Nifty and Bank Nifty Prediction for Monday 14 Aug 2023
Nifty and Bank Nifty Prediction for Monday 14 Aug 2023: Indian equity markets ended lower for the second consecutive session on Friday. The equity benchmarks ended with modest losses following the weakness in Asian and European markets due to fresh geopolitical tension between the US and China. Hawkish comments from the two Fed officials on Thursday also put traders in a risk-off mood.
Among the sectors, PSU Bank and Consumer Durables advanced on Friday while selling pressure was witnessed in Media, Pharma, and Financial Services. The Indian volatility index “India VIX” advanced 1.07% to 11.52 levels. The market breadth was negative.
The broader markets ended lower on Friday, as Nifty mid and smallcap indexes declined by 0.45 percent and 0.18 percent respectively. At the close, Sensex was down by 365.53 points or 0.56 percent at 65322.65 while Nifty fell 114.80 points or 0.59 percent and settled at 19428.30 levels.
Nifty and Nifty Bank futures price movement on Friday, 11 Aug
On Friday, Aug 11, the Nifty futures (Aug Series) opened at the 19599 level, it made a flat to the positive opening, up only 2.2 points from the previous close. It touched an intraday high at 19600 and a day’s low at 19488.60
The Nifty futures have given a movement of 111.4 points on Friday. In the end, it closed lower by 93.80 points or 0.48 percent and ended at 19503 levels.
The Bank Nifty futures (Aug Series) opened at 44759 levels on the last day of the week. It made a slightly negative opening of 12.45 points on Friday. It has touched an intraday high at 44759 and a day’s low at 44392.40
On Friday, the Bank Nifty futures gave a movement of 366.6 points. At the close, Bank Nifty Future finished lower by 294.45 points or 0.66 percent and ended at 44970 levels.
Nifty & Bank Nifty Prediction for Monday 14 Aug 2023 (Aug Expiry)
Nifty Futures Prediction for Monday 14 Aug 2023
Primary Nifty Trend in Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 19550 whereas All Down Moves can initiate Short Covering @ 19425
If the Nifty futures share price Moves Above 19532 and sustains. Then it can touch the 1st Target of 19554 during the day with a Stop Loss of 19515 FOR the Target of 19554- 19578- 19607
If the Nifty futures share price Moves Below 19485 and is sustained. Then it can touch the 1st Target of 19455 during the day with a Stop Loss of 19505. For the Target of 19455- 19422- 19394.
Bank Nifty Futures Prediction for Monday 14 Aug 2023
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiates Profit Booking @ 45600, whereas All Down Moves can Initiate Short Covering @ 44250
Suppose the Bank Nifty futures Moves Above 44655 and sustain, then it can touch the 1st Target of 44740 during the day with a Stop Loss of 44570. For the Target of 44740- 44820- 44900
If the Bank Nifty futures Moves Below 44380 and sustain, then the index can touch the 1st Target of 44265 during the day with a Stop Loss of 44460. For the Target of 44265- 44180- 44070
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Global Stock Market Updates
European stock market indexes ended lower on Friday as investors digested a new batch of corporate earnings and US PPI inflation data. All sectoral indices ended in the red, led by Tech, followed by Auto and Minning sectors. UBS’s share price gained over 4% after it ended a 9 billion Swiss francs ($10.27 billion) loss protection agreement.
On the economic front, the UK GDP growth surprised by expanding 0.2% between April and June, as the official data showed on Friday., growth picked up from 0.1% in the first quarter. The Core inflation in France came lower to 5% in July from 5.7% in June.
The US stock market indexes closed mixed on Friday, Dow Jones ended higher while S&P 500 and Nasdaq closed lower. The sentiments were dented due to renewed inflation fears which pushed Treasury yields higher and raised the concerns about Fed’s monetary policy tightening. The hike in Treasury yields put pressure on some big tech and chip-related stocks on Friday.
A report from the University of Michigan showed that the consumer sentiment reading came edge lower than the previous month. While the report came better than expected at 71.2 in August, last month it was reported at 71.6 and the expectation was 71. You can also follow the daily US Markets Live Report at 10 pm IST
Conclusions
The Indian stock market indexes closed lower for the second consecutive day. The market sentiments were dampened after the RBI policy outcome, as Banking and Financial index turned negative. The uncertainty in the global markets and persistent selling pressure from foreign investors also hit the domestic market sentiments.
Going ahead, we may see further correction on Monday. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also, read- Global Stock Market Weekly Analysis: Mixed Closures and Inflation Focus
Stocks to Buy: Discover the Top 2 Investment Opportunities in Aug 2023
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