Nifty and Bank Nifty Prediction for Tomorrow 20 July 2023
Nifty and Bank Nifty Prediction for Tomorrow 20 July 2023: Indian stock market indexes ended a volatile session with decent gains on Wednesday, raising for the fifth straight session. The market sentiments were positive due to upbeat earnings and continued FIIs inflow. Barring the IT index, all other sectoral indices in Nifty ended in the positive territory with PSU Bank, Media, and Energy gaining the most.
The market breadth was positive, on NSE 1207 shares were advanced while 824 shares declined. The broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes gained 0.68 percent and 0.78 percent respectively.
The Sensex and Nifty hit a fresh new high in the last hour of trade at 67171.38 and 19851.70 respectively. At close, Sensex gained 0.45 percent and ended at 67097.44 while Nifty advanced 0.42 percent and settled at 19833.15 levels. 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 19801, making a positive opening of 30.45 points on Wednesday. It has touched an intraday high of 19870 and a day’s low of 19747
The Nifty futures price has given a movement of 123 points. In the end, it closed higher by 99.45 points or 0.50 percent and ended at 19870 levels.
The Bank Nifty futures opened at 45650 It made a positive opening of 198.5 points. The Bank Nifty futures touched an intraday high at 45748.75 and a day’s low at 45486.35
During the day, the Bank Nifty futures have given a movement of 262.4 points. In the end, it gained 254.40 points or 0.56 percent and closed at 45738.90 levels.
Nifty & Bank Nifty Prediction for Tomorrow 20 July 2023
Nifty Futures Prediction for Tomorrow 20 July 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19950 whereas All Down Moves can Initiate Short Covering @ 19800
If Nifty futures for the July series Moves Above 19880 and sustains. Then Nifty futures can hit a 1st Target of 19902 during the day with a Stop Loss of 19855. In a day it could trade for the target of 19902- 19932- 19974 levels.
If the Nifty futures (July Series) share price Moves Below 19809 and is sustained. Then Nifty futures can see a 1st Target of 19780 levels for the day with a Stop Loss of 19835 In a day it could trade for the target of 19780- 19740 – 19712 level.
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Bank Nifty Futures Prediction for Tomorrow 20 July 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 46000 whereas All Down Moves can Initiate Short Covering @ 45600
Suppose the July series Bank Nifty futures Moves Above 45780 and sustain, then you could see a 1st Target of 45925 during the day with a Stop Loss of 45650. During the day Bank Nifty futures could trade for the target of 45925- 46020- 46135
If the Bank Nifty futures (July Series) Moves Below 45450 and sustain, then you could see a 1st Target of 45380 levels in a day with a Stop Loss of 45540. During the day Bank Nifty futures could trade for the target of 45380- 45285- 45200
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Global Stock Market Updates
Asian stock market indexes mostly closed higher on Wednesday, as investors reacted to China’s weak data, Japan’s central bank’s dovish comments, and positive inflation data from the UK.
Japan’s Nikkei gained the most in the region as investors digested upbeat corporate earnings from the US. The traders feel encouraged after the central bank (BoJ) governor Kazuo Ueda signaled to maintain the ultra-lose monetary policy in the July meeting.
Kospi erased intraday losses and turned positive at the close. Shanghai closed flat to positive, more weak economic data continuing to weigh on sentiment, investors are hopeful of getting some meaningful stimulus from Beijing. Hang Seng trimmed some early losses but ended marginally lower on Wednesday.
European stock market indexes are trading higher on Wednesday. The UK’s FTSE is gaining more than 1.5 percent after fresh data showed inflation fell more than expected in June. The property and housebuilding stocks are trading higher on hopes of a pause in interest rate hikes.
The US future indexes, Dow and Nasdaq futures are trading slightly higher at 5 pm IST, indicating a flat to positive opening for the US markets.
Conclusion
Indian stock markets witnessed a buying in the last hour and the benchmarks ended near the day’s high. The domestic markets are bullish due to FIIs inflow, evenly spread out monsoon rains, stable corporate earnings, and positive indicators. Going ahead, the positive momentum will continue in the domestic markets tomorrow. You can follow our Daily Morning Report at 7.30 am for market direction.
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