Nifty and Bank Nifty Prediction for Tomorrow 7 June 2023
Nifty and Bank Nifty Prediction for Tomorrow 7 June 2023: Indian equity market indices ended the volatile session on a flat note on Tuesday. The domestic markets erased all intraday losses in the last hour and closed near their flat line. Investors remained sideline as a three-day meeting of RBI monetary policy begins today, the outcome of the meeting is due on 8th June.
Among the sectors, Nifty Realty, Auto, and Pharma sectors were in demand while heavy selling pressure was witnessed in the IT stocks, while PSU Bank and Energy stocks were also under pressure. The market breadth was positive, on NSE, 1051 shares were advanced while 888 shares declined on Tuesday.
The broader markets also closed in the green. The midcap index ended slightly higher in line with its larger peers while the smallcap index outperformed the benchmarks, up by 0.54 percent. At the close, Sensex and Nifty closed flat to a positive on Tuesday. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 6 June
The Nifty futures price opened at 18675, making a lower opening of 21.65 points. It has touched an intraday high of 18700.75 and a day’s low of 18605.55
The Nifty futures price has given a movement of 95.2 points. In the end, it closed lower by 13.65 points or 0.07 percent and ended at 18683 levels.
The Bank Nifty futures opened at 44282 It made a flat to negative opening of 4.15 points. The Bank Nifty futures touched an intraday high at 44349.95 and a day’s low at 44149.95
During the day, the Bank Nifty futures have given a movement of 200 points. In the end, it closed higher by 33.85 points or 0.08 percent and closed at 44320 levels.
Nifty & Bank Nifty Prediction for Tomorrow 7 June 2023
Nifty Futures Prediction for Tomorrow 7 June 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 18730 whereas All Down Moves can Initiate Short Covering @ 18570
If the Nifty futures Moves Above 18714 and sustains. Then Nifty futures can hit a 1st Target of 18747 during the day with a Stop Loss of 18674. In a day it could trade for the target of 18747- 18776- 18806 levels.
If the Nifty futures (June Series) share price Moves Below 18630 and is sustained. Then Nifty futures can see a 1st Target of 18600 levels for the day with a Stop Loss of 18658. In a day it could trade for the target of 18600- 18570 – 18552 levels.
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Bank Nifty Futures Prediction for Tomorrow 7 June 2023
Primary Trend in Bank Nifty Futures: Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44600 whereas All Down Moves can Initiate Short Covering @ 44200
Suppose the Bank Nifty futures Moves Above 44465 and sustain, then you could see a 1st Target of 44535 during the day with a Stop Loss of 44380. During the day Bank Nifty futures could trade for the target of 44535- 44605- 44680
If the Bank Nifty futures (June Series) Moves Below 44280 and sustain, then you could see a 1st Target of 44200 levels in a day with a Stop Loss of 44350. During the day Bank Nifty futures could trade for the target of 44200- 44110- 44040
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Global Stock Market Updates
On the global front, Asian stock market indexes mostly erased intraday gains and closed in the red on Tuesday. The weak cues from Wall Street overnight and a surprise rate hike by the Australian Central Bank hit the market sentiments. China’s sluggish recovery and continuing Sino-US tensions also dampened the investor’s mood on Tuesday, but Japan’s markets outperformed again, climbing to another 33-year high.
Nikkei recovered early losses and closed higher around 0.90 percent. China Shanghai fell sharply by over 1% while Hang Seng erased all intraday gains and closed flat to the negative. Kospi was not trading today due to a holiday.
European stock market major indexes are trading marginally lower on Tuesday, following negative cues from Asian markets. The latest data showed that the British retail sales growth slowed to a seven-month low in May due to soaring food prices also dampened the sentiments.
The US future indexes, Dow and Nasdaq futures are trading slightly lower at 5 pm on Tuesday, indicating a flat to negative opening for the US markets.
Conclusion
Indian markets ended flat, buying witness mainly into rate-sensitive stocks like realty, auto, and banks ahead of the RBI rate decision. While profit booking was seen in IT stocks. Going ahead, markets will remain volatile ahead of RBI monetary policy, the outcome is due on 8th June. 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 (5- 9 June 2023)
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