Nifty and Bank Nifty Prediction for Tomorrow 16 June 2023
Nifty and Bank Nifty Prediction for Tomorrow 16 June 2023: Indian equity market indexes ended the volatile session with modest losses on Thursday amid mixed global cues. The domestic markets snapped a 3-day winning streak and closed near the day low on Thursday. The markets were volatile due to the expiry of weekly index options on the NSE. The Nifty banking, media, and financial stocks witnessed selling pressure while pharma, FMCG, and auto stocks were in demand.
The market breadth was negative. The broader markets outperformed the frontline index, as the Nifty mid and smallcap index advanced 0.21 percent and 0.15 percent respectively. At the close, Sensex and Nifty declined 0.49 percent and 0.36 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 15 June
The Nifty futures price opened at 18818.25, making an absolutely flat opening on Thursday. It has touched an intraday high of 18867.50 and a day’s low of 18734.40
The Nifty futures price has given a movement of 133.1 points. In the end, it closed lower by 78.25 points or 0.42 percent and ended at 18740 levels.
The Bank Nifty futures opened at 44150 It made a positive opening of 5.8 points only. The Bank Nifty futures touched an intraday high at 44180 and a day’s low at 43526
During the day, the Bank Nifty futures have given a movement of 654 points. In the end, it closed lower by 574.20 points or 1.30 percent and closed at 43570 levels.
Nifty & Bank Nifty Prediction for Tomorrow 16 June 2023
Nifty Futures Prediction for Tomorrow 16 June 2023
Primary Trend in Nifty Futures: Mild Negative
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 18775 whereas All Down Moves can Initiate Short Covering @ 18630
If the Nifty futures Moves Above 18774 and sustains. Then Nifty futures can hit a 1st Target of 18805 during the day with a Stop Loss of 18740. In a day it could trade for the target of 18805- 18840- 18865 levels.
If the Nifty futures (June Series) share price Moves Below 18702 and is sustained. Then Nifty futures can see a 1st Target of 18673 levels for the day with a Stop Loss of 18727 In a day it could trade for the target of 18673- 18651 – 18626 levels.
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Bank Nifty Futures Prediction for Tomorrow 16 June 2023
Primary Trend in Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 43800 whereas All Down Moves can Initiate Short Covering @ 43400
Suppose the Bank Nifty futures Moves Above 43685 and sustain, then you could see a 1st Target of 43760 during the day with a Stop Loss of 43570. During the day Bank Nifty futures could trade for the target of 43760- 43850- 43925
If the Bank Nifty futures (June Series) Moves Below 43450 and sustain, then you could see a 1st Target of 43380 levels in a day with a Stop Loss of 43535. During the day Bank Nifty futures could trade for the target of 43380- 43285- 43220
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Global Stock Market Updates
Asian stock markets rallied on Thursday as the sentiments were lifted by interest rate news of the two largest economies US and China. The US Fed paused in rate hikes and China cutting another key policy rate amid the latest weak economic data, lifted the market sentiments.
Shanghai index gained as investors are expecting more stimulus packages from Beijing to overcome the disappointing first half of the current year. Hang Seng gained over 2% led by health care, consumer cyclical and tech stocks. Japan’s Nikkei erased early gains and closed flat to negative while Kospi ended lower on Thursday.
European stock markets are trading lower as US Fed was hawkish after pausing interest rate hikes and said two more rate hikes are on the card this year. The weak economic data from China also dented market sentiments. Some cautiousness is there in the markets ahead of the European Central Bank’s interest rate decision, due later in the day.
The US future index, Dow Jones and Nasdaq futures are trading lower at 5 pm IST indicating a lower opening for the US markets on Thursday.
Conclusion
The domestic markets opened flat on Thursday. The markets slipped in the late morning and selling pressure intensified as the session progressed. Fed’s hawkish comments and IMD’s negative monsoon outlook dampened the market sentiments on the weekly expiry day.
Going ahead, all eyes are now on the European Central Bank’s (ECB) interest rate decision, due later in the day. Tomorrow the domestic markets will open as per global cues. 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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