Nifty, Bank Nifty futures Prediction for 8 Oct 2020
Stock Market Updates, Nifty, and Bank Nifty futures for 8 Oct 2020
Stock Market Updates & Nifty and Bank Nifty Futures Prediction for 8th Oct 2020: The equity market opened in positive notes amid mixed Asian market cues. The market later extended their earlier gains but profit-booking at higher levels erased some intraday gains. The Bank Nifty on the spot levels opened in negative zone but after a few minutes of trading recovered its early loss.
The market sentiments were positive with the data showed by SEBI that companies garnered more than 1Lakh crores from the capital market in August, a surge of 64% from the previous month. Private placement of debt instruments emerging as the most preferred route for financing business needs.
Some support also came in the market with the Fitch Ratings’ report that stated the IT sector is likely to resume high single-digit revenue growth in 2021-22 on the back of higher demand for digital transformation after flattish 2020. However, some cautiousness was seen in the market due to awaited corporate earnings and mixed global cues.
On the global front, most of the Asian markets closed in the green, recovered their early losses. The European markets are trading flat as upbeat corporate earnings offset the U.S stimulus doubts. The US market indices Dow and Nasdaq futures are trading higher today.
Stock Market Today: Sensex, Nifty, and Bank Nifty on the spot levels
At the close, Nifty gained 76.45 points or 0.66% and at 11738.85 while Sensex closed higher by 304.38 points or 0.77% and at 39878.95 levels. The Bank Nifty on the spot levels also gained 111.10 points or 0.49% and closed at 22964.80 levels.
The Nifty midcap and smallcap 100 indices closed marginally lower today. The midcap index declined 87.85 points or 0.51% and closed at 17128.40 levels. The smallcap index closed lower by 19.75 points or 0.33% and at 5903.90 levels.
The top five gainers in the Nifty index are Titan Company, Bajaj Auto, Hero Motorcorp, Maruti Suzuki, and Reliance. The top five losers in the Nifty index are Bajaj Finance, BPCL, Tata Motors, Hindalco, Power Grid Corp. Reliance, TCS, and Bajaj Finance were the most active stocks in the NSE today.
On the sectoral front, Oil & Gas, Automobiles, Construction materials, IT & Software, and FMCG sectors closed higher. On the losing side, Metals & Mining, Financial, Telecom, Infrastructure, and Power sectors closed lower.
Nifty & Bank Nifty futures share price today
Te Nifty futures share price opened at 11676.15 and it made a positive opening of 6.5 points today. It has touched an intraday high at 11779 and a day’s low at 11638.30
The Nifty futures share price has given a movement of 140.7 points. In the end, it gained 86.35 points or 0.74% and closed flat at 11756 levels.
The Bank Nifty futures share price opened at 22850 It was made a negative opening of 63.8 points today. It has touched an intraday high at 23109 and a day’s low at 22656.90
During the day, the Bank Nifty futures share price has given a movement of 452.10 points. In the end, it gained by 97.2 points or 0.42% and closed at 23011 levels.
Nifty and Bank Nifty futures share price prediction for 8 Oct ( Oct Expiry)
Nifty futures prediction for 8 Oct 2020
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11810 whereas All Down Moves Initiates Short Covering (Buy) @ 11720
If the Nifty futures share price Moves Above 11772 and sustain. Then you should Buy with 1st Target of 11808 during the day with a Stop Loss of 11720. FOR the Target of 11808- 11836- 11865
If the Nifty futures share price Moves Below 11720 and sustain. Then you should Sell with 1st Target of 11697 during the day with a Stop Loss of 11772. FOR the Target of 11697- 11670 -11632
Bank Nifty futures prediction, 8 Oct 2020
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 23400, whereas All Down Moves Initiates Short Covering (Buy) @ 22900
If Bank Nifty futures share price Moves Above 23082 and sustain. Then you should Buy with 1st Target of 23190 during the day with a Stop Loss of 22920. FOR the Target of 23190 – 23275- 23390
If the Bank Nifty futures share price Moves Below 22920 and sustained. Then you should Sell with 1st Target of 22840 during the day with a Stop Loss of 23082. FOR the Target of 22840 – 22750- 22620
Conclusions:
Indian stock markets gained for the fifth consecutive days today amid mixed global cues. Today buying has seen in the large-cap sectors, midcap and smallcap indices closed in the red. Indian market may remain volatile in the coming days due to RBI policy on Friday and uncertainty in the US markets.
Traders can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures prediction for tomorrow 8 Oct.2020
Also read, Algo Trading Definition: Pros and Cons of Algorithmic trading
Best stocks to buy today in India- Stock Recommendations
If you like the post please share with your friends and others
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution to compile the data for its Website. The views and investment tips expressed by investment experts on Nifty50Stocks.com are their own and not that of the website or its management. Nifty50Stocks.com is not SEBI registered Advisors and advises its users to check with certified and SEBI registered experts before taking any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
