Nifty and Bank Nifty Prediction for Tomorrow July 6, 2023
Nifty and Bank Nifty Prediction for Tomorrow July 6, 2023: Indian equity benchmarks ended the volatile session on a flat note on Wednesday. The domestic markets traded in a narrow range amid weak global cues. The market sentiments were subdued, as the country’s services activity growth moderated to a three-month low in June, but remain in expansion territory, according to a private survey.
Among the sectors, FMCG, Auto, and Media sectors ended as top gainers while selling pressure was witnessed in Banking and Financial services counter. The market breadth was positive on Wednesday.
The broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes gained 0.71 percent and 0.74 percent respectively. At the close, Sensex was down by 0.05 percent and Nifty gained 0.05 percent on Wednesday. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for (27 July expiry)
The Nifty futures price opened at 19401, making a negative opening of 57.4 points on Wednesday. It has touched an intraday high of 19486 and a day’s low of 19400
The Nifty futures price has given a movement of 86 points. In the end, it closed higher by 19.60 points or 0.10 percent and ended at 19478 levels.
The Bank Nifty futures opened at 45299.80 It made a negative opening of 64.7 points. The Bank Nifty futures touched an intraday high at 45480 and a day’s low at 45175.
During the day, the Bank Nifty futures have given a movement of 305 points. In the end, it closed lower by 93.50 points or 0.21 percent and closed at 45271 levels.
Nifty & Bank Nifty Prediction for Tomorrow 6 July 2023
Nifty Futures Prediction for Tomorrow 6 July 2023
Primary Trend in Nifty Futures: Positive and cautious
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19530 whereas All Down Moves can Initiate Short Covering @ 19400
If Nifty futures for the July series Moves Above 19502 and sustains. Then Nifty futures can hit a 1st Target of 19530 during the day with a Stop Loss of 19475. In a day it could trade for the target of 19530- 19554- 19585 levels.
If the Nifty futures (July Series) share price Moves Below 19430 and is sustained. Then Nifty futures can see a 1st Target of 19402 levels for the day with a Stop Loss of 19457 In a day it could trade for the target of 19402- 19378 – 19350 level.
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Bank Nifty Futures Prediction for Tomorrow July 6, 2023
Primary Trend in Bank Nifty Futures- Positive and cautious
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 45400 whereas All Down Moves can Initiate Short Covering @ 45100
Suppose the July series Bank Nifty futures Moves Above 45360 and sustain, then you could see a 1st Target of 45415 during the day with a Stop Loss of 45300. During the day Bank Nifty futures could trade for the target of 45415- 45480- 45570
If the Bank Nifty futures (July Series) Moves Below 45190 and sustain, then you could see a 1st Target of 45090 levels in a day with a Stop Loss of 45275. During the day Bank Nifty futures could trade for the target of 45090- 45020- 44920
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Global Stock Market Updates
Asian stock market indexes ended lower on Wednesday, as a private survey showed that the service activity in China expanded at its slowest pace in five months in June. The Sino-US tensions also dented sentiments in Asian markets. The US Secretary of Treasury Janet Yellen will visit China later in the week for healthy ties with Beijing.
In Japan, the Nikkei index declined for the second consecutive day, as investors continued to book profits after a recent rally. Hang Seng fell the most in the region. Shanghai and South Korea’s Kospi also ended in the red.
European markets are trading lower on Wednesday, as weak services activity data released in China and Eurozone hit the market sentiments. Investors are also cautious ahead of the minutes of FOMC’s last meeting scheduled to release later in the day.
The US future indexes, Dow and Nasdaq futures are trading lower at 5 pm IST, indicating a lower opening for the US market on Wednesday.
Conclusion
Indian stock markets opened flat on Wednesday in the absence of any cues from US markets, as Wall Street was closed on Tuesday. The domestic market sentiments were dented due to the slower growth of the service activity data from China and Japan.
However, some cautiousness was also seen in the markets ahead of the minutes of FOMC’s last meeting, which is due later in the day. Though the market trend is positive, traders should remain cautious and be ready for a healthy correction in the markets in the coming days. You can follow our Daily Morning Report at 7.30 am for market direction.
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