Nifty and Bank Nifty Prediction for Tomorrow 11 July 2023
Nifty and Bank Nifty Prediction for Tomorrow 11 July 2023: Indian stock markets closed slightly higher amid volatility on Monday. The equity benchmarks traded above their flatline throughout the day following gains from the Asian markets. The heavyweight Reliance shares jumped 3.85% and hit a 52-week high at Rs 2756 per share on NSE after the company fixed the record date for the Jio Financial demerger.
Among the sectors, the Metal and Energy sectors ended higher while the IT, Media, and Realty sectors closed lower. The market breadth was negative on Monday.
The broader markets underperformed the benchmarks, as the Nifty mid and smallcap indexes closed lower by 0.38 percent and 0.58 percent respectively. At the close, Sensex and Nifty finished marginally higher by 0.10 percent and 0.12 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for (27 July expiry)
The Nifty futures price opened at 19422.20, making a positive opening of 23.7 points on Monday. It has touched an intraday high of 19481.25 and a day’s low of 19375.15
The Nifty futures price has given a movement of 106.1 points. In the end, it closed higher by 26.50 points or 0.14 percent and ended at 19425 levels.
The Bank Nifty futures opened at 45045 It made a positive opening of 15.4 points. The Bank Nifty futures touched an intraday high at 45249.60 and a day’s low at 44814.50.
During the day, the Bank Nifty futures have given a movement of 435.1 points. In the end, it closed lower by 69.60 points or 0.15 percent and closed at 44960 levels.
Nifty & Bank Nifty Prediction for Tomorrow 11 July 2023
Nifty Futures Prediction for Tomorrow 11 July 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19500 whereas All Down Moves can Initiate Short Covering @ 19350
If Nifty futures for the July series Moves Above 19458 and sustains. Then Nifty futures can hit a 1st Target of 19485 during the day with a Stop Loss of 19430. In a day it could trade for the target of 19485- 19515- 19540 levels.
If the Nifty futures (July Series) share price Moves Below 19402 and is sustained. Then Nifty futures can see a 1st Target of 19375 levels for the day with a Stop Loss of 19422 In a day it could trade for the target of 19375- 19337 – 19295 level.
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Bank Nifty Futures Prediction for Tomorrow July 11, 2023
Primary Trend in Bank Nifty Futures- Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 45150 whereas All Down Moves can Initiate Short Covering @ 44600
Suppose the July series Bank Nifty futures Moves Above 45065 and sustain, then you could see a 1st Target of 45135 during the day with a Stop Loss of 44950. During the day Bank Nifty futures could trade for the target of 45135- 45240- 45330
If the Bank Nifty futures (July Series) Moves Below 44800 and sustain, then you could see a 1st Target of 44690 levels in a day with a Stop Loss of 44915. During the day Bank Nifty futures could trade for the target of 44690- 44610- 44525
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Global Stock Market Updates
Asian stock market indexes closed mixed on Monday, due to negative cues from Wall Street and multi-year low inflation data from China on one hand, while hopes of ease of US-China tension and more stimulus package from China on the other. Investors also remained cautious ahead of the US inflation data this week.
Shanghai ended marginally higher on Monday, while Hang Seng erased most of its early gains after the disappointing data from China and closed slightly higher. Nikkei traded volatile and later extended last week’s losses. South Korea’s Kospi erased early gains and ended lower on Monday.
European markets are trading marginally higher on Monday, following a mixed session in the Asian market. Investors remain on the sideline ahead of the US inflation data, due on Wednesday.
The US future indexes, Dow and Nasdaq futures are trading mixed at 5 pm IST. Dow futures turned slightly positive while the Nasdaq future is trading marginally lower, indicating a flat opening for the US stock markets today.
Conclusion
The domestic markets traded in a narrow range and later ended marginally higher. Markets got some support from Asian peers today. A jump in Reliance shares also lifted investor’s mood but selling pressure from other heavyweight stocks capped the upside movement. Tomorrow, the domestic markets will open as per global cues. You can follow our Daily Morning Report at 7.30 am for market direction.
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