Nifty and Bank Nifty Prediction for Tomorrow 13 July 2023
Nifty and Bank Nifty Prediction for Tomorrow 13 July 2023: Indian equity markets snapped a 2-day winning streak and ended lower on Wednesday. The equity benchmarks slipped into red soon after opening higher and traded volatile near their flat line. Traders remain cautious ahead of the domestic IIP and June CPI inflation data for India and US, due later in the day.
Among the sectors, PSU Bank, Media, and Pharma gained the most while IT, Nifty Bank, and Fin Services were under selling pressure. IT stocks dragged the most ahead of the TCS, and HCL Tech 1st quarter results. The market breadth was positive on Wednesday.
The broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes gained 0.43 percent and 0.76 percent respectively. At the close, Sensex and Nifty declined 0.34 percent and 0.28 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 19535, making a positive opening of 34.15 points on Wednesday. It has touched an intraday high of 19543.90 and a day’s low of 19450.05
The Nifty futures price has given a movement of 93.85 points. In the end, it closed lower by 38.85 points or 0.20 percent and ended at 19462 levels.
The Bank Nifty futures opened at 44955.55 It made a positive opening of 84.1 points. The Bank Nifty futures touched an intraday high at 45017.70 and a day’s low at 44750.
During the day, the Bank Nifty futures have given a movement of 267.7 points. In the end, it closed lower by 65.55 points or 0.15 percent and closed at 44805.90 levels.
Nifty & Bank Nifty Prediction for Tomorrow 13 July 2023
Nifty Futures Prediction for Tomorrow 13 July 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19550 whereas All Down Moves can Initiate Short Covering @ 19400
If Nifty futures for the July series Moves Above 19508 and sustains. Then Nifty futures can hit a 1st Target of 19544 during the day with a Stop Loss of 19490. In a day it could trade for the target of 19544- 19578- 19612 levels.
If the Nifty futures (July Series) share price Moves Below 19450 and is sustained. Then Nifty futures can see a 1st Target of 19424 levels for the day with a Stop Loss of 19480 In a day it could trade for the target of 19424- 19385 – 19350 level.
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Bank Nifty Futures Prediction for Tomorrow July 13, 2023
Primary Trend in Bank Nifty Futures- Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44900 whereas All Down Moves can Initiate Short Covering @ 44550
Suppose the July series Bank Nifty futures Moves Above 44950 and sustain, then you could see a 1st Target of 45040 during the day with a Stop Loss of 44880. During the day Bank Nifty futures could trade for the target of 45040- 45130- 45220
If the Bank Nifty futures (July Series) Moves Below 44740 and sustain, then you could see a 1st Target of 44675 levels in a day with a Stop Loss of 44840. During the day Bank Nifty futures could trade for the target of 44675- 44600- 44530
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Global Stock Market Updates
The other Asian stock markets closed mixed on Wednesday, as investors reacted to positive data from China and cautiousness ahead of the US inflation data. The latest data showed China’s new bank loans jumped more than expected in June from the previous month. A crucial inflation data which is expected later in the day will help traders to gauge the Fed’s interest rate hike path
Nikkei fell most in the region, as the yen strengthened against the dollar and hurts the exports. The Shanghai index extended its early losses, as some traders waited for bigger stimulus measures, while Kospi ended in the green extending its previous session gains. Hang Seng index rose due to stronger-than-expected credit figures released in June improve the market sentiments.
European stock markets are trading higher as investors are optimistic that US inflation will cool down and Fed will be less hawkish than expected earlier. The share price of Virgin Money surged after the bank passed the Bank of England’s annual capital adequacy stress test.
The US future index, Dow, and Nasdaq futures are trading marginally higher at 5.15 pm IST, indicating a positive opening for the US markets. However, the US market trend will decide after the inflation rate which is due later in the day.
Breaking News:- India’s June CPI Inflation at 4.81% Vs 4.25 in the previous month, Estimated -4.6%
IIP for May at 5.2% Vs 4.2% in the previous month, Estimated- 5%
Conclusion
The domestic markets traded volatile in a narrow range and looking for a fresh trigger to move in either direction. The domestic and US inflation data, quarterly earnings of TCS and HCL Tech will decide the market direction tomorrow. You can follow our Daily Morning Report at 7.30 am for market direction.
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