Nifty and Bank Nifty Prediction for Monday 29 Aug 2022
Nifty and Bank Nifty Prediction for Monday 29 Aug 2022: Indian equity market erased most of its early gains and closed slightly higher on Friday ahead of Fed Chairman Jerome Powell’s speech at the Jackson hole event. In the last hour, markets trimmed their early gains on the back of selling in Media, Realty, Pvt Banking, and FMCG stocks, as investors were getting ready to hear the hawkish comments from the Fed Chairman.
At the close, the benchmark indices Sensex and Nifty gained 0.10 percent and 0.21 percent respectively. The broader markets were outperformed as the Nifty mid and smallcap indexes gained 0.55 percent and 0.70 percent respectively on Friday. The market breadth was quite positive with the Advance-Decline indicating a ratio of 2:1 at the close. The FIIs were the net sellers, they sold Rs 51.12 crore in the equity cash segment while DIIs bought Rs 0.70 percent on the last day of the week.
Nifty, Bank Nifty futures price movement on Friday, 26 August (Sept Expiry)
On Friday, Aug 26, the Nifty futures (Sept Series) opened at 17677.30 levels, it made a positive opening of 88.9 points. It has touched an intraday high at 17765 and a day’s low at 17602.05
The Nifty future has given a movement of 162.95 points on Friday. In the end, it gained 89.60 points or 0.51 percent and ended at 17678 levels.
The Bank Nifty futures (Sept Series) opened at 39272 levels on the last day of the week. It made a positive opening of 253 points on Friday. It has touched an intraday high at 39525 and a day’s low at 39037
On Friday, the Bank Nifty future gave a movement of 488 points. At the close, it was up by 189.35 points or 0.48 percent and closed at 39290 levels.
Nifty & Bank Nifty Prediction for Monday 29 Aug 2022 (Sept Expiry)
Nifty Futures Prediction for Monday 29 Aug 2022
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17700 whereas All Down Moves Initiates Short Covering (Buy) @ 17350
If the Nifty futures share price Moves Above 17727 and sustain. Then you should Buy with 1st Target of 17765 during the day with a Stop Loss of 17690 FOR the Target of 17765-17797- 17830- 17850
If the Nifty futures share price Moves Below 17490 and is sustained. Then you should Sell with the 1st Target of 17440 during the day with a Stop Loss of 17560. For the Target of 17440- 17406- 17370- 17330
Bank Nifty Futures Prediction for Monday 29 Aug 2022
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 39400, whereas All Down Moves Initiates Short Covering (Buy) @ 38650
Suppose the Bank Nifty futures Moves Above 39350 and sustain, then you should Buy with the 1st Target of 39430 during the day with a Stop Loss of 39250. For the Target of 39430 – 39520- 39630-39710
If the Bank Nifty futures Moves Below 39140 and sustain, then you should Sell with the 1st Target of 39037 during the day with a Stop Loss of 38920. For the Target of 39037 -38928- 38813-38640
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Global stock market updates
The US Stock market indexes fell sharply on Friday after Fed Chairman Jerome Powell’s speech at the Jackson hole conference. Dow Jones declined more than 1000 points after Powell said Fed must continue to raise the key interest rates and keep them high until inflation is under control. The bond yield closed higher after Powell said that the signs of slowing are not enough to ease its tough stance against rising prices.
The European stock market indexes fell sharply on Friday after Federal Reserve Chairman sounded a hawkish tone in his speech at the Jackson Hole symposium. Meanwhile, consumer confidence in Germany declined while France’s consumer confidence index rose slightly in August.
Conclusions
The outcome of the much-awaited event at the Jackson Hole Symposium was negative on Friday, as Fed’s speech was quite hawkish. The US and European markets fell sharply on Friday. The Asian markets will react to it on Monday. The SGX Nifty on Friday closed at 17444, down 215 points. On Monday, Indian markets are likely to follow the negative cues from the global markets and may open a gap-down.
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