Nifty and Bank Nifty Prediction for Tomorrow 9 June 2022
Nifty and Bank Nifty Prediction for Tomorrow 9 June 2022: Indian equity markets opened higher on Wednesday amid positive cues from the Asian and US markets. Soon after opening, benchmark indices turned negative ahead of the RBI policy outcome. As widely expected, RBI hiked the repo rate by 50 basis points and the indices recovered their early losses.
Indian markets traded volatile today and later closed in the red on account of selling in FMCG and Energy stocks. The broader markets also closed lower today, in line with their larger peers. You can read the detailed market updates here
Nifty and Nifty Bank futures price movement for June 8 (June Expiry)
The Nifty futures price opened at 16471.10, making a positive opening of 41.75 points. It has touched an intraday high of 16548 and a day’s low of 16310
The Nifty futures price has given a movement of 238 points today. In the end, it closed lower by 74.25 points or 0.45 percent and ended at 16355 levels.
The Bank Nifty futures opened at 35199.95 It made a positive opening of 108.75 points. The Bank Nifty futures has touched an intraday high at 35555.60 and a day’s low at 34891.05
During the day, the Bank Nifty futures has given a movement of 664.55 points. In the end, it closed lower by 128.50 points or 0.37 percent and closed at 34962.70 levels.
Nifty & Bank Nifty Prediction for Tomorrow 9 June 2022 (June Expiry)
Nifty Futures Prediction for Tomorrow 9 June 2022
Primary Nifty Trend in futures: Mild Negative with cautious bias
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 16500 whereas All Down Moves Initiates Short Covering (Buy) @ 16250
If the Nifty futures share price Moves Above 16397 and sustain. Then you should Buy with 1st Target of 16431 during the day with a Stop Loss of 16370 FOR the Target of 16431- 16464- 16515- 16550
If the Nifty futures share price Moves Below 16327 and is sustained. Then you should Sell with the 1st Target of 16292 for the day with a Stop Loss of 16358. FOR the Target of 16292- 16252- 16205- 16165
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Bank Nifty Futures Prediction for Tomorrow 9 June 2022
Primary Trend of Bank Nifty Futures: Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35200 whereas All Down Moves Initiates Short Covering (Buy) @ 35700
Suppose the Bank Nifty futures Moves Above 35115 and sustain, then you should Buy with the 1st Target of 35218 during the day with a Stop Loss of 35000 the Target of 35218- 35325- 35450- 35565
If the Bank Nifty futures Moves Below 34750 and sustain, then you should Sell with the 1st Target of 34675 the day with a Stop Loss of 34940. FOR the Target of 34675 – 34585 – 34455 – 34380
Global Stock Markets today
On the global front, the other Asian markets were closed mostly in the green on Wednesday following the US markets but growth fears, the risk of stagflation, and war in Europe continue to weigh on market sentiments. On Tuesday, the World Bank slashed the global growth forecast by 2.9% for 2022. This is due to the ongoing war in Europe and the economic fallout from the Covid-19 pandemic, as a major recession risk.
The market sentiments were upbeat and Japan’s Nikkei gained more than 1 percent as the economy shrank slightly less than initially it was reported in the first quarter.
European markets are trading lower amid rising inflation and concerns about economic growth. The US future indexes, Dow Jones and Nasdaq futures are trading marginally lower at 5 pm IST.
Conclusion
Indian stock markets fell for the fourth consecutive day today after the RBI policy was announced. Investors widely expected the 50 basis point rate hike and it has already factored into the market. Going ahead, markets will remain volatile ahead of the US inflation data, which is due later this week.
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