Nifty and Bank Nifty Prediction for Tomorrow 1 Aug 2023
Nifty and Bank Nifty Prediction for Tomorrow, 1 Aug 2023: Indian equity markets ended on a strong note on Monday amid positive global cues. Barring FMCG and Healthcare all other sectoral indices closed higher with the Metal, IT, and Auto sectors gaining the most. The market breadth was quite positive on Monday. On NSE, 1369 shares were advanced while 713 shares declined.
The broader markets outperform the benchmarks, as Nifty mid and smallcap indexes gained 0.97 percent and 0.88 percent respectively. At the close, Sensex gained 367.46 points and closed at the 66527.67 level, while Nifty advanced 107.75 points and settled at 19753.80 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 19771.50, making a positive opening of 19.7 points on Monday. It has touched an intraday high of 19859.95 and a day’s low of 19708.25
The Nifty futures price has given a movement of 151.7 points. In the end, it closed higher by 85.20 points or 0.43 percent and ended at 19837 levels.
The Bank Nifty futures opened at 45744.90 It also made a positive opening of 46.3 points. The Bank Nifty futures touched an intraday high at 45897and a day’s low at 45600
During the day, the Bank Nifty futures have given a movement of 297 points. In the end, it gained 171.35 points or 0.37 percent and closed at 45869.95 levels.
Nifty & Bank Nifty Prediction for Tomorrow 1 Aug 2023
Nifty Futures Prediction for Tomorrow 1 Aug 2023
Primary Trend in Nifty Futures: Mild Positive
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19930 whereas All Down Moves can Initiate Short Covering @ 19760
If Nifty futures for the Aug series Moves Above 19874 and sustains. Then Nifty futures can hit a 1st Target of 19902 during the day with a Stop Loss of 19850. In a day it could trade for the target of 19902- 19930- 19954 levels.
If the Nifty futures (Aug Series) share price Moves Below 19800 and is sustained. Then Nifty futures can see a 1st Target of 19760 levels for the day with a Stop Loss of 19827 In a day it could trade for the target of 19760- 19724 – 19695 level.
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Bank Nifty Futures Prediction for Tomorrow 1 Aug 2023
Primary Trend in Bank Nifty Futures- Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 46150 whereas All Down Moves can Initiate Short Covering @ 45750
Suppose the Aug series Bank Nifty futures Moves Above 45960 and sustain, then you could see a 1st Target of 46050 during the day with a Stop Loss of 45885. During the day Bank Nifty futures could trade for the target of 46050- 46165- 46250
If the Bank Nifty futures (Aug Series) Moves Below 45715 and sustain, then you could see a 1st Target of 45650 levels in a day with a Stop Loss of 45780. During the day Bank Nifty futures could trade for the target of 45650- 45580- 45480.
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Global Stock Market Updates
The other Asian stock markets started the week on a positive note with hopes of an ending to the central bank’s monetary policy tightenings campaigns. The market sentiments were also boosted due to more stimulus expectations from Beijing and positive economic data in the region. Investors also got encouraged after Toyota Group’s logistics company Toyota Tsusho surged almost 10%, which helped to lift the auto sector in Japan.
Nikkei gained the most in the region as its industrial production grew 2% in June after a fall in the month of May. Shanghai ended higher, as its official manufacturing PMI came marginally higher in June. but remains in the contraction zone, while non-manufacturing PMI expanded slightly lower. The other key indexes Hang Seng and Kospi also trimmed early gains and closed higher.
European stock markets are trading on a mixed note, as investors are looking ahead for fresh inflation data for the euro area. Meanwhile, Italian second-quarter GDP growth was reported down by 0.3% quarter-on-quarter after expanding by 0.6% in the first three months of 2023.
The US future indexes, Dow and Nasdaq futures are trading marginally higher at 5 pm IST, indicating a positive opening for the US stock markets today.
Conclusion
It was a solid start for the Indian stock markets on Monday amid positive global cues. The domestic market indices ended near the day’s high today. Going ahead we expect the markets will remain positive with phases of consolidation. You can follow our Daily Morning Report at 7.30 am for market direction.
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