Nifty50 and Bank Nifty

Nifty & Bank Nifty [BANKNIFTY] futures target for 9 March

 

Market prediction for 9 March | Nifty & Bank Nifty futures

 

Nifty & Bank Nifty futures target for 9 March 2021: Indian stock markets opened higher today amid positive Asian market cues in the morning. The markets were traded above their neutral lines on the back of buying in PSU, Oil & Gas, and Metal stocks. In the end, the key indices trimmed their early gains and closed marginally higher.

The market sentiments were positive with the finance ministry’s statement that the Indian economy is likely to do better than the projection of 8% shrinkage in the current fiscal as economic activity gathers pace with mild stiffening of the pandemic curve and the rollout of vaccines. 

However, the market upside remained capped as FIIs reversed their buying streak. According to the FPI statistics available with depositories, foreign investors pulled out a net Rs 881 crore from the equities and Rs 4275 crore from the debt market segment between March 1.5, taking a total net withdrawal to Rs 5156 crore.

On the global front, Asian markets were mostly closed in the red today as news of fresh Coronavirus infections in China overweighed the investor’s sentiments. European markets are mostly trading higher as shares of banks and automakers lifted the market sentiments. The US futures indexes are trading lower at 4 pm IST.

 

Indian stock market indexes today

 

At close, Nifty gained 18.10 points or 0.13% and finished at 14956 levels while Sensex was up by 35.75 points or 0.08% and closed at 50441.07 levels. The Bank Nifty on the spot price also gained 47.60 points or 0.14% and ended at 35275.75 levels.

The Nifty midcap and smallcap indexes also closed in the green today. The Nifty midcap was up by 71.15 points or 0.30% and closed at 24149.30 levels. The smallcap index closed higher by 38.05 points or 0.45% and ended at 8405.90 levels.

The top five gainers in the Nifty50 index were UPL, GAIL, Larsen, ONGC, and SBI Life. The top five losers in the Nifty50 index were Shree Cement, Bajaj Finance, Ultratech Cement, IndusInd Bank, and Bajaj Auto. The most active stocks for the day in the Nifty50 index were Tata Motors, Reliance, and SBI

On a sectoral front, Infrastructure, Insurance, Metals, Oil & Gas and IT & Software sectors closed higher. On the losing side, the sectors like FMCG, Finance, Real Estate, Aviation, and telecom closed in the red.

 

Nifty & Bank Nifty share price in futures today

 

The Nifty futures share price opened at 15001.20 made a positive opening of 48.15 points. It has touched an intraday high at 15140 and a day’s low at 14927.15

The Nifty futures share price has given a movement of 212.85 points. In the end, it gained 24.4 points or 0.16 % and closed at 14977.45 levels.

The Bank Nifty futures share price opened at 35501.05 It made a negative opening of 213.25 points today. It has touched an intraday high at 35888.50 and a day’s low at 35100

During the day, the Bank Nifty futures share price has given a movement of 788.5 points. In the end, it gained 79.7 points or 0.23% and closed at 35367.65 levels.

 

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Nifty & Bank Nifty futures prediction for tomorrow 9 March ( March Expiry)

Nifty futures chart 9 March

Nifty futures prediction for tomorrow 9 March 2021

Primary Nifty Trend in futures: Mild Negative

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 15050 whereas All Down Moves Initiates Short Covering (Buy) @ 14900

If the Nifty futures share price Moves Above 15026 and sustain. Then you should Buy with 1st Target of 15060 during the day with a Stop Loss of 14950  FOR the Target of 15060-15102- 15160

If the Nifty futures share price Moves Below 14942 and sustain. Then you should Sell with the 1st Target of 14890 during the day with a Stop Loss of 15026. FOR the Target of 14890- 14850 -14802

 

Bank Nifty futures chart 9 March

Bank Nifty futures prediction for tomorrow 9 March 2021

Primary Trend of  Bank Nifty Futures: Mild Negative

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35500, whereas All Down Moves Initiates Short  Covering (Buy) @ 35000

Suppose Bank nifty share price in futures Moves Above 35452 and sustain, then you should Buy with the 1st Target of 35520 during the day with a Stop Loss of  35220. FOR the Target of 35520 – 35635 – 35810

If Bank nifty share price in the futures Moves Below 35220 and sustained, then you should Sell with the 1st Target of 35020 during the day with a Stop Loss of 35452. FOR the Target of 35020 – 34840 – 34670

 

Conclusions: 

Indian stock markets could not sustain at a higher level and trimmed some early gains. Asian markets were trading positively in the morning but later slipped. Indian markets also followed the Asian peers and closed marginally higher. In the absence of any major trigger, the domestic markets will trade in a range-bound. Investors should accumulate quality stocks on dips.

Traders/investors can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures share price target for tomorrow for 9 March 2021.

 

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