Nifty & Bank Nifty Prediction for Tomorrow, 7 July 2021
Nifty and Bank Nifty prediction for Tomorrow, 7 July 2021: Indian stock markets opened marginally lower on Tuesday amid positive global cues. The markets turned positive after few minutes of trading and traded above their neutral lines on the back of buying basic materials, banking, and power stocks. Healthy buying witnessed in blue-chip counters like Ultratech Cement, HDFC Bank, and Bajaj Finance. In the end, markets closed almost flat today.
The market sentiments remained positive most of the day, as a private report stated that the business resumption activity continued to increase for the sixth straight week after the ease of second wave restrictions and lockdowns. It noted that the Nomura India Business Resumption Index (NIBRI) rose up to 91.3 for the week ended June 4 from 86.3 the previous week.
In the last hour, the market erased all intraday gains as the June GST collection slipped below Rs 1 lakh crore mark. The GST collections for the month of June were reported at Rs 92,849 crore, slipped below Rs 1 lakh crore for the first time since September 2020.
Today’s market updates: Sensex, Nifty, and Bank Nifty on spot levels.
At the close, Nifty fell 16.10 points or 0.10 percent and closed at 15818.25 levels while Sensex was down by 18.82 points or 0.03 percent and finished at 52861.18 levels. The Bank Nifty gained 367.15 points or 1.05 percent and ended at 35579.15 levels.
The broader markets also closed in the red today. The Nifty midcap index declined 13.80 points or 0.05 percent and closed at 27149.20 levels. The Nifty smallcap index was down by 66.25 points or 0.66 percent and finished at 9914.90 levels.
The top five gainers in the Nifty 50 index were Ultratech Cement, Shree Cement, HDFC Bank, Bajaj Finance, and Bajaj Finserve. On the losing side, the top Nifty 50 losers were Tata Motors, Tech Mahindra, TCS, Coal India, and M&M. The most active stocks in the Nifty 50 index were Tata Motors, Bajaj Finance, and HDFC Bank.
On a sectoral front, the Banking, Finance, Construction Materials, Insurance, and Telecom sectors closed higher today. The sectors that closed in the red were Automobiles, IT & Software, Consumer Durables, Metals, Healthcare, and Oil & Gas.
Nifty and Nifty Bank futures price movement for 6 July ( July Expiry)
The Nifty futures price opened at 15829.95 and made a negative opening of 28.15 points. It has touched an intraday high at 15930.60 and a day’s low at 15815.25.
The Nifty futures price has given a movement of 115.35 points today. In the end, it fell 26.1 points or 0.16 percent and ended at 15832 levels.
The Bank Nifty futures opened at 35273.95 It made a negative opening of 62.95 points today. It has touched an intraday high at 35925 and a day’s low at 35273.95
During the day, the Bank Nifty in futures has given a movement of 651.05 points. In the end, it closed higher by 285.3 points or 0.81 percent and closed at 35622.20 levels.
Nifty & Bank Nifty Prediction for Tomorrow 7 July, (July Expiry)
Nifty Futures Prediction for Tomorrow, 7 July
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 15920 whereas All Down Moves Initiates Short Covering (Buy) @ 15800
If the Nifty futures share price Moves Above 15860 and sustain. Then you should Buy with 1st Target of 15882 during the day with a Stop Loss of 15802 FOR the Target of 15882-15903- 15938
If the Nifty futures share price Moves Below 15802 and sustained. Then you should Sell with the 1st Target of 15780 during the day with a Stop Loss of 15860. FOR the Target of 15780- 15756 -15715.
Bank Nifty Prediction for Tomorrow, 7 July
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35700, whereas All Down Moves Initiates Short Covering (Buy) @ 35150
Suppose the Bank Nifty futures Moves Above 35780 and sustain, then you should Buy with the 1st Target of 35940 during the day with a Stop Loss of 35450. FOR the Target of 35940 – 36090 – 36250
If the Bank Nifty futures Moves Below 35450 and sustained, then you should Sell with the 1st Target of 35290 during the day with a Stop Loss of 35470. FOR the Target of 35290 – 35130 – 34960
Global markets today
On the global front, Asian markets closed mixed on Tuesday as investors kept an eye on rising oil prices, and Australia’s central bank flagged some tapering in its quantitative easing program. European markets are trading lower on Tuesday after three sessions of gains due to selling pressure in Automobiles and ancillary stocks. The US future indexes, Dow and Nasdaq futures are trading almost flat at this moment at 4.30 pm IST.
Conclusions
Indian market indexes erased all intraday gains and closed almost flat today. Sensex touched a record high today at 52129.37 levels, but could not sustain at higher levels. Nifty has got strong resistance at 15900 levels, if it closes above 15900 levels then we can see a northward journey for the Nifty till 16200 levels.
You can also follow our Daily Morning Report and Nifty and Bank Nifty prediction for tomorrow 7 July.
Also read, Stock Market Direction for Next Week (5 – 9 July)
Best Stocks to Buy in India for Short Term in July 2021
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