Nifty and Bank Nifty Prediction for Tomorrow, 24 June 2021
Nifty and Bank Nifty prediction for tomorrow, 24 June 2021: Indian stock market indices opened higher on Wednesday amid positive cues from the other Asian market peers. The market indices erased their gains in the morning deals and traded below their neutral lines. In the end, the key benchmark indices Sensex and Nifty closed in the red today.
The market sentiments were subdued as Moody’s Investors Service trimmed India’s growth projection to 9.6 percent for the 2021 calendar year, from their earlier estimates of 13.9 percent, and said faster vaccination progress will be paramount restricting economic losses in the June quarter.
However, the downfall remained capped as the report stated that Indian company’s market capitalization has grown at the fastest pace last year among major economies despite the contraction in GDP.
Today’s market updates: Sensex, Nifty, and Bank Nifty spot price
At the close, Nifty fell 85.80 points or 0.54 percent and closed at 15686.95 levels while Sensex was down by 282.63 points or 0.53 percent and finished at 52306.08 levels. The Bank Nifty spot price also declined 171 points or 0.49 percent and ended at 34574 levels.
The broader markets also declined following their larger peers today. The Nifty midcap index was down by 56.90 points or 0.21 percent and closed at 26675.85 levels. The Nifty smallcap index fell 50.70 points or 0.52 percent and ended at 9635.60 levels.
The top five gainers in the Nifty 50 index were Maruti Suzuki, Titan Company, Bajaj Finserve, ONGC, and M&M. The top five losers in the Nifty 50 index were Adani Ports, Wipro, Divis Lab, JSW Steel, and Larsen and Toubro. The most active stocks in the Nifty 50 index were Adani Ports, Reliance, and Maruti Suzuki.
On a sectoral basis, Automobiles, Capital Goods, and Consumer Durable sectors closed in the green. On the losing side, Infrastructure, Metals, IT & Software, Oil & Gas, Banking and Finance sectors closed in the red.
Nifty and Nifty Bank futures price movement for 23 June, ( June Expiry)
The Nifty futures price opened at 15792.20 made a positive opening of 18.95 points. It has touched an intraday high at 15864.60 and a day’s low at 15677
The Nifty futures price has given a movement of 187.6 points today. In the end, it fell 79.25 points or 0.50 percent and ended at 15694 levels.
The Bank Nifty futures opened at 34949.70 It made a positive opening of 173.9 points today. It has touched an intraday high at 34972 and a day’s low at 34555.10
During the day, the Bank Nifty in futures has given a movement of 416.9 points. In the end, it closed lower by 165.8 points or 0.48 percent and closed at 34610 levels.
Nifty & Bank Nifty prediction for tomorrow 24 June, (June Expiry )
Nifty futures prediction for tomorrow, 24 June
Primary Nifty Trend in futures: Positive and Volatile
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 15800 whereas All Down Moves Initiates Short Covering (Buy) @ 15650
If the Nifty futures share price Moves Above 15752 and sustain. Then you should Buy with 1st Target of 15780 during the day with a Stop Loss of 15680 FOR the Target of 15780-15813- 15845
If the Nifty futures share price Moves Below 15680 and sustained. Then you should Sell with the 1st Target of 15630 during the day with a Stop Loss of 15758. FOR the Target of 15630- 15592 -15550.
Bank Nifty futures Prediction for Tomorrow, 24 June
Primary Trend of Bank Nifty Futures: Positive and Volatile
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 34900, whereas All Down Moves Initiates Short Covering (Buy) @ 34400
Suppose the Bank Nifty futures Moves Above 34720 and sustain, then you should Buy with the 1st Target of 34790 during the day with a Stop Loss of 34450. FOR the Target of 34790 – 34870 – 35022
If the Bank Nifty futures Moves Below 34450 and sustained, then you should Sell with the 1st Target of 34380 during the day with a Stop Loss of 34720. FOR the Target of 34380 – 34280 – 34090
Global markets today
On the global front, Asian markets mostly closed higher on Wednesday as Federal Reserve Chairman states that the high inflation in the U.S is temporary. Nikkei was marginally down as the Jibun Bank flash manufacturing PMI index fell to 51.5 in June from 53 in May. European markets are mostly trading in the red as the eurozone business activity survey reveals rising prices of goods and services in June, fuelling inflationary worries among traders. The U.S market future indexes are trading almost flat at this moment (5 Pm IST)
Conclusions
Indian stock market indexes traded lackluster and closed in the red today. The key benchmark indices traded below their neutral lines after trading positive for an hour in the morning. The firm global cues triggered a positive start but indices could not hold their northward journey for long. Going ahead, tomorrow is derivative monthly expiry, markets would remain volatile, traders should remain cautious.
You can also follow our Daily Morning Report and Nifty and Bank Nifty prediction for tomorrow June 24
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