Nifty and Bank Nifty Prediction for Monday 17 July 2023
Nifty and Bank Nifty Prediction for Monday 17 July 2023: The equity benchmarks ended higher on Friday amid positive global cues. The Sensex and Nifty hit a new record high in the last hour at 66159,79 and 19595.35 respectively. The domestic markets were upbeat, as the declining trend of US inflation boosted global equity markets sentiments. The decline in the dollar index to its lowest level since April 2022, become favorable for emerging markets like India.
All the sectoral indices ended in the green on Friday with the IT sector gaining the most, which was up 4.45 percent, followed by Media, Metal, and Realty. NSE’s volatility index “India VIX” slipped 2.33% to 10.68 levels, minimizing the fear in the domestic marks.
The market breadth was quite strong with the advance decline indicating a ratio of 3:1 at the close. The broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes gained 1.15 percent and 1.42 percent respectively on Friday. At the close, the Nifty and Sensex advanced 0.78 percent and 0.79 percent respectively.
Nifty and Nifty Bank futures price movement on Friday, 14 July
On Friday, July 14, the Nifty futures (July Series) opened at 19522.20 level, it made a positive opening of 47.4 points from the previous close. It touched an intraday high at 19627.80 and a day’s low at 19475
The Nifty futures have given a movement of 152.8 points on Friday. In the end, it closed higher by 149.20 points or 0.77 percent and ended at 19624 levels.
The Bank Nifty futures (July Series) opened at 44882.80 levels on the last day of the week. It made a positive opening of 105.8 points on Friday. It has touched an intraday high at 44964.95 and a day’s low at 44674.55
On Friday, the Bank Nifty futures gave a movement of 290.4 points. At the close, it ended lower by 173.80 points or 0.39 percent and closed at 44950.20 levels.
Nifty & Bank Nifty Prediction for Monday 17 July 2023 (July Expiry)
Nifty Futures Prediction for Monday 17 July 2023
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 19700 whereas All Down Moves can initiate Short Covering @ 19550
If the Nifty futures share price Moves Above 19628 and sustains. Then it can touch the 1st Target of 19652 during the day with a Stop Loss of 19592 FOR the Target of 19652- 19682- 19712
If the Nifty futures share price Moves Below 19544 and is sustained. Then it can touch the 1st Target of 19518 during the day with a Stop Loss of 19576. For the Target of 19518- 19480- 19440
Bank Nifty Futures Prediction for Monday 17 July 2023
Primary Trend of Bank Nifty Futures: Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiates Profit Booking @ 45150, whereas All Down Moves can Initiate Short Covering @ 44800
Suppose the Bank Nifty futures Moves Above 45040 and sustain, then it can touch the 1st Target of 45130 during the day with a Stop Loss of 44980. For the Target of 45130- 45240- 45350
If the Bank Nifty futures Moves Below 44900 and sustain, then the index can touch the 1st Target of 44825 during the day with a Stop Loss of 44950. For the Target of 44825- 44750- 44675
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Also Read, Stock Market Prediction Next Week (17- 21 July 2023)
Global stock market updates
The European stock market indexes closed slightly lower on Friday, France’s CAC ended slightly higher while Germany’s DAX and UK’s FTSE ended in the red. On Friday, the trade data showed that the Eurozone’s trade deficit was almost eliminated in May, as exports of chemicals and machinery picked up imported energy products fell.
The share price of Nokia fell around 9% as the company cuts its annual outlook. The Swedish firm Lifco fell 6% after half-year results, while Norwegian conglomerate Orkla gained 5% after an increase in operating revenues in the second quarter. Asset manager Ashmore decline 8% after the company reported a $1.8bn decrease in assets under management for the quarter to end-June
The US stock market indexes closed mixed on Friday. Dow closed higher as earning season begins. Pharma and Consumer stocks gained after some upbeat quarterly earnings on Friday. The big banks kicked off quarterly results on Friday. S&P 500 ended slightly lower as banks and financials stocks ended mostly lower after the announcement of mixed results.
On Friday, the latest data showed that Michigan’s survey of current consumer sentiment rose above expectations in June to 72.6, its highest level in nearly two years.
Conclusions
Indian stock markets closed near the day’s high on Friday. The market sentiments are positive, the domestic markets will open as per the Asian market cues on Monday. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
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