Indian equity markets ended lower for the second consecutive session on Friday, 11 August 2023, following the weakness in Asian and European markets due to fresh geopolitical tension between the US and China. Hawkish comments from the two Fed officials on Thursday also put traders in a risk-off mood.
The Nifty index closed at 19,428.30, down 0.59%, while the Bank Nifty index closed at 44,970, down 0.66%.
Nifty Futures Prediction for Monday 14 Aug 2023
The Nifty futures are expected to open on Monday with a negative bias, tracking the weakness in global markets. The index is likely to trade in a range of 19,350 to 19,550.
The key support level for the Nifty is 19,350, while the key resistance level is 19,550. If the Nifty breaks below 19,350, it could fall to 19,200 levels. On the other hand, if the Nifty breaks above 19,550, it could rise to 19,700 levels.
Bank Nifty Futures Prediction for Monday 14 Aug 2023
The Bank Nifty futures are also expected to open on Monday with a negative bias. The index is likely to trade in a range of 44,250 to 45,600.
The key support level for the Bank Nifty is 44,250, while the key resistance level is 45,600. If the Bank Nifty breaks below 44,250, it could fall to 43,800 levels. On the other hand, if the Bank Nifty breaks above 45,600, it could rise to 46,000 levels.
Global Stock Market Updates
European stock markets ended lower on Friday, 11 August 2023. The pan-European Stoxx 600 index fell 0.7%, while the German DAX index fell 0.8% and the French CAC 40 index fell 0.6%.
The US stock markets closed mixed on Friday. The Dow Jones Industrial Average rose 0.2%, while the S&P 500 index fell 0.1% and the Nasdaq Composite index fell 0.3%.
Conclusion
The Nifty and Bank Nifty are expected to open on Monday with a negative bias, tracking the weakness in global markets. The key support levels for the Nifty and Bank Nifty are 19,350 and 44,250 respectively. If the indices break below these levels, they could fall to 19,200 and 43,800 levels respectively. On the other hand, if the indices break above the key resistance levels, they could rise to 19,550 and 45,600 levels respectively.
It is important to note that these are just predictions and the actual market movement may vary. Investors should always do their own research before making any investment decisions.
