Nifty and Bank Nifty Prediction for Tomorrow 29 Aug 2023
Nifty and Bank Nifty Prediction for Tomorrow 29 Aug 2023: Indian equity markets snapped a two-day losing streak and ended with minor gains on Monday. The market sentiments were positive due to upbeat global market cues, as China cuts stamp duty charges for stock trading to boost investors’ sentiments. After initial volatility, domestic markets traded steady and closed marginally higher.
The market breadth was positive. Among the sectors, the Realty, Pharma, and PSU Banks advanced while the IT and FMCG sectors declined on Monday. The Indian NSE volatility index “ India VIX” gained 2.60% to 12.40 levels.
At the close, Sensex advanced 110.09 points or 0.17 percent and closed at 64996.60 levels, while Nifty gained 40.25 points or 0.21 percent and settled at 19306.05 levels. Meanwhile, the broader markets outperformed the frontline index, as Nifty mid and smallcap indexes gained 0.50 percent and 0.74 percent respectively. 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 19278.30, making a positive opening of 28 points on Monday. It has touched an intraday high of 19361.20 and a day’s low of 19247.10
The Nifty futures price has given a movement of 114.10 points. In the end, it closed higher by 64.25 points or 0.33 percent and ended at 19314.55 levels.
The Bank Nifty futures opened at 44299 It also made a positive opening of 76.15 points. The Bank Nifty futures touched an intraday high at 44614.95 and a day’s low at 44217.20
During the day, the Bank Nifty futures have given a movement of 397.75 points. In the end, it ended higher by 277.15 points or 0.63 percent and closed at 44500 levels.
Nifty & Bank Nifty Prediction for Tomorrow 29 Aug 2023
Nifty Futures Prediction for Tomorrow 29 Aug 2023
Primary Trend in Nifty Futures: Sideways Negative
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19350 whereas All Down Moves can Initiate Short Covering @ 19220
If Nifty futures for the Aug series move above 19330 and sustain. Then Nifty futures can hit a 1st Target of 19354 during the day with a Stop Loss of 19305. In a day it could trade in a range of 19354- 19376- 19405 levels.
If the Nifty futures (Aug Series) share price Moves Below 19270 and is sustained. Then Nifty futures can see a 1st Target of 19247 levels for the day with a Stop Loss of 19376 In a day it could trade in the range of 19247- 19218 – 19178 level.
If you want Live Market views for Nifty, Bank Nifty, Stocks Futures & Options, and Global/Domestic market happenings then join our Telegram Channel – https://t.me/nifty50stocks1
Bank Nifty Futures Prediction for Tomorrow 29 Aug 2023
Primary Trend in Bank Nifty Futures- Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44800 whereas All Down Moves can Initiate Short Covering @ 44400
Suppose the Aug series Bank Nifty futures move above 44625 and sustain, then you could see a 1st Target of 44700 during the day with a Stop Loss of 44550. During the day Bank Nifty futures could trade in the range of 44700- 44810- 44880
If the Bank Nifty futures (Aug Series) move below 44380 and sustain, then you could see a 1st Target of 44300 levels in a day with a Stop Loss of 44465. During the day Bank Nifty futures could trade in the range of 44300- 44220- 44130
Note:- With Upstox Options Strategy Builder, you can create an option strategy. You can also try the ready-made options strategy Free at Upstox. Click here to Open a Free Trading and Demat Account and get a Life-Time Demat AMC Free and Rs 20 flat Brokerage.
Global Stock Market Updates
Asian stock market indexes ended higher on Monday following the positive cues from China, as Beijing on Sunday halved the stamp duty charges on stock trading to boost investors’ confidence and struggling markets and also moved to support its debt-laden housing sector, China’s securities regulator or also approved the launch of 37 new retail funds.
Nikkei gained the most in the region after a sharp fall last Friday, as investors bet on the recent beaten-down stock. Shanghai pared most of its early gains but still closed with significant gains, while Hang Seng also trimmed its early gain. Elsewhere, Kospi, Straits Times, Taiwan, and SET Composite also ended higher on Monday.
European stock markets are trading higher, as traders assessed the prospect of potential rate hikes from the U.S. Fed. Investor’s focus is now shifted to the fresh economic data, due later in this week. The UK’s stock market is shut today due to a public holiday.
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 volatile and ended with minor gains amidst positive global cues. Investors were sidelined and looking for crucial economic data later this week, both domestically as well as from the US markets. You can follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Best Options Trading Books in India-Must Read 2022
Stock Market Prediction Next Week (28 Aug-1 Sept 2023)
If you like the post “Nifty and Bank Nifty Prediction for Tomorrow 29 Aug 2023” please share it with others
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution in compiling the data for its Website. The views and investment tips expressed here are by third-party experts and are for educational purposes. Nifty50Stocks.com is not SEBI registered Advisors. Nifty50stocks.com advises its users to check with certified and SEBI-registered experts before making any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
