Tomorrow Market Prediction (Nifty and Bank Nifty for Monday 3 July 2023): After two days of back-to-back life highs in the Indian market, Nifty and Bank Nifty are poised for another session of excitement on Monday. The solid global market closing on Friday will add a boost to the Indian stock market.
For Indian market, Monday will be a historic one as SGX Nifty will be re-branded as GIFT Nifty from July 3, marking a path-breaking move in global trading in India.
The recent decline in inflation figures in the United States has contributed to a necessary upturn in global markets. As a result, it is likely that the risk-on rally will persist in the upcoming week as well.
Nifty and Bank Nifty Prediction for Monday 3 July 2023
Tomorrow Nifty Prediction
Nifty is now trading in uncharted territory after making a record high on Friday. So, all eyes will be on the opening and closing of Nifty on Monday.
As of right now, the primary trend for the Nifty is bullish. If Nifty opens positive and starts an uptrend, then existing longs can be carried with a stop loss below 19160. And the initial profit booking zone will be at 19270.
If Nifty opens below the previous closing and sustains below it, existing shorts can be held for the initial target of 19070. The stop loss will be above 19200, but it can be adjusted as per the opening level as well.
As long as the share price of Nifty remains above 19,200, there is a higher chance of achieving the upside targets of 19,250, 19,310, and 19,420.
Conversely, if the share price of Nifty falls below 19,140 and sustains, it may reach the downside targets of 19,080, 18,950, and 18,990.
Bank Nifty Prediction For Tomorrow
Similarly, for Bank Nifty also, the primary trend is up and positive. The existing bulls in Bank Nifty can carry their positions with a stop loss below 44700 if it opens up. The initial profit booking area will be near 44900.
And for the opening down move, the initial profit booking zone will be around 44500 and the stop loss will be above 44750.
If the share price of Bank Nifty trades and sustains above 44700 the outlook will be bullish for the targets 44870-45000-45200.
If the share price of Bank Nifty trades and sustains below 44,660 the outlook will be negative. The downside targets will be 44540-44320-44190.
N.B.-The stop loss will be dynamic when following upside and downside targets in the Nifty and Bank Nifty tomorrow.
Conclusion
Now Indian equity market is trading in uncharted territory breaking all previous record highs. Despite the optimism and euphoria at its peak, a healthy correction at this moment can’t be ruled out. All the short-term indicators show an overbought condition both in Nifty and Bank Nifty.
So, traders should be careful tomorrow on the upside of indices. Right now, the risk-reward will be less favorable in index longs rather than in individual stocks. But any dip in the benchmarks will be a good opportunity to accumulate longs again.
Disclaimer: Please note that Sensitrend.com does not provide advice about investing or trading. The information on the website is meant to help you learn, not to offer financial advice. The person who wrote the article is not SEBI certified. The opinions and analysis shared are personal beliefs, not professional recommendations. The website and the author are not responsible if you lose money. It’s crucial to consult with a SEBI-registered financial advisor before making any decisions about investing or trading.
