Nifty and Bank Nifty Prediction for Tomorrow 1 June 2023
Nifty and Bank Nifty Prediction for Tomorrow 1 June 2023: Indian equity markets ended lower on Wednesday, following negative cues from the Asian markets. The market sentiments were hit, as China reported weak economic data. Traders remained sidelined due to cautiousness ahead of the US debt ceiling vote and India’s GDP numbers, which are due later in the day. Among the sectors oil & gas, metals, and financial services dragged the markets while some buying was witnessed in realty, pharma, and media.
The market breadth was negative today. The broader markets outperformed the benchmark indices, as Nifty mid and smallcap indexes ended higher by 0.37 percent and 1.03 percent respectively. At the close, Sensex and Nifty declined by 0.55 percent and 0.53 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 31 May
The Nifty futures price opened at 18680.60, making a lower opening of 32.4 points. It has touched an intraday high of 18680.60 and a day’s low of 18566
The Nifty futures price has given a movement of 114.6 points. In the end, it closed lower by 88.05 points or 0.47 percent and ended at 18624.95 levels.
The Bank Nifty futures opened at 44377.70 It made a negative opening of 88.65 points. The Bank Nifty futures touched an intraday high at 44425 and a day’s low at 43986.25
During the day, the Bank Nifty futures have given a movement of 438.75 points. In the end, it closed lower by 225.75 points or 0.51 percent and closed at 44240.60 levels.
Nifty & Bank Nifty Prediction for Tomorrow 1 June 2023
Nifty Futures Prediction for Tomorrow 1 June 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18800 whereas All Down Moves Initiates Short Covering (Buy) @ 18650
If the Nifty futures Moves Above 18655 and sustains. Then Nifty futures can hit a 1st Target of 18685 during the day with a Stop Loss of 18618. In a day it could trade for the target of 18685- 18714- 18740 levels.
If the Nifty futures (June Series) share price Moves Below 18580 and is sustained. Then Nifty futures can see a 1st Target of 18556 levels for the day with a Stop Loss of 18605. In a day it could trade for the target of 18556- 18516 – 18475 levels.
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Bank Nifty Futures Prediction for Tomorrow 1 June 2023
Primary Trend in Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 44500 whereas All Down Moves Initiates Short Covering (Buy) @ 44000
Suppose the Bank Nifty futures Moves Above 44385 and sustain, then you could see a 1st Target of 44470 during the day with a Stop Loss of 44290. During the day Bank Nifty futures could trade for the target of 44470- 44535- 44605
If the Bank Nifty futures (June Series) Moves Below 44150 and sustain, then you could see a 1st Target of 44060 levels in a day with a Stop Loss of 44240. During the day Bank Nifty futures could trade for the target of 44060- 43970- 43890
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Global Stock Market Updates
On the global front, Asian markets close lower as investors were sidelined ahead of the U.S. Congress`s approval of the debt deal, and fresh concerns about China`s weak manufacturing PMI data. China`s manufacturing activity contracted faster than expected in May on weakening demand.
Japan’s Nikkei snapped a four-day winning streak, as investors booked profit at higher levels, while weak Chinese manufacturing data weighed on the market sentiments China’s Shanghai index fell, as the country’s manufacturing activity contracted more than expected, while Services growth slackened to its slowest pace in four months. Hang Seng index also fell around 2 percent following weak Chinese manufacturing data.
European stock market indexes are trading slightly lower on Wednesday, as inventors remain cautious ahead of the House vote on the US debt ceiling. Sentiments were further hit due to China’s weak economic data. The US futures, Dow, and Nasdaq futures are trading slightly lower at this moment ( 5 pm IST).
Conclusion
The weak global cues dragged the domestic markets today. The last-hour recovery in the banking stocks supported the markets to trim some losses. Tomorrow, markets will first react to the domestic economic data and the US vote on the debt ceiling. 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
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