Nifty & Bank Nifty Prediction for Tomorrow, 29 July 2021
Nifty and Bank Nifty prediction for tomorrow, 29 July 2021: Indian stock markets closed lower on Wednesday for the third consecutive day amid weak global cues. The benchmark indices turned negative immediately after opening the markets and extend their losses. Finally, the Sensex and Nifty trimmed some intraday losses and closed in the red today.
Other than the weakness in global cues, traders were concerned as the International Monetary Fund (IMF) sharply reduced Indian’s economic growth projection by 300 basis points to 9.5 percent for the FY2021-22 from12.5 percent forecasted earlier in April. Meanwhile, the Directorate General of GST Intelligence (DGGI) has detected tax evasion worth Rs 278 crore by bidders who were awarded railway tenders since 2017.
However, traders have overlooked MoS for Finance Pankaj Chaudhary’s statement that the increase in tax collection during the April-June end quarter shows that the economy is on the recovery path. The net direct tax collection in the first quarter of FY2021-22 is over 2.46 lakh crore, as against more than Rs1.17 lakh crore last year same period.
Today market updates: Sensex, Nifty, and Bank Nifty on the spot price
At the close, Nifty fell 37.05 points or 0.23 percent and closed at 15709.40 while Sensex was down by 135.05 points or 0.25 percent and finished at 52443.71 levels. The Bank Nifty slipped 264.55 points or 0.76 percent and ended at 34532.90 levels.
The midcap and smallcap indexes closed in the red in line with their larger peers. The Nifty midcap index fell 139.80 points or 0.51 percent and closed at 27315.30 levels. The Nifty smallcap index was down by 51.85 points or 0.50 percent and finished at 10381.10 levels.
The top five gainers in the Nifty 50 index were Bharti Airtel, Tata Steel, SBI Life, Divis Lab, and IndusInd Bank. The top five losers in the Nifty 50 index were Kotak Bank, Dr. Reddy’s Lab, Tata Motors, M&M, and Cipla. The most active stocks in the Nifty 50 index in terms of value are Bharti Airtel, Tata Steel, and Dr. Reddy’s Lab. The most active stocks in terms of volume were Tata Motors, Bharti Airtel, and ICICI Bank.
On a sectoral front, the Telecom, Insurance, Metals, and FMCG sectors closed in the green. The sectors that dragged down the markets were Banking, Automobiles, Consumer Durables, Oil & Gas, and Realty.
Nifty and Nifty Bank futures price movement for 28 July ( July Expiry)
The Nifty futures price opened at 15774.95 and made a positive opening of 40.3 points. It has touched an intraday high at 15774.95 and a day’s low at 15510
The Nifty futures price has given a movement of 264.95 points today. In the end, it declined 27.15 points or 0.17 percent and ended at 15707.50 levels.
The Bank Nifty futures opened at 34768.50. It made a negative opening of 49.35 points today. It has touched an intraday high at 34829 and a day’s low at 34118.20
During the day, the Bank Nifty in futures has given a movement of 710.8 points. In the end, it closed lower by 246.85 points or 0.71 percent and closed at 34571 levels
Nifty & Bank Nifty Prediction for Tomorrow 29 July, (July Expiry)
Nifty Futures Prediction for Tomorrow 29 July 2021
Primary Nifty Trend in futures: Mild Negative & 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 15732 and sustain. Then you should Buy with 1st Target of 15770 during the day with a Stop Loss of 15660 FOR the Target of 15770-15809- 15845
If the Nifty futures share price Moves Below 15660 and is sustained. Then you should Sell with the 1st Target of 15618 during the day with a Stop Loss of 15732. FOR the Target of 15618- 15556 -15485
Bank Nifty Futures Prediction for Tomorrow, 29 July 2021
Primary Trend of Bank Nifty Futures: Negative & Volatile
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35750, whereas All Down Moves Initiates Short Covering (Buy) @ 34400
Suppose the Bank Nifty futures Moves Above 34700 and sustain, then you should Buy with the 1st Target of 34840 during the day with a Stop Loss of 34430. FOR the Target of 34840 – 34930 – 35070
If the Bank Nifty futures Moves Below 34430 and sustain, then you should Sell with the 1st Target of 34340 during the day with a Stop Loss of 34700. FOR the Target of 34340 – 34185 – 33990
Global markets today
On the global front, Asian markets closed mixed on Wednesday as the Hong Kong index bounced back after the sharp fall in the last two trading sessions. European markets are trading higher as encouraging earnings reports from British bank Barclays and luxury group Kering helped investors to offset worries related to China’s regulatory crackdown. The US futures markets are trading mixed, Dow future is trading marginally lower whereas Nasdaq future is training higher at this moment at 5 pm IST.
Conclusions
Indin stock markets trimmed most of their intraday losses but closed in the red today. Nifty managed to hold 15700 levels may bounce back tomorrow but again all depends upon global cues. Tonight’s US Fed’s meeting outcome will impact the domestic market tomorrow.
The domestic market is expected to remain volatile tomorrow due to the monthly F&O expiry and global events. You can also follow our Daily Morning Report and expert views on Nifty and Bank Nifty prediction for Tomorrow 29 July.
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