Nifty and Bank Nifty Prediction for Tomorrow July 7, 2023
Nifty and Bank Nifty Prediction for Tomorrow July 7, 2023: Indian equity market indexes ended the volatile session with decent gains on Thursday. The market was volatile due to the expiry of the weekly index option on the NSE. The domestic markets ended higher despite weak global cues, due to positive economic data, FIIs inflow, and progress in the monsoon.
Barring IT and FMCG, all sectoral indices ended in the green, with Realty, Energy, and Media sectors gaining the most. The market breadth was positive on Thursday. The broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes gained 0.97 percent and 0.80 percent respectively. At the close, Sensex and Nifty advanced 0.52 percent and 0.51 percent respectively. 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 19441.30, making a negative opening of 25.55 points on Thursday. It has touched an intraday high of 19555 and a day’s low of 19435.10
The Nifty futures price has given a movement of 119.9 points. In the end, it closed higher by 66.10 points or 0.34 percent and ended at 19532.95 levels.
The Bank Nifty futures opened at 45190 It made a negative opening of 47.3 points. The Bank Nifty futures touched an intraday high at 45460.55 and a day’s low at 45130.10.
During the day, the Bank Nifty futures have given a movement of 330.45 points. In the end, it closed higher by 164.65 points or 0.36 percent and closed at 45401.95 levels.
Nifty & Bank Nifty Prediction for Tomorrow July 7, 2023
Nifty Futures Prediction for Tomorrow 7 July 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19600 whereas All Down Moves can Initiate Short Covering @ 19500
If Nifty futures for the July series Moves Above 19556 and sustains. Then Nifty futures can hit a 1st Target of 19585 during the day with a Stop Loss of 19532. In a day it could trade for the target of 19585- 19610- 19640 levels.
If the Nifty futures (July Series) share price Moves Below 19500 and is sustained. Then Nifty futures can see a 1st Target of 19470 levels for the day with a Stop Loss of 19522 In a day it could trade for the target of 19470- 19435 – 19400 level.
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Bank Nifty Futures Prediction for Tomorrow July 7, 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 45650 whereas All Down Moves can Initiate Short Covering @ 45300
Suppose the July series Bank Nifty futures Moves Above 45500 and sustain, then you could see a 1st Target of 45580 during the day with a Stop Loss of 45415. During the day Bank Nifty futures could trade for the target of 45580- 45670- 45750
If the Bank Nifty futures (July Series) Moves Below 45275 and sustain, then you could see a 1st Target of 45165 levels in a day with a Stop Loss of 45355. During the day Bank Nifty futures could trade for the target of 45165- 45090- 45000
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Global Stock Market Updates
Asian stock markets closed lower on Thursday, due to the escalation US-China tension over chip metal export restrictions, and as minutes of the US Fed meeting indicated more rate hikes this year.
Japan’s Nikkei continued to slide after a months-long rally that has seen the index hit 33-year highs. The sentiments were downbeat as the chip-related company Socionext fell 22% after one of its biggest shareholders sold their entire stake in the fast-growing chip-design company.
Hang Seng fell the most, over 3 percent, as the financial stocks declined after Goldman Sachs on Wednesday downgraded some major Chinese banks. The other key indexes including Shanghai, Kospi closed lower on Thursday.
European stock markets are also trading lower on Thursday, as investors’ mood was downbeat after getting confirmation from the US Fed’s minutes that last month’s rate hike pause was temporary.
However, investors ignored German industrial data, that showed orders rose significantly more than expected in May, due to large-scale orders of ships, spacecraft, and military vehicles.
The US future indexes, Dow and Nasdaq futures are trading lower at this moment indicating a negative opening for the US markets today. In the US, traders will closely monitor the weekly jobless claim data which is due today.
Conclusion
After opening flat, the Indian stock market indexes made a decent gain on Thursday amid weak global cues. The equity benchmarks gained as the session progressed and closed near the day’s high. Though the global trend is negative, the continuous FIIs inflow supported the local markets.
Indian markets are looking positive but traders should remain cautious tomorrow as US nonfarm payroll data is expected on Friday. You can follow our Daily Morning Report at 7.30 am for market direction.
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