Nifty and Bank Nifty Prediction for Tomorrow 8 April 2022
Nifty and Bank Nifty Prediction for Tomorrow 8 April 2022: Indian stock markets made a gap-down opening on Thursday amid negative cues from the other Asian markets. Traders got cautious, amid a private report stating that RBI may raise its inflation outlook to reflect costlier oil. It also said that RBI is likely to leave borrowing costs steady and tap other policy tools it used before to support an economy facing new risks to recovery.
In the second half, the Indian markets extended their early losses on the back of selling in Energy, Metal, and Media stocks. At the close, the benchmark indices closed lower by almost 1 percent today. The broader markets also fell today in line with their larger peers.
Nifty and Nifty Bank futures price movement for 7 April (April Expiry)
The Nifty futures price opened at 17768, making a negative opening of 99.45 points. It has touched an intraday high of 17866.30 and a day’s low of 17693.25
The Nifty futures price has given a movement of 173.05 points today. In the end, it closed lower by 125.45 points or 0.70 percent and ended at 17742 levels.
The Bank Nifty futures opened at 37499.95, It made a negative opening of 254.4 points. The Bank Nifty futures has touched an intraday high at 38180 and a day’s low at 37400
During the day, the Bank Nifty futures has given a movement of 780 points. In the end, it closed higher by 45.65 points or 0.12 percent and closed at 37800 levels.
Nifty & Bank Nifty Prediction for Tomorrow 8 April 2022 (April Expiry)
Nifty Futures Prediction for Tomorrow 8 April 2022
Primary Nifty Trend in futures: Mild Negative & Volatile
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17900 whereas All Down Moves Initiates Short Covering (Buy) @ 17600
If the Nifty futures share price Moves Above 17775 and sustain. Then you should Buy with 1st Target of 17812 during the day with a Stop Loss of 17740 FOR the Target of 17812- 17834 – 17872- 17902
If the Nifty futures share price Moves Below 17690 and is sustained. Then you should Sell with the 1st Target of 17645 for the day with a Stop Loss of 17720. FOR the Target of 17645-17609- 17580- 17554
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Bank Nifty Futures Prediction for Tomorrow 8 April 2022
Primary Trend of Bank Nifty Futures: Mild Positive & Volatile
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 38300 whereas All Down Moves Initiates Short Covering (Buy) @ 37700
Suppose the Bank Nifty futures Moves Above 37955 and sustain, then you should Buy with the 1st Target of 38040 during the day with a Stop Loss of 37800 the Target of 38040- 38175- 38310- 38465
If the Bank Nifty futures Moves Below 37675 and sustain, then you should Sell with the 1st Target of 37560 the day with a Stop Loss of 37760. FOR the Target of 37560 – 37412 – 37250- 37150
Global Stock Markets Today
On the global front, the other Asian markets closed lower on Thursday after the Fed indicated policy tightening and aggressively attack rising inflation. The continuous surge in Covid cases in China and lockdowns in important cities also dented the market sentiments. Worries over the downside trend of the economy due to inflation and surging covid cases are the main factor weighing down the market.
European market indexes are mostly trading in the green as investors digested the hawkish comment from Fed and play safe with defensive stocks. European indexes recovered from the sell-off as healthcare stocks surged to a record high even though US’s new sanctions on Russia kept investors on edge. The US futures, Dow, and Nasdaq futures are trading almost flat at 6 pm IST.
Conclusion
Indian stock markets continued their southward journey for the third consecutive day on Thursday due to the weak global cues. The markets witnessed heavy selling pressure in the second half on the back of selling in energy and metal stocks. Going ahead, Indian markets will remain volatile tomorrow due to the RBI policy meeting outcome, traders should remain cautious.
Also read: Best Options Trading Books in India-Must Read 2021
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