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Stock Market Prediction Next Week (21-25 Aug 2023): Indian stock markets ended lower for the fourth consecutive week, the longest stretch of weekly declines of around 16 months. Sensex and Nifty ended with moderate losses due to the concern about the slowdown in China and renewed interest hike fear from the US after strong economic data. The persistent selling pressure from foreign investors in the local markets also hit the market sentiments during the week.
In the coming week, the global cues will drive the domestic markets. China will announce the Loan Prime rate, US Fed Chair Powell’s speech at Jackson Hole Symposium, Michigan Consumer sentiments, and Flash PMI data from several countries will remain in focus. The FIIs activity and Crude oil prices will also remain in focus next week. The other key factors likely to influence the stock market prediction are given below.
Stock Market Prediction Next Week (21- 25 Aug 2023)
Nifty & Bank Nifty Prediction
The Nifty index was hovering near the range of the 19300 and 19450 zone for quite some time maintaining the crucial support zone of 19270- 19300 levels. The bias remains cautious till the index trades below 19450 levels and doesn’t breach decisively.
The Nifty index has a significant 50EMA level that lies near the 19270 level and a decisive breach below that zone would weaken the trend to anticipate further slide. On a weekly basis, Nifty could trade in a range of 19250-19500
Bank Nifty index was also moving near the 43700-44000 zone with a cautious bias with 43300 levels acting as the major crucial support zone. If the Bank Nifty index breaches this level, the overall trend would turn weak, and can expect intensified profit booking ahead.
At the same time, as mentioned earlier, it would need a decisive move past the 44400 zone, for the bias to improve and expect further rise. On a weekly basis, Bank Nifty could trade in a range of 43400-44400 levels.
