Nifty and Bank Nifty Prediction for Monday 7 Aug 2023
Nifty and Bank Nifty Prediction for Monday 7 Aug 2023: Indian equity benchmarks bounced back with strong gains on Friday, snapping a three-day losing streak. The domestic markets opened higher following the gains in Asian markets and remained positive throughout the day. Buying witnessed in heavyweight index stocks like HDFC Bank, Reliance, and Infosys aided market sentiments.
Among the sectors, IT, Pvt Banks, and Consumer durables were the top gainers while PSU bank, Auto, and FMCG sectors declined. The market breadth was strong with the advance-decline indicating a ratio of 5:2 at the close. The volatility index “India VIX” declined 5.47% to 10.57 levels.
The broader markets also gained in line with their larger peers, as Nifty mid and smallcap indexes gained 0.82 percent and 0.76 percent respectively. At the close, Sensex gained 480.57 points or 0.74 percent and closed at 65721.25 levels while Nifty advanced 135.35 points or 0.70 percent and settled at 19517 levels.
Nifty and Nifty Bank Futures Price Movement on Friday, 4 Aug
On Friday, Aug 4, the Nifty futures (Aug Series) opened at 19501.10 level, it made a positive opening of 32.95 points from the previous close. It touched an intraday high at 19596.65 and a day’s low at 19486.10
The Nifty futures have given a movement of 110.55 points on Friday. In the end, it closed higher by 105.05 points or 0.54 percent and ended at 19573.20 levels.
The Bank Nifty futures (Aug Series) opened at 44805.55 levels on the last day of the week. It made a positive opening of 83.55 points on Friday. It has touched an intraday high at 45227.95 and a day’s low at 44621
On Friday, the Bank Nifty futures gave a movement of 606.95 points. At the close, Bank Nifty future finished higher by 248 points or 0.55 percent and ended at 44970 levels.
Nifty & Bank Nifty Prediction for Monday 7 Aug 2023 (Aug Expiry)
Nifty Futures Prediction for Monday 7 Aug 2023
Primary Nifty Trend in Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 19650 whereas All Down Moves can initiate Short Covering @ 19500
If the Nifty futures share price Moves Above 19618 and sustains. Then it can touch the 1st Target of 19648 during the day with a Stop Loss of 19578 FOR the Target of 19648- 19682- 19728
If the Nifty futures share price Moves Below 19540 and is sustained. Then it can touch the 1st Target of 19510 during the day with a Stop Loss of 19565. For the Target of 19510- 19480- 19452.
Bank Nifty Futures Prediction for Monday 7 Aug 2023
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiates Profit Booking @ 45300, whereas All Down Moves can Initiate Short Covering @ 44800
Suppose the Bank Nifty futures Moves Above 45140 and sustain, then it can touch the 1st Target of 45225 during the day with a Stop Loss of 45050. For the Target of 45225- 45290- 45370
If the Bank Nifty futures Moves Below 44900 and sustain, then the index can touch the 1st Target of 44815 during the day with a Stop Loss of 44980. For the Target of 44815- 44750- 44650
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Global Stock Market Updates
The US stock markets reversed their early gains and closed lower for the fourth consecutive day on Friday. The official job reports showed that the US employer added 187,000 jobs in July, lower than the 200,000 new jobs expected. The unemployment rate came ticked lower to 3.5% in July from 3.6%.reported in the previous month. While, the average hourly wages rose 0.4% for the month, ahead of 0.3% expectations.
The US 10-year-old Treasury yield fell slightly after the latest job report. The e-commerce giant- Amazon jumped as much as 10% after beating the quarterly results and positive guidance. Apple lost around 3% after reporting lower revenue compared to the same period last year.
European stock markets rebounded and closed higher after three consecutive days of losses, as the US job reports for July indicated a pause in the Federal Reserve interest rate. On Friday, the data showed construction activity in the eurozone entered a “sharp and accelerated decline” in July.
German factory orders rose 7% in June, as compared to May, beating expectations of a 2% fall. The retail sales data in Eurozone dipped by 0.3% on MoM in June, worst than the expectation of a 0.3% rise. The share price of Credit Agricole gained around 6% after positive quarterly results, while the advertising giant WPP fell around 3% after cutting its growth forecasts as first-half profits fall.
Conclusions
Indian stock markets snapped a 3-day losing streak on Friday, the market sentiments improved as global markets steadied. Investors also bet on recently beaten-down stocks due to some positive Q1 earnings reported on Friday. Going ahead, though we have seen a rebound in domestic markets on Friday, technically the market trend is still in the negative zone and remain volatile on Monday. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
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