Nifty and Bank Nifty Prediction for Tomorrow 18 July 2023
Nifty and Bank Nifty Prediction for Tomorrow 18 July 2023: The Indian equity markets closed higher for the third consecutive day on Monday. The domestic markets traded positively throughout the day and end near the day’s high. The equity benchmarks gradually marched northwards on the back of buying banking and financial stocks, as the sentiments become positive after the release of HDFC Bank Q1FY24 earnings.
Among the sectors, Media, PSU Bank, and Nifty Bank gained the most while selling pressure was witnessed in Auto and Realty stocks. The market breadth was quite strong on Monday.
The broader markets also closed higher following their larger peers, the Nifty mid and smallcap index gained 0.31 percent and 0.88 percent respectively. At the close, the Sensex and Nifty advanced 0.80 percent and 0.75 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 19622.15, making a positive opening of 23.3 points on Monday. It has touched an intraday high of 19739 and a day’s low of 19597.25
The Nifty futures price has given a movement of 141.75 points. In the end, it closed higher by 128.15 points or 0.65 percent and ended at 19727 levels.
The Bank Nifty futures opened at 44960.05 It made a positive opening of 57.4 points. The Bank Nifty futures touched an intraday high at 45588.20 and a day’s low at 44777.90
During the day, the Bank Nifty futures have given a movement of 810.10 points. In the end, it gained 644.35 points or 1.43 percent and closed at 45547 levels.
Nifty & Bank Nifty Prediction for Tomorrow 18 July 2023
Nifty Futures Prediction for Tomorrow 18 July 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19830 whereas All Down Moves can Initiate Short Covering @ 19650
If Nifty futures for the July series Moves Above 19756 and sustains. Then Nifty futures can hit a 1st Target of 19782 during the day with a Stop Loss of 19730. In a day it could trade for the target of 19782- 19809- 19837 levels.
If the Nifty futures (July Series) share price Moves Below 19702 and is sustained. Then Nifty futures can see a 1st Target of 19675 levels for the day with a Stop Loss of 19721 In a day it could trade for the target of 19675- 19645 – 19618 level.
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Bank Nifty Futures Prediction for Tomorrow 18 July 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 45800 whereas All Down Moves can Initiate Short Covering @ 45400
Suppose the July series Bank Nifty futures Moves Above 45625 and sustain, then you could see a 1st Target of 45740 during the day with a Stop Loss of 45520. During the day Bank Nifty futures could trade for the target of 45740- 45820- 45900
If the Bank Nifty futures (July Series) Moves Below 45370 and sustain, then you could see a 1st Target of 45280 levels in a day with a Stop Loss of 45470. During the day Bank Nifty futures could trade for the target of 45280- 45160- 45090
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Global Stock Market Updates
The other Asian stock market indexes closed mixed on Monday, as China’s Q2FY24 GDP data missed economists’ expectations but accelerated from the first quarter. Data also showed China’s property sales between May and June made the largest drop this year.
The Shanghai index extended early losses after the economic data was released on Monday. Kospi also closed lower snapping a four-day winning streak. Nikkei is not trading today due to a holiday on account of Marine Day. Hang Seng remain closed on Monday due to a Typhoon. Other indexes like Taiwan, SET Composite, and Straits Times closed higher while Jakarta ended in the red.
European stock markets are trading lower on Monday, as mining stocks are trading lower after China’s economic data disappoints. The share price of Luxury Swiss retailer Richemont dropped 8.6% after its sales figures showed a slowdown in U.S. demand, despite a significant rebound in Asia.
In the US future indexes, the Dow Future is trading slightly lower while Nasdaq Future is trading flat indicating a flat opening for the US markets on Monday.
Conclusion
The domestic equity markets rallied and closed at new highs despite weak cues from Asian markets. The Indian market sentiments were upbeat, as banking and financial stocks rallied after the better-than-expected Q1FY24 results of HDFC Bank. Going ahead, Indian stock markets are looking strong and investors should buy quality stocks on dips. 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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