Nifty & Bank Nifty Prediction for Tomorrow, 7 Sept 2021
Nifty and Bank Nifty Prediction for Tomorrow, 7 Sept 2021: Indian stock markets opened higher on Monday amid positive global cues. Markets trimmed their early gains in the morning itself but continued to trade above their neutral lines. The benchmark indices continued to touch new highs on the back of strong global cues and positive domestic economic activity.
Indian market sentiments were positive as traders continued to get encouragement with regular foreign capital inflows. Further, market participants continued to cheer private reports that the government’s collections from levy of excise duty on petroleum products have jumped 48 percent in the first four months of the current fiscal year, with the incremental mop-up being 3 times the repayment liability of legacy oil bonds in the full fiscal.
Today’s market updates: Sensex, Nifty, & Bank Nifty
At the close, Sensex gained 166.96 points or 0.29 percent and closed at 58296.91 while Nifty was up by 54.20 points or 0.31 percent and finished at 17377.80 levels. The Bank Nifty spot price was declined by 168.80 points or 0.46 percent and ended at 36592.35 levels.
The broader markets closed higher today. The Nifty midcap index closed higher by 118.30 points or 0.41 percent, in line with their larger peer. The Nifty smallcap index outperformed the benchmark indices gained 113.75 points or 1.09 percent today.
The top five gainers in the Nifty50 index were Reliance, Grasim, Bajaj Auto, Maruti, and Cipla. The top five losers in the Nifty50 index were Tata Steel, Power Grid, Coal India, IOC, and JSW Steel. The most active stocks in the Nifty50 index in terms of value were Reliance, Bajaj Finance, and Tata Steel. The most active stocks in the Nifty50 index in terms of volume were Reliance, ONGC, and Tata Motors.
On a sectoral front, IT & Software, Oil & Gas, Real Estate, Media, and Consumer Durables sectors closed higher today. The sectors that closed in the red were Banking, Insurance, Capital Goods, Power, and Telecom.
Nifty and Nifty Bank futures price movement for 6 Sept (Sept Expiry)
The Nifty futures price opened at 17379 and made a positive opening of 49.65 points. It has touched an intraday high at 17429.10 and a day’s low at 17361
The Nifty futures price has given a movement of 68.1 points today. In the end, it gained 78.65 points or 0.45 percent and ended at 17408 levels.
The Bank Nifty futures opened at 36995. It made a positive opening of 95.25 points today. It has touched an intraday high at 37037 and a day’s low at 36690.05
During the day, the Bank Nifty in futures has given a movement of 346.95 points. In the end, it closed lower by 165.75 points or 0.45 points and closed at 36734 levels
Nifty & Bank Nifty Prediction for Tomorrow, 7 Sept 2021 (Sept Expiry)
Nifty Futures Prediction for Tomorrow, 7 Sept 2021
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17450 whereas All Down Moves Initiates Short Covering (Buy) @ 17370
If the Nifty futures share price Moves Above 17438 and sustain. Then you should Buy with 1st Target of 17468 during the day with a Stop Loss of 17384 FOR the Target of 17468-17502- 17529
If the Nifty futures share price Moves Below 17384 and is sustained. Then you should Sell with the 1st Target of 17359 during the day with a Stop Loss of 17438. FOR the Target of 17359- 17331-17297
Bank Nifty Futures Prediction for Tomorrow, 7 Sept 2021
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 37100, whereas All Down Moves Initiates Short Covering (Buy) @ 36650
Suppose the Bank Nifty futures Moves Above 36885 and sustain, then you should Buy with the 1st Target of 36950 during the day with a Stop Loss of 36610. FOR the Target of 36950 – 37049 – 37175
If the Bank Nifty futures Moves Below 36610 and sustain, then you should Sell with the 1st Target of 36538 during the day with a Stop Loss of 36885. FOR the Target of 36538 – 36473 – 36320
Global markets today
On the global front, Asian markets mostly closed higher on Monday as a slowdown in US hiring in August fueled expectations that the Federal Reserve might postpone the withdrawal of economic stimulus that has boosted stock prices. European markets are trading higher following the Asian markets ahead of the constriction PMI data. The US markets will be closed today on account of Labor Day.
Conclusions
Indian markets continued their upward journey and closed positive on the first day of the week. Markets traded in a narrow range and closed higher today on the back of buying in IT & Software and heavyweight Reliance however, the upside remains capped due to subdued performance by the banking sector.
Going ahead, markets are looking positive due to strong FIIs inflow and positive domestic economic indicators. Traders should remain cautious and trade with strict stop loss.
Also read, Best Stocks to Buy in India for Short Term in Sept 2021
Nifty and Bank Nifty trend for the week – 6 to 9 Sept 2021
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