Nifty and Bank Nifty Prediction for Tomorrow, 9 February 2024
Nifty and Bank Nifty Prediction for Tomorrow, 9 February 2024: Indian equity benchmarks ended the volatile session with significant losses on Thursday. The domestic markets started the day with an optimistic mode tracking gains from the global markets. The indices fell sharply after the RBI monetary policy outcome, as the two-day MPC meeting failed to cheer the markets.
Among the sectors, PSU Bank, Media, and Energy sectors were in demand, while heavy selling pressure was witnessed in FMCG, Financial Services, and Banking stocks. The market breadth was negative today. On the NSE, 1057 shares were advanced, while 1512 shares declined at the close. The NSE’s volatility index “India VIX” jumped 2.07% to 15.83.
In the broader markets, the Nifty midcap and smallcap indices closed slightly lower by 0.05% and 0.39% respectively. At the close, Sensex declined 723.57 points or 1% and settled at 71428.43, while Nifty fell 212.55 points or 0.97% and ended at 21717.95. 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 22055 making a positive opening of 51.3 points on Thursday. It has touched an intraday high of 22087 and a day’s low of 21768
The Nifty futures price has given an intraday movement of 319 points. Ultimately, the Nifty futures closed lower by 174.20 points or 0.79% at 21829.50 levels.
The Bank Nifty futures for the February 29 expiry opened at 46276.25. It made a positive opening of 144.35 points on Thursday. The Bank Nifty futures touched an intraday high at 46475.70 and a day’s low at 45053.20.
During the day, the Bank Nifty futures have given a movement of 1422.5 points. In the end, Bank Nifty Futures closed lower by 853.15 points or 1.85 percent and at 45278.75 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 9 Feb 2024
Nifty Futures Prediction for Tomorrow, 9 Feb 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 21950 whereas All Down Moves can Initiate Short Covering @ 21750
Suppose the Nifty futures move above 21865 and sustain. Then the index can trade in a range of 21902- 21945- 21982 levels during the day.
If the Nifty futures share price moves below 21750 and is sustained. Then the index futures can trade in a range of 21705- 21665- 21630 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 9 Feb 2024
Primary Trend in Bank Nifty Futures- Negative & Volatile
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 45600 whereas All down moves can Initiate Short Covering @ 44800.
Suppose the Bank Nifty futures move above 45335 and sustain, then the index can trade in the range of 45470- 45615- 45700 levels during the day.
If the Bank Nifty futures move below 45020 and sustain, then the index can trade in the range of 44902- 44800- 44685 levels during the day.
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Global Stock Market Updates
The other Asian stock market indexes ended mixed on Thursday. The key indexes opened higher tracking gains from US markets overnight. Japan’s Nikkei closed at a 34-year record high after the country’s central bank governor said it is unlikely to raise interest rates aggressively, even after ending its negative interest rate policy. Australia’s S&P ASX 200 index ended higher for the third consecutive session.
South Korea’s Kospi index advanced 0.41%. The Shanghai Index closed higher, holding its gains this week on the back of a slew of measures to revive market sentiment ahead of the week-long Lunar holiday. The sharp fall in Alibaba shares, after it missed revenue expectations in the December end quarterly results dragged down the Hang Seng Index. Elsewhere, the Straits Times, Set Composite, and Jakarta closed in the red today.
European stock market indexes are trading mixed on Thursday, as investor’s focus is now shifted to a slew of corporate earnings today.
In the US, the Dow Jones and Nasdaq futures are trading slightly lower, indicating a negative opening for the US markets today.
Conclusion
Indian markets witnessed heavy selling after the RBI policy outcome and all rate-sensitive stocks were under pressure. Investors reacted negatively and booked profit in the financial sectors anticipating that the rates to remain unchanged until at least July due to India`s CPI remaining closer to the upper price band of 6%.
Going ahead, we anticipate that the domestic markets will recover in a day or two. Investors 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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