Tomorrow Market Prediction: Nifty and Bank Nifty 7 June 2023: Today, the Indian equity market ended the day just marginally positive. Due to flat global cues, the Indian market also spent the majority of its time flat. But in the last hour of trade, benchmarks came out of the consolidation range and made their highs of the day. The Nifty closed at 18599 with gains of 5.15 points, or 0.03 percent. The Bank Nifty closed at 44164.55, adding 62.9 points, or a gain of 0.14 percent.
In today’s market, the Nifty was bearish and weaker than the Bank Nifty. The Nifty IT index was a major culprit for today’s weakness in the Nifty. The Nifty IT index fell sharply today by 1.88 percent, which dragged down the market during the day. The top loser was also the only Nifty IT index on the NSE today.
The madness continues in the auto and realty sectors. Nifty Realty and Nifty Auto were the top sectoral gainers, with gains of 1.09 percent and 1.19 percent, respectively.
If we look at the broader market, the Nifty Midcap 100 closed flat with gains of just 0.06 percent. But the Nifty Smallcap index surged 0.54 percent, and the rally has continued for the last 10 sessions.
Tomorrow Market Prediction for Nifty and Bank Nifty 7 June 2023
Tomorrow Nifty Prediction(7th June 2023)
Primary Trend of Nifty: UP
The daily chart of the Nifty formed a doji today, indicating indecision and a lack of clear trends for tomorrow. However, when we examine the hourly chart, it presents a compelling bullish signal for the upcoming session, indicating a potential divergence in multiple time frames.
Notably, the Nifty found strong support above 18530 today and managed to close above the crucial level of 18500 on the daily chart. As long as the Nifty remains above today’s low of 18531.6, the downside risk seems limited. Furthermore, in the hourly timeframe, 18570 also serves as a significant support area. Unless the Nifty breaks and sustains below 18600, its upward momentum is likely to continue.
Looking ahead to tomorrow, the Nifty is expected to find immediate support at 18530, followed by a crucial level at 18500. Breaking below 18500 would require a considerable effort, with the next major support seen at 18450. On the upside, the Nifty will encounter the first set of hurdles in the range of 18640-18660. After this level, the next barrier lies near 18720, followed by 18780.
For tomorrow’s trading, index traders can target upside levels of 18640, 18680, and 18720, setting their stop losses at 18530-18500. Conversely, for selling opportunities, downside targets can be set at 18530, 18490, and 18450, with appropriate stop losses based on individual entry points.
Tomorrow Bank Nifty Prediction(7th June 2023)
Primary Trend of Bank Nifty: UP
The Bank Nifty, much like the Nifty, exhibited a doji pattern on the daily chart. In addition, the hourly chart suggests a positive outlook. Although the Bank Nifty attempted to breach the 44000 level today, robust buying activity at lower levels prevented it from falling below that mark. By considering both the daily and hourly time frames, it seems that the Bank Nifty is likely to experience bullish sentiment tomorrow, as long as it remains above 44100.
On the upside, the Bank Nifty is expected to encounter its initial resistance at 44270, followed by 44420. If it successfully surpasses the second obstacle, it will aim to establish a new all-time high beyond 44500.
Regarding potential downside movements, the Bank Nifty will find support at 44000, 43900, and 43800. In other words, for every 100-point difference, the Bank Nifty will find support. If 43800 is breached, a significant support area can be identified near 43670 for tomorrow.
To engage in Bank Nifty trading, one can consider initiating a buy position above today’s closing price and target the mentioned resistance levels. Place a stop loss below 44100. Alternatively, you can establish a buy position near today’s low around 44000, with a target range of 44200-44300 and a strict stop loss at 43900.
If you are interested in short positions, it is advisable to wait for a decline below 44100. Another opportunity may arise near 44300 tomorrow, with targets set at 44150-44050 and a stop loss above 44350.
Conclusion
As of now, global markets are also trading flat after an impressive rally last week. So, looking at the Doji formation both in Nifty and Bank Nifty, tomorrow will be an interesting day to watch. For the Indian equity market, one positive thing is the falling Brent crude price. So, most probably Indian benchmarks may try to give a good upside rally considering today’s value buying on the lower levels.
As we approach the RBI policy meeting on Thursday, market participants can expect the Nifty and Bank Nifty to demonstrate resilience, with buy-on-dips activities likely to dominate.
Please note that all levels of Nifty and Bank Nifty discussed above, are spot prices.
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