Stock Market Prediction for Nifty & Bank Nifty 10 Aug 2023

In Stock market today Sensex rises 150 points, Nifty ended above 19,600, oil and gas, metal shares shine

Stock Market Nifty Chart Prediction.

The Indian equity markets experienced a day of high volatility on August 9, with the main benchmarks, Sensex and Nifty, ending the session in positive territory. This came ahead of the Reserve Bank of India’s (RBI) monetary policy decision. Despite the volatility, buying activity was observed across various sectors except for realty and banking.

The Sensex, a collection of 30 major Indian stocks, concluded the day by gaining 149.31 points, equivalent to a 0.23 percent increase, and reaching a closing value of 65,995.81. On the other hand, the Nifty index, comprising 50 major Indian stocks, saw a rise of 61.70 points, or 0.32 percent, ending at 19,632.50.

The trading day began with a flat opening due to mixed cues from global markets. As the day progressed, the benchmarks initially turned negative, but a surge in buying activity during the last hour of trading managed to reverse the losses, leading to a higher closing compared to the previous session.

In terms of individual stocks on the Nifty index, top gainers included companies like Dr Reddy’s Laboratories, Hindalco Industries, JSW Steel, Tata Motors, and M&M. On the other hand, notable losers comprised Divis Labs, Apollo Hospitals, Maruti Suzuki, ICICI Bank, and Bajaj Finance.

Among the various sectors, the metal index experienced a notable gain of 2.3 percent, while the oil & gas index saw a 1 percent increase. The FMCG (Fast-Moving Consumer Goods), capital goods, and healthcare indices all recorded a 0.5 percent gain each. However, the realty index faced a decline of 1.3 percent, and the banking index dipped by 0.2 percent.

Prediction For Thursday NIFTY can open Flat to slight green but all depend upon the Global cues.

There are good chances of flat to slight Gap up opening for Tuesday as NIFTY is above its important level of 19600 after giving strong bounce from its today  low. If Nifty gives a Gap down opening, it may move to the level of 19750. But all these aspects depend upon the Global cues

Nifty Support and Resistance

Bank Nifty Daily Chart Prediction

Prediction For Thursday Bank Nifty can open Flat to slight green but all depend upon the Global cues.

Today, BANK NIFTY was weak as compared to nifty but it gave a sharp recovery from its low. But today also bank nifty has again closed in red below its critical level of 45000 which has made bank nifty weak again For Thursday you can go with the strategy of buy nifty sell bank nifty. But there is RBI policy tomorrow which will decide the next move of bank nifty.

Bank Nifty Support and Resistance

Top 07 Stocks on Brackout (Golden Crossover)

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