Nifty and Bank Nifty Prediction for Tomorrow 23 Aug 2022
Nifty and Bank Nifty Prediction for Tomorrow 23 Aug 2022: Indian equity markets opened lower on Monday amid negative cues from the global markets. Indian markets traded below their neutral lines throughout the day on the back of selling in all the sectors, led by Metals, Realty, PSU Bank, and Financials.
The broader markets also fell sharply, Nifty mid and smallcap underperformed today. In the end, the benchmark indices extended their early losses and fell around 1.5 percent at the close. You can read the detailed market updates here
Nifty and Nifty Bank futures price movement for 22 Aug (Aug Expiry)
The Nifty futures price opened at 17688, making a negative opening of 71.5 points today. It has touched an intraday high of 17689.90 and a day’s low of 17471.10
The Nifty futures price has given a movement of 218.8 points today. In the end, it closed lower by 260.50 points or 1.47 percent and ended at 17499 levels.
The Bank Nifty futures opened at 38698.90 It made a negative opening of 303.45 points. The Bank Nifty futures has touched an intraday high at 38817.30 and a day’s low at 38268
During the day, the Bank Nifty futures has given a movement of 549.30 points. In the end, it closed lower by 672.35 points or 1.72 percent and closed at 38330 levels.
Nifty & Bank Nifty Prediction for Tomorrow 23 Aug 2022 (Aug Expiry)
Nifty Futures Prediction for Tomorrow 23 Aug 2022
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17550 whereas All Down Moves Initiates Short Covering (Buy) @ 17370
If the Nifty futures share price Moves Above 17565 and sustain. Then you should Buy with 1st Target of 17596 during the day with a Stop Loss of 17530 FOR the Target of 17596- 17624- 17654
If the Nifty futures share price Moves Below 17494 and is sustained. Then you should Sell with the 1st Target of 17458 for the day with a Stop Loss of 17520. For the Target of 17458- 17418- 17365
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Bank Nifty Futures Prediction for Tomorrow 23 Aug 2022
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 38450 whereas All Down Moves Initiates Short Covering (Buy) @ 37900
Suppose the Bank Nifty futures Moves Above 38460 and sustain, then you should Buy with the 1st Target of 38580 during the day with a Stop Loss of 38325 and the Target of 38580- 38715- 38809
If the Bank Nifty futures Moves Below 38180 and sustain, then you should Sell with the 1st Target of 38034 the day with a Stop Loss of 38260. For the Target of 38045 – 37972 – 37776
Global Stock Markets Today
On the global front, the other Asian market indexes mostly closed in the red on Monday as worries over aggressive interest rate hikes from the US Federal Reserve renewed after the hawkish comments from the Fed officials last week. Shanghai erased early losses and closed higher after China’s central bank cut two of its key interest rates.
European markets are trading lower on Monday following the negative cues from Asia market peers. Investors are worried about the ECB monetary policy tightening and fear recession in the region. The US futures, Dow Jones, and Nasdaq futures are trading lower, indicating a gap-down opening for the US markets today.
Conclusion
Indian stock markets ended lower for the second consecutive day. The equity markets are looking bearish at this moment due to weakness in global markets. The market sentiments got dented due to hawkish comments from the US and European central banks regarding raising interest rates to tame inflation. The domestic markets will remain volatile in the coming days due to monthly F&O expiry, traders should put strict stop loss and avoid carry forward position ahead of monthly F&O expiry
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