Nifty and Bank Nifty Prediction for Monday 28 Aug 2023: Indian stock market indexes closed lower for the second consecutive day on Friday amid weak global cues. The domestic markets traded below their neutral lines throughout the day, as the sentiments were hit after RBI minutes of the last meeting hinted that further rate hikes could be a possibility due to the recent inflationary pressure.
All sectoral indices were closed in the red on Friday with Nifty PSU Bank, Realty, and Metal declining the most. The market breadth was negative with advance decline indicating a ratio of 1:2 at the close. The volatility index India VIX climbed 3.26% to 12.08 level on Friday.
The broader markets fell in line with the larger peers, as the Nifty mid and small cap index declined 0.82 percent and 0.41 percent respectively. At the close, Sensex declined 365.83 points or 0.56 percent and closed at 64886.51 levels, while Nifty ended lower by 120.90 points or 0.62 percent and settled at 19625.80 levels.
Nifty and Nifty Bank Futures Price Movement on Friday, 25 Aug
On Friday, Aug 25, the Nifty futures (Aug Series) opened at the 19329.95 level, it made a negative opening of 65.65 points from the previous close. It touched an intraday high at 19340 and a day’s low at 19218
The Nifty futures have given a movement of 122 points on Friday. In the end, it closed lower by 172 points or 0.89 percent and ended at 19223.60 levels.
The Bank Nifty futures (Aug Series) opened at 44350 levels on the last day of the week. It made a negative opening of 209.1 points on Friday. It has touched an intraday high at 44399.70 and a day’s low at 43987.70
On Friday, the Bank Nifty futures gave a movement of 412 points. At the close, Bank Nifty Future finished lower by 389.10 points or 0.87 percent and ended at 44170 levels.
Nifty & Bank Nifty Prediction for Monday 28 Aug 2023 (Aug Expiry)
Nifty Futures Prediction for Monday 28 Aug 2023
Primary Nifty Trend in Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 19300 whereas All Down Moves can initiate Short Covering @ 19150
If the Nifty futures share price Moves Above 19256 and sustains. Then it can touch the 1st Target of 19280 during the day with a Stop Loss of 19236 FOR the Target of 19280- 19316- 19350
If the Nifty futures share price Moves Below 19200 and is sustained. Then it can touch the 1st Target of 19176 during the day with a Stop Loss of 19225 For the Target of 19176- 19134- 19065.
Bank Nifty Futures Prediction for Monday 28 Aug 2023
Primary Trend of Bank Nifty Futures: Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 44400, whereas All Down Moves can Initiate Short Covering @ 43900
Suppose the Bank Nifty futures move above 44365 and sustain, then it can touch the 1st Target of 44470 during the day with a Stop Loss of 43280. For the Target of 44470- 44550- 44620
If the Bank Nifty futures move below 43980 and sustain, then the index can touch the 1st Target of 43900 during the day with a Stop Loss of 44070. For the Target of 43900- 43825- 43710
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European Stock Markets at Close on Friday
The European stock market indexes trimmed most of their early gains and closed just above their flatline on Friday after US Fed Chair Jerome Powell’s speech at the Jackson Hole symposium. The pan-European Stoxx 600 index pared early gains and closed flat as Powell warned further interest rate increases could be necessary to fight against inflation.
Shares in Watches of Switzerland Group plunged by more than 20% on Friday morning, after luxury watchmaker Rolex announced a deal to buy watch retailer Bucherer.
On the economic front, the latest data released on Friday showed that Germany’s GDP growth was zero in the second quarter of 2023, The GDP declined by 0.1% and 0.4% in the first quarter of 2023 and the fourth quarter of 2022, respectively.
The US Stock Market at Close on Friday
The US stock market indexes closed higher on Friday after initial volatility, as Federal Reserve head Jerome Powell’s speech was less hawkish than the markets had feared. On the economic front, the consumer sentiments index fell in July, as the inflation expectations for the year ahead ticked up, according to a Michigan University survey report.
The yields on 10-year Treasury notes ended at 4.234% on Friday after hitting the day’s high of 4.375% on Friday, The buy now pay later payment firm Affirm gained 28% after the company reported stronger-than-expected fiscal fourth-quarter results.
The share price of Utility company Hawaiian Electric Industries fell 19% after Maui County sued for damages following the recent wildfires and S&P Global Ratings cut its credit rating. Read More
Conclusions
The domestic markets traded lower on Friday due to weak global cues, as investors were sidelined ahead of US Fed Chairman Powell’s speech later in the day. The sentiments took a further hit, as RBI minutes of the last meeting hinted at the possibility of further hikes in interest rates due to the recent surge in inflation. You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
Also, read- Global Stock Market Weekly Analysis (21-25 Aug 2023)
Indian Stock Market Weekly Analysis: Gainers, Losers & Global Impacts
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