Nifty and Bank Nifty Prediction for 10 August 2022
Nifty and Bank Nifty Prediction for 10 August 2022: Indian equity market indexes opened slightly higher on Monday amid mixed global cues. The benchmark indices, Sensex and Nifty turned negative soon after opening and immediately erased their losses. The markets traded in fine fettle today and gradually moved towards the north direction on the back of buying in almost all sectors except for IT and PSU Banks. The gains were led by Metals, Banking, and Financials stocks.
The broader markets Nifty mid and small cap indexes gained 0.36 percent and 0.34 percent respectively. In the end, Sensex and Nifty advanced 0.80 percent and 0.73 percent respectively. You can read the detailed market updates here
Nifty and Nifty Bank futures price movement for 8 Aug (Aug Expiry)
The Nifty and Bank Nifty futures opened in the red today. The Nifty futures price opened at 17410, making a slightly negative opening of 6.15 points today. It has touched an intraday high of 17583.90 and a day’s low of 17377.15
The Nifty futures price has given a movement of 206.75 points today. In the end, it closed higher by 143.85 points or 0.83 percent and ended at 17560 levels.
The Bank Nifty futures opened at 37890 It made a negative opening of 69.45 points. The Bank Nifty futures has touched an intraday high at 38363 and a day’s low at 37751
During the day, the Bank Nifty futures has given a movement of 612 points. In the end, it closed higher by 341.75 points or 0.90 percent and closed at 38301.20 levels.
Nifty & Bank Nifty Prediction for 10 August 2022 (Aug Expiry)
Nifty Futures Prediction for 10 August 2022
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17700 whereas All Down Moves Initiates Short Covering (Buy) @ 17500
If the Nifty futures share price Moves Above 17598 and sustain. Then you should Buy with 1st Target of 17638 during the day with a Stop Loss of 17530 FOR the Target of 17638- 17662- 17702
If the Nifty futures share price Moves Below 17490 and is sustained. Then you should Sell with the 1st Target of 17445 for the day with a Stop Loss of 17518. For the Target of 17445- 17395- 17360
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Bank Nifty Futures Prediction for 10 August 2022
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 38650 whereas All Down Moves Initiates Short Covering (Buy) @ 38100
Suppose the Bank Nifty futures Moves Above 38460 and sustain, then you should Buy with the 1st Target of 38590 during the day with a Stop Loss of 38330 and the Target of 38590- 38730- 38880
If the Bank Nifty futures Moves Below 38175 and sustain, then you should Sell with the 1st Target of 38090 the day with a Stop Loss of 38260. For the Target of 38090 – 38000 – 37800
Global Stock Markets Today
On the global front, the other Asian markets were closed mixed on Monday with bargain-buyers moving in after stronger than expected job data reported in the US. The gains were capped due to the gloomy economic outlook and fear of another interest rate hike at the same pace by the Fed in their next meeting. Investors are now cautious ahead of the US consumer price index which is due on Wednesday.
European markets are trading higher after tracking positive sentiments from their Asian peers. The sentiment got boosted, as China, the world’s second-largest economy reported a record trade surplus for July, due to strong export growth. The US future index, Dow Jones and Nasdaq futures are trading higher at 5.30 pm IST, indicating a positive opening for the US markets.
Conclusion
Indian stock market indexes started with a muted note but comfortably traded above their neutral lines and closed near their day’s high. Nifty closed above its psychological levels is positive for the market, we can see more up move in the coming days.
Tomorrow Indian stock markets will remain closed due to Muharram. On Wednesday, markets will open as per the global cues, you can also follow our Morning notes ahead of the market opening for the market direction.
Also read: Best Options Trading Books in India-Must Read 2021
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