Nifty and Bank Nifty Prediction for Tomorrow 3 August 2022
Nifty and Bank Nifty Prediction for Tomorrow 3 August 2022: Indian equity market indexes opened lower on Tuesday amid negative global cues. The key Asian market indexes opened sharply lower today due to US-China geopolitical tension over Taiwan and concern about the global economic slowdown. The domestic markets were traded below their neutral lines most of the trading session today.
However, markets rebound in the last hour on the back of buying in PSU Banks, FMCG, and Banking stocks. The key indices, Sensex and Nifty traded volatile in the last hour and closed flat to the positive today. The broader markets outperformed today as Nifty mid and smallcap indexes gained 0.33 percent and 0.71 percent respectively. You can read the detailed market updates here
Nifty and Nifty Bank futures price movement for 2 Aug (Aug Expiry)
The Nifty futures price opened at 17336, making a negative opening of 42.3 points today. It has touched an intraday high of 17420 and a day’s low of 17241.10
The Nifty futures price has given a movement of 178.9 points today. In the end, it closed lower by 62.80 points or 0.36 percent and ended at 17315.50 levels.
The Bank Nifty futures opened at 37752.05 It made a negative opening of 187.35 points. The Bank Nifty futures has touched an intraday high at 38232 and a day’s low at 37667.70
During the day, the Bank Nifty futures has given a movement of 564.3 points. In the end, it closed lower by 14.40 points or 0.04 percent and closed at 37925 levels.
Nifty & Bank Nifty Prediction for Tomorrow 3 August 2022 ( Aug Expiry)
Nifty Futures Prediction for Tomorrow 3 August 2022
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17450 whereas All Down Moves Initiates Short Covering (Buy) @ 17200
If the Nifty futures share price Moves Above 17360 and sustain. Then you should Buy with 1st Target of 17385 during the day with a Stop Loss of 17330 FOR the Target of 17385- 17418- 17446- 17490
If the Nifty futures share price Moves Below 17275 and is sustained. Then you should Sell with the 1st Target of 17247 for the day with a Stop Loss of 17312. For the Target of 17247- 17212- 17170- 17132
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Bank Nifty Futures Prediction for Tomorrow 3 August 2022
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 38400 whereas All Down Moves Initiates Short Covering (Buy) @ 37650
Suppose the Bank Nifty futures Moves Above 38110 and sustain, then you should Buy with the 1st Target of 38215 during the day with a Stop Loss of 37950 and the Target of 38215- 38330- 38410- 38550
If the Bank Nifty futures Moves Below 37670 and sustain, then you should Sell with the 1st Target of 37575 the day with a Stop Loss of 37900. For the Target of 37575 – 37490 – 37400 – 37315
Global Stock Markets today
On the global front, the other Asian market indexes closed lower on Tuesday. Shanghai, Hang Seng fell more than 2 percent while Nikkei was down by 1.4 percent today. The market sentiment was subdued after the news of a potential visit by US House of Representatives Speaker Nancy Pelosi to Taiwan. Investors were also worried about the slow down of the global economy after July’s weak manufacturing data announced in the US, Europe, and China, Taiwan issue added more concern to the investors.
European markets are trading lower on Tuesday, as fear of economic slowdown and rising geopolitical tension dampened the market sentiments. The US future index, Dow, and Nasdaq futures are trading lower at 5.30 pm IST, indicating a negative opening for the US markets.
Conclusion
Indian equity markets ended on a flat note amid volatility. The market sentiments were subdued due to negative global cues. The fresh geopolitical tension between US and China and weakness in manufacturing activity in the US, Europe, and China dragged the global markets on Tuesday. Tomorrow the domestic markets will open as per global cues, traders should remain cautious.
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