Nifty and Bank Nifty Prediction for Tomorrow 23 Aug 2023
Nifty and Bank Nifty Prediction for Tomorrow 23 Aug 2023: Indian equity benchmarks ended flat on Tuesday amid positive cues from Asian markets. The domestic markets traded sideways throughout the day. Nifty was hovering around 19400 levels in most parts of the session on Tuesday.
The market breadth was strong. The broader markets outperformed the frontline indexes, as Nifty mid and smallcap indexes gained 1.10 percent and 0.81 percent respectively. At the close, Sensex gained just 3.94 points and finished at 65220.03 levels while Nifty was up by 2.85 points and settled a 19396.45 levels. You can read the detailed market updates here
Nifty and Bank Nifty Futures Price Movement for (31 Aug expiry)
The Nifty futures price opened at 19411.05, making a slightly positive opening of 11.5 points on Tuesday. It has touched an intraday high of 19430 and a day’s low of 19365.30
The Nifty futures price has given a movement of 64.7 points. In the end, it closed slightly lower by 18.55 points or 0.10 percent and ended at 19381 levels.
The Bank Nifty futures opened at 44159 It also made a positive opening of 44.7 points. The Bank Nifty futures touched an intraday high at 44196.05 and a day’s low at 44050
During the day, the Bank Nifty futures have given a movement of 146.05 points. In the end, it ended lower by 37.30 points or 0.08 percent and closed at 44077 levels.
Nifty & Bank Nifty Prediction for Tomorrow 23 Aug 2023
Nifty Futures Prediction for Tomorrow 23 Aug 2023
Primary Trend in Nifty Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19450 whereas All Down Moves can Initiate Short Covering @ 19325
If Nifty futures for the Aug series Moves Above 19412 and sustains. Then Nifty futures can hit a 1st Target of 19432 during the day with a Stop Loss of 19395. In a day it could trade for the target of 19432- 19464- 19507 levels.
If the Nifty futures (Aug Series) share price Moves Below 19358 and is sustained. Then Nifty futures can see a 1st Target of 19322 levels for the day with a Stop Loss of 19380 In a day it could trade for the target of 19322- 19280 – 19250 level.
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Bank Nifty Futures Prediction for Tomorrow 23 Aug 2023
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44250 whereas All Down Moves can Initiate Short Covering @ 43900
Suppose the Aug series Bank Nifty futures Moves Above 44155 and sustain, then you could see a 1st Target of 44220 during the day with a Stop Loss of 44090. During the day Bank Nifty futures could trade for the target of 44220- 44340- 44415
If the Bank Nifty futures (Aug Series) Moves Below 43980 and sustain, then you could see a 1st Target of 43900 levels in a day with a Stop Loss of 44050. During the day Bank Nifty futures could trade for the target of 43900- 43825- 43760
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Global Stock Market Updates
Asian stock markets closed higher on Tuesday following the rally in tech stocks from Wall Street overnight. Japan’s Nikkei extended previous session gains on Tuesday. The Shanghai index erased intraday losses and closed higher. The last-minute rally in Shanghai lifted the overall mood in Asia, technology sector led the rally in Chinese markets.
Hang Seng snapped a seven-day losing streak and closed higher, as Hong Kong’s July inflation slowed more than expected. South Korea’s Kospi trimmed most of its early gains but closed higher, as South Korean consumer confidence for August came slightly lower, breaking the continuous positive trend of the last six months. Elsewhere, Straits Times, Taiwan, and SET Composite ended higher on Tuesday.
European stock markets are trading on a strong note on Tuesday following a rally in Asian Markets. The share price of Ubisoft jumped above 7% after Microsoft the offer. Investors remain cautious ahead of the Jackson Hole Symposium, where central bankers, policymakers, and economists all over the world will be meeting this weekend.
The US future indexes, Dow and Nasdaq futures are trading higher at 5 pm IST, indicating a positive opening for the US markets today. You can also follow our US markets Report at 10 PM IST.
Conclusion
Indian stock markets traded a range-bound session on Tuesday and ended almost unchanged. The Nifty was hovering near 19400 levels and traded in a narrow range despite positive cues from Asian and European markets. Going ahead, markets will remain sideways, and looking out for a trigger, 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 (14- 18 Aug 2023)
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