Nifty and Bank Nifty Prediction for Monday 12 June 2023
Nifty and Bank Nifty Prediction for Monday 12 June 2023: Indian stock market indexes closed lower for the second straight session on Friday. Soon after opening flat, the benchmarks turned red and gradually moved in the southward direction. The Indian markets fell despite positive global cues. Barring the Realty sector, all other sectoral indices closed in the red. The Nifty PSU Bank, FMCG, Media, and IT fell the most on Friday.
The market breadth was negative on NSE, 913 shares were advanced while 1154 shares declined. The broader markets also fell following their larger peers, as Nifty mid and smallcap indexes closed lower by 0.14 percent and 0.12 percent respectively. At the close, Sensex and Nifty ended lower by 0.35 percent and 0.38 percent respectively on the last trading session of the week.
Nifty and Nifty Bank futures price movement on Friday, 9 June
On Friday 9 June, the Nifty futures (June Series) opened at 18724.95 level, it made a positive opening of 15 points from the previous close. It touched an intraday high at 18739.95 and a day’s low at 18618.35
The Nifty futures have given a movement of 121.6 points on Friday. In the end, it closed lower by 82.40 points or 0.44 percent and ended at 18627.55 levels.
The Bank Nifty futures (June Series) opened at 44178.15 levels on the last day of the week. It made a positive opening of just 30.75 points on Friday. It has touched an intraday high at 44325.90 and a day’s low at 44042.40
On Friday, the Bank Nifty futures gave a movement of 283.5 points. At the close, it ended lower by 34.40 points or 0.08 percent and closed at 44113 levels.
Nifty & Bank Nifty Prediction for Monday 12 June 2023 (June Expiry)
Nifty Futures Prediction for Monday 12 June 2023
Primary Nifty Trend in Futures: Mild Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 18650 whereas All Down Moves can initiate Short Covering @ 18530
If the Nifty futures share price Moves Above 18660 and sustains. Then it can touch the 1st Target of 18690 during the day with a Stop Loss of 18630 FOR the Target of 18690- 18727- 18744
If the Nifty futures share price Moves Below 18570 and is sustained. Then it can touch the 1st Target of 18550 during the day with a Stop Loss of 18605. For the Target of 18550- 18525- 18470
Bank Nifty Futures Prediction for Monday 12 June 2023
Primary Trend of Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiates Profit Booking @ 44200, whereas All Down Moves can Initiate Short Covering @ 43750
Suppose the Bank Nifty futures Moves Above 44240 and sustain, then it can touch the 1st Target of 44315 during the day with a Stop Loss of 44140. For the Target of 44315- 44386- 44480
If the Bank Nifty futures Moves Below 43980 and sustain, then the index can touch the 1st Target of 43890 during the day with a Stop Loss of 44060. For the Target of 43890- 43810- 43730
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Global Stock Market Updates
European stock market indexes closed slightly lower on Friday, as investors are looking for interest rate decisions from European Central Bank(ECB) and the US Federal Reserves scheduled next week and due to the concern about the latest inflation figures from China.
Meanwhile, in corporate news, specialty chemicals firm Croda plunged after it warned on full-year profits, citing lower sales volumes. Payments provider Network International gained after the company agreed to be taken over by Canada’s Brookfield Asset Management in a £2.2bn deal.
The US stock markets closed higher on Friday on the back of buying in tech and a Tesla-led jump in consumer stocks ahead of the Fed’s interest rate decision. Tesla gained 4% on Friday as investors cheered after the news of the Tesla-General Motors’ collaboration for an electric vehicle charging network.
The sentiments were upbeat, as investors remain optimistic that the Federal Reserve will pause interest rate hike in next week’s meeting.
Conclusion
The domestic markets were under pressure on Friday, despite positive global cues. Barring realty, all other sectoral indices ended in the red on Friday. Investors remain cautious and stayed sidelined ahead of crucial central banks decision and economic data next week. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also, read- Global Stock Market – Weekly (5-9 June) News and Analysis
Best Options Trading Books in India-Must Read 2022
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