Nifty and Bank Nifty Prediction for Tomorrow, 8 February 2024
Nifty and Bank Nifty Prediction for Tomorrow, 8 February 2024: Indian equity benchmarks ended the volatile session on a flat note on Wednesday. The indices opened higher tracking gains from the US and Asian markets but slipped in the late morning session on the back of selling in IT stocks, however, PSU Bank, Realty and Media stocks were in demand on Wednesday.
The market breadth was positive. On the NSE, 1498 shares were advanced while 1079 shares declined today. The NSE’s volatility index “India VIX” slipped by 1.74% to 15.51 at the close.
The broader markets outperformed the frontline index, as Nifty mid and smallcap indexes closed higher by 0.75% and 0.71% respectively. In the end, the Sensex ended slightly lower by 34.10 points or 0.05% and settled at 72152, while the Nifty index closed edge higher by 1.01 points and finished at 21930.50. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (29 February expiry)
The Nifty futures price for the February 29 expiry opened at 22090.20 making a gap-up opening of 110.65 points on Wednesday. It has touched an intraday high of 22109.85 and a day’s low of 21901.30
The Nifty futures price has given an intraday movement of 208.55 points. Ultimately, the Nifty futures closed higher by 39.75 points or 0.18% at 22019.30 levels.
The Bank Nifty futures for the February 29 expiry opened at 46201.65. It made a positive opening of 230.05 points on Wednesday. The Bank Nifty futures touched an intraday high at 46296 and a day’s low at 45901.
During the day, the Bank Nifty futures have given a movement of 395 points. In the end, Bank Nifty Futures closed higher by 259 points or 0.56 percent and closed at 46230 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 8 Feb 2024
Nifty Futures Prediction for Tomorrow, 8 Feb 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22110 whereas All Down Moves can Initiate Short Covering @ 21900
Suppose the Nifty futures move above 22035 and sustain. Then the index can trade in a range of 22080- 22115- 22145 levels during the day.
If the Nifty futures share price moves below 21965 and is sustained. Then the index futures can trade in a range of 21935- 21900- 21860 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 8 Feb 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 46450 whereas All down moves can Initiate Short Covering @ 45900.
Suppose the Bank Nifty futures move above 46330 and sustain, then the index can trade in the range of 46435- 46600- 46740 levels during the day.
If the Bank Nifty futures move below 46020 and sustain, then the index can trade in the range of 45890- 45790- 45680 levels during the day.
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Global Market Updates
The other Asian stock market indexes mostly closed higher following the gains from Wall Street overnight. China’s Shanghai index continued to rise for the second consecutive day due to optimism over Beijing’s market rescue efforts. Hang Seng traded volatile and ended the session slightly lower due to profit booking in Chinese tech firms listed in the region.
Meanwhile, Japan’s Nikkei225 closed lower as technology shares dragged despite the rally in Auto stocks led by Toyota Motor and Mitsubishi Corp stocks, both companies have reported solid guidance in quarterly earnings. Elsewhere, Australia’s S&P ASX 200, South Korea’s Kospi index, Straits Times, and SET Composite ended higher, while Jakarta closed marginally lower on Wednesday.
European stock market indexes gave up early gains and are trading lower on Wednesday, as investors expressed concern regarding the uncertainty surrounding the timings of interest rate cuts. The sentiments were also dented after the data showed German Industrial production fell in December for the seventh straight month.
In the US, the Dow Jones and Nasdaq futures are trading with little changes, indicating a flat opening for the US markets today.
Conclusion
Indian markets pared early gains due to profit-taking in IT stocks. Traders also remain cautious ahead of tomorrow’s RBI credit policy announcement. While investors brace for a status quo on the interest rate decision, the tone of the RBI governor would be important to watch out for, as this will indicate the central bank’s stance on future interest rates.
Tomorrow will remain volatile, traders can also follow our Daily Morning Report at 7:30 a.m. for market direction. You can also follow our Nifty and Bank Nifty support and resistance levels during the live market.
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