3 Key Indicators for Accurate Nifty and Bank Nifty Predictions for Tomorrow 21 june 2023

537

3 Key Indicators for Accurate Nifty and Bank Nifty Predictions for Tomorrow

Nifty and Bank Nifty Prediction for Tomorrow 21 June 2023

Nifty and Bank Nifty Prediction for Tomorrow 21 June 2023: An Overview

The Indian equity markets witnessed a day of volatility on Tuesday, eventually closing higher. The morning deals were marked by subdued market sentiments due to negative global cues. However, during the second half of the day, buying was observed as investors showed interest in purchasing recently beaten-down stocks at lower prices. Notably, IT, Auto, and Metal stocks performed well, while Media and Pharma stocks experienced some selling pressure.

The market breadth on the NSE (National Stock Exchange) was positive, with 1166 shares advancing and 887 shares declining on Tuesday. Interestingly, the broader markets outperformed their larger peers, with the Nifty mid and smallcap indexes gaining 0.49 percent and 0.52 percent, respectively. At the close, the Sensex rose by 0.25 percent, while the Nifty advanced by 0.33 percent. For detailed market updates, you can refer to the link provided.

Nifty and Bank Nifty Futures Price Movement for 20 June

Let’s take a closer look at the price movement of Nifty and Bank Nifty futures on 20 June.

Nifty Futures

Opening price: 18819.75
Opening change: -20.45 points
Intraday high: 18883
Day’s low: 18712.30

The Nifty futures price exhibited a movement of 170.7 points. Ultimately, it closed higher by 39.55 points or 0.21 percent, settling at 18879.75 levels.

Bank Nifty Futures

Opening price: 43750
Opening change: -38.1 points
Intraday high: 43914.95
Day’s low: 43450.05

During the day, the Bank Nifty futures witnessed a movement of 464.9 points. It concluded the session with a gain of 91.90 points or 0.21 percent, closing at 43880 levels.

Nifty & Bank Nifty Prediction for Tomorrow 21 June 2023

Let’s delve into the predictions for Nifty and Bank Nifty futures for tomorrow, 21 June 2023.

Nifty Futures Prediction

Primary Trend in Nifty Futures: Positive

Range-Bound Trend of Nifty Futures

All up Moves can Initiate Profit Booking @ 18980
All Down Moves can Initiate Short Covering @ 18830

If the Nifty futures move above 18895 and sustain, it can potentially reach the first target of 18927 during the day, with a stop loss at 18870. Furthermore, it may trade for the target levels of 18927, 18954, and 18985.

On the other hand, if the Nifty futures (June Series) share price moves below 18800 and sustains, it might reach the first target of 18770 levels for the day, with a stop loss at 18835. Additionally, it could trade for the target levels of 18770, 18735, and 18685.

Bank Nifty Futures Prediction

Primary Trend in Bank Nifty Futures: Mild Positive

Range-Bound Trend of Bank Nifty Futures

All up Moves can Initiate Profit Booking @ 44150
All Down Moves can Initiate Short Covering @ 43700

Suppose the Bank Nifty futures move above 44040 and sustain. In that case, you might witness the first target of 44130 during the day, with a stop loss at 43940. Moreover, the Bank Nifty futures could trade for the target levels of 44130, 44220, and 44315.

However, if the Bank Nifty futures (June Series) move below 43650 and sustain, you may see the first target of 43570 levels in a day, with a stop loss at 43760. Furthermore, the Bank Nifty futures could trade for the target levels of 43570, 43450, and 43380.

Please note that these predictions are subject to market conditions and are not guaranteed outcomes.

Global Stock Market Updates

Let’s take a look at the updates from global stock markets.

Most Asian stock market indexes closed lower on Tuesday. China’s central bank cut the loan prime rates for 1 year and 5 years by 10 bps (basis points), marking the first cut since August 2022. The market sentiment was impacted as the 10 bps cut for 5 years was smaller than many had expected.

The Nikkei traded in a volatile manner, erasing early losses and managing to close slightly higher on Tuesday, thanks to a weaker yen that boosted exporter sentiments. However, South Korea’s Kospi extended its losses from the previous day. Hang Seng fell the most in the region, driven by a sharp decline in healthcare and tech stocks, followed by property and energy stocks. Shanghai and other key indexes in the region, such as Straits Times, Taiwan, and Set Composite, closed lower as well.

European stock markets are currently trading lower as investors digest China’s central bank’s decision to cut the loan prime rate. Investors remain cautious ahead of the UK’s inflation data, scheduled for release on Wednesday, and the Bank of England Monetary policy on Thursday. The US future indexes, Dow and Nasdaq futures, are also trading lower, indicating a lower opening for the US markets after the long weekend.

Conclusion

Despite weakness in global markets, the Indian equity markets showed resilience and made a smart recovery in the second half of Tuesday. They closed near the day’s high, indicating a positive outlook. However, traders should remain cautious due to potential volatility in the next two days, ahead of US Fed Chair Powell’s testimony, set to begin on Wednesday. For daily market direction updates, you can follow our Daily Morning Report at 7.30 am.

FAQs

1. What were the top-performing sectors in the Indian equity market on Tuesday? The IT, Auto, and Metal sectors were the top performers in the Indian equity market on Tuesday.

2. Which sectors witnessed selling pressure on Tuesday? The Media and Pharma sectors witnessed some selling pressure on Tuesday.

3. How did the broader markets perform compared to their larger peers on Tuesday? The broader markets outperformed their larger peers, with the Nifty mid and smallcap indexes gaining 0.49 percent and 0.52 percent, respectively.

4. What were the price movements of Nifty and Bank Nifty futures on 20 June? On 20 June, Nifty futures closed higher by 39.55 points or 0.21 percent, while Bank Nifty futures closed higher by 91.90 points or 0.21 percent.

5. What is the primary trend in Nifty and Bank Nifty futures for tomorrow? The primary trend in Nifty futures is positive, while the primary trend in Bank Nifty futures is mildly positive for tomorrow.