Nifty and Bank Nifty Prediction for Monday 10 July 2023
Nifty and Bank Nifty Prediction for Monday 10 July 2023: Indian stock market indexes ended lower on Friday amid weak global cues. The domestic market sentiments witnessed profit booking after hitting an all-time high in the morning session. The market sentiments were subdued as the US-Treasury bond yields jumped, driven by the expectation of further interest rate hikes after strong economic data were released.
Investors also remained cautious ahead of the US job report, which was released on Friday. Among the sectors, Media, PSU Bank, and Auto ended higher while selling pressure was witnessed in FMCG, Realty, and Energy.
The market breadth was slightly on the positive side with the advance decline indicating a ratio of 5:4 at the close. The broader markets also ended lower following their larger peers, as Nifty Mid and Small Cap indexes declined 0.81 percent and 0.44 percent respectively. At the close, Sensex and Nifty declined 0.77 percent and 0.85 percent respectively on Friday.
Nifty and Nifty Bank Future price movement on Friday, July 7 2023
On Friday, July 7, the Nifty futures (July Series) opened at 19485 level, it made a negative opening of 51.1 points from the previous close. It touched an intraday high at 19567.25 and a day’s low at 19380.10
The Nifty futures have given a movement of 187.15 points on Friday. In the end, it closed lower by 144.15 points or 0.74 percent and ended at 19391.95 levels.
The Bank Nifty futures (July Series) opened at 45225 levels on the last day of the week. It made a negative opening of 186.2 points on Friday. It has touched an intraday high at 45299.50 and a day’s low at 44920
On Friday, the Bank Nifty futures gave a movement of 379.5 points. At the close, it ended lower by 408.20 points or 0.90 percent and closed at 45003 levels.
Nifty & Bank Nifty Prediction for Monday 10 July 2023 (July Expiry)
Nifty Futures Prediction for Monday 10 July 2023
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 19500 whereas All Down Moves can initiate Short Covering @ 19350
If the Nifty futures share price Moves Above 19432 and sustains. Then it can touch the 1st Target of 19455 during the day with a Stop Loss of 19410 FOR the Target of 19455- 19485- 19516
If the Nifty futures share price Moves Below 19378 and is sustained. Then it can touch the 1st Target of 19350 during the day with a Stop Loss of 19398. For the Target of 19350- 19305- 19270
Bank Nifty Futures Prediction for Monday 10 July 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiates Profit Booking @ 45300, whereas All Down Moves can Initiate Short Covering @ 44800
Suppose the Bank Nifty futures Moves Above 45140 and sustain, then it can touch the 1st Target of 45230 during the day with a Stop Loss of 45020. For the Target of 45230- 45320- 45415
If the Bank Nifty futures Moves Below 44920 and sustain, then the index can touch the 1st Target of 44840 during the day with a Stop Loss of 44980. For the Target of 44840- 44760- 44680
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Global Stock Market Updates
European stock market indexes closed mixed on Friday after a sharp fall in the previous session, as the US job report showed that employment grew lesser than expected in June. Meanwhile, the fresh UK house price recorded a steep fall in June on an annual basis.
The US stock market indexes closed lower on Friday despite the weaker job reports in June, as some investors feel that Fed will still remain likely to resume a rate hike in the next meeting. Energy stocks lead the gain after Friday’s job report as investors feel Fed could be less hawkish and eased worries about recession.
Conclusions
Indian stock markets witnessed profit booking at a higher level on Friday, especially on the banking stocks. Nifty broke the 8-day winning streak on Friday. The market sentiments were negative due to weak global cues, as investors feel further rate hikes will resume in the US.
Going ahead, the global markets sentiments may slightly improve on Monday, as investors feel Fed would be less hawkish after the weaker-than-expected US job report in June released on Friday. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also, read- Global Stock Market Analysis- Weekly Report (3-7 July 2023)
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