Nifty and Bank Nifty Prediction for Monday 26 June 2023
Nifty and Bank Nifty Prediction for Monday 26 June 2023:Indian equity markets extended losses for the second consecutive day on Friday. The market sentiments were downbeat due to weak global cues. The weak economic data and rising interest rates globally dampened the market moods on Friday. Barring pharma, all other sectoral indices closed in the red, with metals, media, and PSU bank falling the most.
The market breadth was negative with the advance decline indicating a ratio of 1:2 at the close. The NSE volatility index “ India VIX” fell 2.70% to the 11.24 level. The broader markets underperformed their larger peers, as Nifty mid and smallcap indices fell 1.24 percent and 1.17 percent respectively. At the close, Sensex and Nifty declined 0.41 percent and 0.56 percent respectively on Friday.
Nifty and Nifty Bank futures price movement on Friday, 23 June
On Friday 23 June, the Nifty futures (June Series) opened at 18789 level, it made a negative opening of 41.05 points from the previous close. It touched an intraday high at 18808.25 and a day’s low at 18690
The Nifty futures have given a movement of 118.25 points on Friday. In the end, it closed lower by 129.55 points or 0.69 percent and ended at 18700.50 levels.
The Bank Nifty futures (June Series) opened at 43710 levels on the last day of the week. It made a negative opening of 64 points on Friday. It has touched an intraday high at 43850 and a day’s low at 43563.10
On Friday, the Bank Nifty futures gave a movement of 286.9 points. At the close, it ended lower by 90.50 points or 0.21 percent and closed at 43683.50 levels.
Nifty & Bank Nifty Prediction for Monday 26 June 2023 (June Expiry)
Nifty Futures Prediction for Monday 26 June 2023
Primary Nifty Trend in Futures: Mild Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 18750 whereas All Down Moves can initiate Short Covering @ 18630
If the Nifty futures share price Moves Above 18755 and sustains. Then it can touch the 1st Target of 18782 during the day with a Stop Loss of 18728 FOR the Target of 18782- 18809- 18836
If the Nifty futures share price Moves Below 18685 and is sustained. Then it can touch the 1st Target of 18650 during the day with a Stop Loss of 18718. For the Target of 18650- 18625- 18590
Bank Nifty Futures Prediction for Monday 26 June 2023
Primary Trend of Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiates Profit Booking @ 43900, whereas All Down Moves can Initiate Short Covering @ 43500
Suppose the Bank Nifty futures Moves Above 43790 and sustain, then it can touch the 1st Target of 43880 during the day with a Stop Loss of 43718. For the Target of 43880- 43950- 44020
If the Bank Nifty futures Moves Below 43565 and sustain, then the index can touch the 1st Target of 43490 during the day with a Stop Loss of 43650. For the Target of 43490- 43400- 43330
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Global stock market updates
The US stock Markets ended lower on Friday due to selling pressure in tech stocks. The Federal Reserve Chairman Powell’s hawkish rate outlook to Congress this week dented market sentiments.
The fears of interest rate hikes and recession have returned as several central banks accelerated their rate hikes last week. The Future market’s probability has now increased by more than 70% that Fed will hike interest rates by another 25 bps in its July meeting
European stock market indexes closed lower on Friday, as factory and services activity reading in the eurozone showed weaker than expected. German’s DAX fell the most on Friday, as Siemens Energy tanked 37% after the company scrapped its profit outlook for the year due to problems in its wind turbine unit.
Meanwhile, the economic data released in the UK showed that Consumer confidence edged higher for the fifth consecutive week while retail sales also showed an uptick in May.
Conclusions
Indian stock markets traded lower and closed near the day low on Friday, amid weak global cues. The global sentiments are weak due to interest hike fear and recession worries. The US and European markets closed negatively on Friday.
On Monday, Asian markets may follow the weak trend and if this happens then we may see a negative opening for the domestic markets. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also, read- Global Stock Market – Weekly News and Analysis (19-23 June)
Nifty Top Gainers & Losers for the Week (19-23 June 2023)
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