Nifty and Bank Nifty Prediction for Tomorrow 20 June 2023
Nifty and Bank Nifty Prediction for Tomorrow 20 June 2023: Indian equity benchmarks ended the volatile session with modest losses on Monday. The market sentiments were downbeat due to negative global cues. The Nifty volatile index “India VIX” jumped 3.55% to 11.23 levels. The domestic markets declined on the back of selling in Private Banks, Media, and Realty stocks, while some buying was witnessed in PSU Bank, Financial Services, and Healthcare stocks.
The market breadth was negative, on NSE 883 shares advanced while 1212 shares declined. The broader markets outperformed their larger peers, as Nifty mid and smallcap indexes gained 0.04 percent and 0.27 percent respectively. At the close, Sensex and Nifty declined 0.34 percent and 0.37 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 19 June
The Nifty futures price opened at 18920, making a higher opening of 20.85 points on Monday. It has touched an intraday high of 18923.45 and a day’s low of 18789.15
The Nifty futures price has given a movement of 134.3 points. In the end, it closed lower by 58.75 points or 0.31 percent and ended at 18840.40 levels.
The Bank Nifty futures opened at 44086.10 It made a positive opening of only 43.5 points. The Bank Nifty futures touched an intraday high at 44124.40 and a day’s low at 43625.25
During the day, the Bank Nifty futures have given a movement of 499.15 points. In the end, it closed lower by 241.60 points or 0.55 percent and closed at 43801 levels.
Nifty & Bank Nifty Prediction for Tomorrow 20 June 2023
Nifty Futures Prediction for Tomorrow 20 June 2023
Primary Trend in Nifty Futures: Sideways
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 18900 whereas All Down Moves can Initiate Short Covering @ 18760
If the Nifty futures Moves Above 18865 and sustains. Then Nifty futures can hit a 1st Target of 18896 during the day with a Stop Loss of 18830. In a day it could trade for the target of 18896- 18922- 18947 levels.
If the Nifty futures (June Series) share price Moves Below 18790 and is sustained. Then Nifty futures can see a 1st Target of 18765 levels for the day with a Stop Loss of 18820 In a day it could trade for the target of 18765- 18718 – 18680 levels.
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Bank Nifty Futures Prediction for Tomorrow 20 June 2023
Primary Trend in Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 43950 whereas All Down Moves can Initiate Short Covering @ 43450
Suppose the Bank Nifty futures Moves Above 43955 and sustain, then you could see a 1st Target of 44040 during the day with a Stop Loss of 43840. During the day Bank Nifty futures could trade for the target of 44040- 44120- 44230
If the Bank Nifty futures (June Series) Moves Below 43710 and sustain, then you could see a 1st Target of 43665 levels in a day with a Stop Loss of 43805. During the day Bank Nifty futures could trade for the target of 43665- 43570- 43480
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Global Stock Market Updates
The Asian stock market indexes closed lower on Monday, tracking negative cues from Wall Street on Friday. Investors preferred to book some profits after their best weekly rally in five months. Traders were also cautious ahead to China’s Loan Prime Rate decision on Tuesday and US Fed Chair Powell’s testimony for the clue on rate hikes, later this week.
Japan’s Nikkei closed 1 percent lower after it made a strong rally in recent weeks. Investors sold chip-related stocks, while foreign investors preferred to stay on the sidelines with US markets being closed for the Juneteenth holiday.
Investor’s hopes for more stimulus were growing in China, but the lack of any concrete details after the cabinet meeting held on Friday disappointed investors. The market sentiments in China hit after Goldman Sachs on Sunday cut its GDP forecast for the current year to 5.4% from 6.0%. Shanghai, Hang Seng, Kospi, and Straits Times closed lower sound half a percent on Monday.
European stock markets are trading lower on Monday, as investors concern about China’s growth outlook and fret about another rate hike by the Bank of England later during the week. The US markets will remain closed on Monday on account of the Juneteenth holiday.
Conclusion
Indian stock markets started the week on a subdued note. The equity benchmarks opened higher despite negative global cues, but profit booking at the higher levels dragged down the indices. However, the broader markets continued their outperformance amid market volatility.
In the absence of any domestic events, markets will trade as per global cues tomorrow. 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
Stock Market Prediction Next Week (19- 23 June 2023)
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