Nifty and Bank Nifty Prediction for Tomorrow 31 Aug 2023
Nifty and Bank Nifty Prediction for Tomorrow 31 Aug 2023: Indian equity benchmarks pared all early gains and ended near the flatline on Wednesday. The domestic markets witnessed profit booking in the last hour in Banking and Financial stocks. However, the indices managed to close in the green for the third consecutive day on Wednesday.
Among the sectors, the Realty, Metal, and IT sectors gained the most while Banking, Financial, and Oil & Gas declined. The market breadth was quite positive. The NSE volatility index “India VI” declined by 3.47 percent to 11.80 levels.
At the close, Sensex gained 11.43 points or 0.02 percent and finished at 65087.25 level, while Nifty was up only 4.80 points or 0.02 percent and settled at 19347.45 levels. The broader markets outperformed the frontline index, as Nifty Mid and Small Cap indexes gained 0.73 percent and 1.03 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 19409.70, making a positive opening of 72.90 points on Wednesday. It has touched an intraday high of 19444.05 and a day’s low of 19329
The Nifty futures price has given a movement of 115.05 points. In the end, it closed higher by only 2.90 points or 0.01 percent and ended at 19340 levels.
The Bank Nifty futures opened at 44636.40. It also made a positive opening of 135.9 points. The Bank Nifty futures touched an intraday high at 44781.15 and a day’s low at 44116.85
During the day, the Bank Nifty futures have given a movement of 664.3 points. In the end, it closed lower by 310.60 points or 0.70 percent and closed at 44189.90 levels.
Nifty & Bank Nifty Prediction for Tomorrow 31 Aug 2023
Nifty Futures Prediction for Tomorrow 31 Aug 2023
Primary Trend in Nifty Futures: Negative & Volatile
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19360 whereas All Down Moves can Initiate Short Covering @ 19220
If Nifty futures for the Aug series move above 19366 and sustain. Then Nifty futures can hit a 1st Target of 19402 during the day with a Stop Loss of 19338. In a day it could trade in a range of 19402- 19447- 19482 levels.
If the Nifty futures (Aug Series) share price Moves Below 19302 and is sustained. Then Nifty futures can see a 1st Target of 19272 levels for the day with a Stop Loss of 19325 In a day it could trade for the target of 19272- 19238 – 19218 level.
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Bank Nifty Futures Prediction for Tomorrow 31 Aug 2023
Primary Trend in Bank Nifty Futures- Negative & Volatile
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44400 whereas All Down Moves can Initiate Short Covering @ 43800
Suppose the Aug series Bank Nifty futures move above 44355 and sustain, then you could see a 1st Target of 44470 during the day with a Stop Loss of 44270. During the day Bank Nifty futures could trade in the range of 44470- 44550- 44620
If the Bank Nifty futures (Aug Series) move below 44060 and sustain, then you could see a 1st Target of 43950 levels in a day with a Stop Loss of 44130. During the day Bank Nifty futures could trade in the range of 43950- 43840- 43765
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Global Stock Market Updates
The other Asian stock market indexes mostly closed higher on Wednesday, following the technology-led rally from the US markets overnight. Sentiments remain upbeat as Australia’s headline inflation for July softened as compared to June. The major Asian stock markets ended higher for the third consecutive day.
Nikkei closed higher due to a rally in banking stocks, while Kospi trimmed its early gains and closed marginally higher. Shanghai closed flat to the positive while Hang Seng pared all early gains due to a profit booking in the tech stocks and ended flat to the negative. Elsewhere Straits Times closed slightly lower while SET Composite, Jakarta, and Taiwan were advanced on Wednesday.
European stock market indexes are trading mixed on Wednesday, as investors are waiting for inflation data from Germany, due later in the day. The UK’s FTSE is trading higher and outperforming the other indices, as commodity prices are slightly higher.
The US future indexes, Dow and Nasdaq futures are trading flat to negative at 5 pm IST, indicating a flat opening for the US markets today. You can also follow our US markets Report at 10 PM IST.
Conclusion
After opening a gap-up following positive global cues, domestic markets failed to hold the gains on Wednesday at close. A sharp profit booking was witnessed in the last hour in the banking index. Indian markets are likely to remain under pressure tomorrow on the monthly F&O expiry day. 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
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