Nifty and Bank Nifty Prediction for Tomorrow 28 July 2023
Nifty and Bank Nifty Prediction for Tomorrow 28 July 2023: Indian equity benchmarks ended a volatile session with significant losses on Thursday. The domestic markets opened higher following positive Asian market peers but slipped in the late morning session. The equity indices moved southward as the session progressed and end near the day’s low. The volatility in the markets was due to the monthly F&O expiry, as traders roll over the position from the near month of July series to August.
Among the sectors, Auto, Banking, and Financial Services witnessed selling pressure while Pharma, Realty, and PSU Banks were advanced. The market breadth was neutral with the advance decline indicating almost an equal ratio at the close.
The broader markets outperformed the benchmarks, as the Nifty midcap index gained 101.50 points or 0.27 percent and smallcap index closed flat. At close, Sensex declined 440.39 points or 0.66 percent and closed at 66266.82 level, while Nifty ended lower by 118.40 points or 0.60 percent and settled at 19659.90 levels. You can read the detailed market updates here
Nifty and Bank Nifty futures price movement for (27 July expiry)
The Nifty futures price opened at 19840.20, making a positive opening of 66.2 points on Thursday. It has touched an intraday high of 19872.35 and a day’s low of 19600
The Nifty futures price has given a movement of 272.35 points. In the end, it closed lower by 115.50 points or 0.59 percent and ended at 19658.20 levels.
The Bank Nifty futures opened at 46201.05 It also made a positive opening of 154.05 points. The Bank Nifty futures touched an intraday high at 46500 and a day’s low at 45541.65
During the day, the Bank Nifty futures have given a movement of 958.35 points. In the end, it declined 369.65 points or 0.80 percent and closed at 45677.35 levels.
Nifty & Bank Nifty Prediction for Tomorrow 28 July 2023
Nifty Futures Prediction for Tomorrow 28 July 2023
Primary Trend in Nifty Futures: Mild Negative
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19900 whereas All Down Moves can Initiate Short Covering @ 19700
The August series Nifty Futures closed at 19840 levels. If Nifty futures for the Aug series Moves Above 19874 and sustains. Then Nifty futures can hit a 1st Target of 19902 during the day with a Stop Loss of 19850. In a day it could trade for the target of 19902- 19932- 19965 levels.
If the Nifty futures (Aug Series) share price Moves Below 19780 and is sustained. Then Nifty futures can see a 1st Target of 19740 levels for the day with a Stop Loss of 19812 In a day it could trade for the target of 19740- 19716 – 19685 level.
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Bank Nifty Futures Prediction for Tomorrow 28 July 2023
Primary Trend in Bank Nifty Futures- Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 46300 whereas All Down Moves can Initiate Short Covering @ 45900
The August Series Bank Nifty Futures closed at 46050.85 levels. Suppose the Aug series Bank Nifty futures Moves Above 46135 and sustain, then you could see a 1st Target of 46210 during the day with a Stop Loss of 46050. During the day Bank Nifty futures could trade for the target of 46210- 46285- 46350.
If the Bank Nifty futures (Aug Series) Moves Below 45920 and sustain, then you could see a 1st Target of 45840 levels in a day with a Stop Loss of 46020. During the day Bank Nifty futures could trade for the target of 45840- 45750- 45650.
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Global Stock Market Updates
The other Asian stock market indexes mostly closed higher on Thursday, as investor’s sentiments lifted due to line expectations of the US Fed monetary policy decision, however, China’s weak Industrial profit data dampened the investor’s mood. The upside was also capped due to some cautiousness ahead of the Bank of Japan monetary policy meeting outcome on Friday.
Japan’s Nikkei gained on the positive sentiments but the upside was limited, as investors and analysts were split on the chances of a hawkish tweak to the BOJ’s yield curve control (YCC) policy on Friday’s meeting. Hang Seng extended early gains in the last hour while Shanghai erased early gains, as China’s industrial profits decline for the sixth consecutive month. The other key indexes in the region, Kospi, Taiwan, SET Composite, and Straits Times all closed higher on Thursday.
Europen stock market indexes made a strong start, as investors digested the latest monetary policy announcement from the Federal Reserve and focus on the earnings. Some cautiousness is there in the markets ahead of the European Central Bank interest rate decision later in the day.
In US markets, Dow Futures is trading slightly higher while Nasdaq Futures is trading on a strong note at 5 pm IST, indicating a positive opening for the US markets after Fed policy updates.
Conclusion
The domestic markets reversed the previous session’s gains on the monthly F&O expiry day and ended near the day’s low. Indian markets got an initial boost due to positive global cues, the volatility was mainly due to monthly expiry. Tomorrow markets will open as per global cues, as ECB will announce its interest rate decision later in the day and BoJ will announce on Friday. You can follow our Daily Morning Report at 7.30 am for market direction.
Also, read Best Options Trading Books in India-Must Read 2022
Stock Market Prediction Next Week (24- 28 July 2023)
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