Nifty and Bank Nifty Prediction for Monday 21 Aug 2023
Nifty and Bank Nifty Prediction for Monday 21 Aug 2023: Indian stock market indexes ended lower for the second consecutive day on Friday. The domestic markets opened lower amid weak global cues and extended losses in the afternoon deal. However, a slight recovery was witnessed in the late trade session after Reliance rebounded as it announced Aug 21 is the listing date of Jio Financial. The rally in Adani group stocks also aided market sentiments.
Among the sectoral indices, Media, PSU Bank, and FMCG sectors advanced on Friday while heavy selling pressure was witnessed in the IT sectors followed by Realty and Pharma. The market breadth was negative.
The broader markets closed lower following their larger peers, as Nifty mid and small-cap indexes declined 0.21 percent and 0.53 percent respectively. At the close, Sensex ended lower by 0.31 percent and finished at 64948.66 levels while Nifty declined 55.10 points or 0.28 percent and settled at 19310.15 levels.
Nifty and Nifty Bank futures price movement on Friday, 18 Aug
On Friday, Aug 18, the Nifty futures (Aug Series) opened at the 19329.80 level, it made a negative opening of 64.1 points from the previous close. It touched an intraday high at 19380 and a day’s low at 19275
The Nifty futures have given a movement of 105 points on Friday. In the end, it closed lower by 78.45 points or 0.40 percent and ended at 19315.45 levels.
The Bank Nifty futures (Aug Series) opened at 43905.50 levels on the last day of the week. It made a negative opening of 141.9 points. It has touched an intraday high at 44071.15 and a day’s low at 43785.05
On Friday, the Bank Nifty futures gave a movement of 286.1 points. At the close, Bank Nifty Future finished lower by 115.40 points or 0.26 percent and ended at 43932 levels.
Nifty & Bank Nifty Prediction for Monday 21 Aug 2023 (Aug Expiry)
Nifty Futures Prediction for Monday 21 Aug 2023
Primary Nifty Trend in Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 19400 whereas All Down Moves can initiate Short Covering @ 19280
If the Nifty futures share price Moves Above 19362 and sustains. Then it can touch the 1st Target of 19390 during the day with a Stop Loss of 19336 FOR the Target of 19390- 19421- 19456
If the Nifty futures share price Moves Below 19302 and is sustained. Then it can touch the 1st Target of 19276 during the day with a Stop Loss of 19325. For the Target of 19276- 19234- 19185
Bank Nifty Futures Prediction for Monday 21 Aug 2023
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiates Profit Booking @ 44200, whereas All Down Moves can Initiate Short Covering @ 43700
Suppose the Bank Nifty futures Moves Above 44070 and sustain, then it can touch the 1st Target of 44220 during the day with a Stop Loss of 43980. For the Target of 44220- 44350- 44470
If the Bank Nifty futures Moves Below 43795 and sustain, then the index can touch the 1st Target of 43718 during the day with a Stop Loss of 43885. For the Target of 43718- 43585- 43515
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European Stock Markets at Close on Friday
European stock market indexes closed lower on Friday. The fresh blow of China’s property sectors, rising bond yields, and worst-than-expected UK retail sales data dented the market sentiments on Friday. China’s property sectors got hit after the real estate giant Evergraned having a massive debt pile filed for Chapter 15 bankruptcy in the US, as it tried to organize a restructuring from creditors.
China exposure shares were under selling pressure with mining dipping the most followed by retail stocks, all major sectors closed in the red on Friday. The data from the European Union showed that the eurozone inflation slowed again in July,
The US Stock Market at Close on Friday
The US stock markets closed mixed on Friday and fell sharply on a weekly basis, as the focus now shifted to US Fed chair Jerome Powell’s meeting at the Jackson Hole economic policy symposium next week.
The rate-sensitive big technology and growth stocks closed lower despite the yields on longer Treasury notes ending in the red. The yield on a 10-year-old Treasury note hit a 10-month high at 4.328% on Thursday and closed lower at 4.253% on Friday.
On the earning front, Keysight Technologies’ stocks closed lower by more than 13% due to disappointing quarterly earnings. Estee Lauder and Deere also declined 3% to 5% respectively after downbeat quarterly earnings.
Conclusion
The domestic market sentiments damped due to a sharp rise in US bond yields which prompted investors to park their money in safe-haven assets and exit risky equity. Going ahead, we may see some recovery in the domestic market on Monday but the trends remain negative. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also, read- Indian Stock Market: 4th Week of Decline Amid Weak Global Cues
Global Stock Market Retreat: Yield Surge and Economic Concerns
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