1st Target of 19556 during the day with a Stop Loss of 19502. In a day it could trade for the target of 19556- 19609- 19640 levels.
If the Nifty futures (Aug Series) share price Moves Below 19418 and is sustained. Then Nifty futures can see a 1st Target of 19380 levels for the day with a Stop Loss of 19445 In a day it could trade for the target of 19380- 19336 – 19290 level.
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Bank Nifty Futures Prediction for Tomorrow 4 Aug 2023
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44800 whereas All Down Moves can Initiate Short Covering @ 44350
Suppose the Aug series Bank Nifty futures Moves Above 44830 and sustain, then you could see a 1st Target of 44915 during the day with a Stop Loss of 44750. During the day Bank Nifty futures could trade for the target of 44915- 44985- 45160
If the Bank Nifty futures (Aug Series) Moves Below 44620 and sustain, then you could see a 1st Target of 44510 levels in a day with a Stop Loss of 44720. During the day Bank Nifty futures could trade for the target of 44510- 44365- 44285
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Global Stock Market Updates
The other Asian stock market indexes closed mostly lower on Thursday, extending their previous session losses due to profit booking. Investors were concerned due to the possible implications of rating agency Fitch’s decision, the day before, to downgrade America’s sovereign debt.
Nikkei extended its previous session losses while Kospi erased early gains and ended lower. Hang Seng index was volatile and closed marginally lower in the final hour of trading. Shanghai reversed early losses after Caixin Services PMI reading came higher in July as compared to the previous month.
European stock market indexes are trading lower as the Bank of England hiked 25 bps interest rate and investors assess the latest earnings. The IT stocks led the losses, due to the uncertainty in the global markets. The US futures, Dow, and Nasdaq futures are trading slightly lower at 5 pm, indicating a negative opening for the US markets.
Conclusion
The domestic stock markets fell sharply for the second consecutive day due to weakness in the global markets. The ongoing global cues continue to influence the domestic markets, with positive domestic news having a limited impact. Traders should remain cautious and trade with strict stop losses only. You can follow our Daily Morning Report at 7.30 am for market direction.
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