Nifty and Bank Nifty Prediction for Tomorrow, 8 December 2023
Nifty and Bank Nifty Prediction for Tomorrow, 8 December 2023: Indian equity benchmarks ended the volatile session with minor cuts on Thursday. Indian markets opened on a cautious note following weakness in the global markets.
The domestic markets traded below their flat line throughout the day on the back of selling in FMCG, Metal, and IT stocks. However, some buying was witnessed in the Energy, Media, and Pharma counters.
Traders remained cautious ahead of the outcome of the Reserve Bank of India’s (RBI’s) interest rate decision, which is due on Friday. The market breadth was strong, on the NSE 1365 shares advanced while 1035 shares declined.
The broader markets outperformed their larger peers, as the Nifty mid and smallcap indexes gained 0.59% and 0.37% respectively. At the close, Sensex declined 132.04 points or 0.19% and finished at 69521.69, while Nifty was down by 36.55 points or 0.17% and settled at 20901.15. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (28 Dec expiry)
The Nifty futures price for December 28, expiry opened at 21019.90 making a slightly negative opening of 19.4 points on Thursday. It has touched an intraday high of 21048 and a day’s low of 20956.25
The Nifty futures price has given a movement of 91.75 points. In the end, the Nifty futures closed flat to the negative 21039.25 levels.
The Bank Nifty futures for December 28, expiry opened at 46898. It also made a slightly lower opening of 28.2 on Thursday. The Bank Nifty futures touched an intraday high at 47125.05 and a day’s low at 46600
During the day, the Bank Nifty futures have given a movement of 525.05 points. In the end, Bank Nifty Futures closed higher by 160.80 points or 0.34 percent and closed at 47087 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 8 Dec 2023
Nifty Futures Prediction for Tomorrow, 8 Dec 2023
Primary Trend in Nifty Futures: Positive and Sideways
Range-Bound Trend: All up Moves can initiate profit Booking @ 21080 whereas All Down Moves can Initiate Short Covering @ 20960
If the Nifty futures move above 21052 and sustain. Then the index can trade in a range of 21080- 21112- 21148 levels during the day.
If the Nifty futures share price moves below 20995 and is sustained. Then the index futures can trade in a range of 20967- 20938- 20905 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 8 Dec 2023
Primary Trend in Bank Nifty Futures- Positive and Volatile
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47350 whereas All down moves can Initiate Short Covering @ 46750.
Suppose the Bank Nifty futures move above 47140 and sustain, then the index can trade in the range of 47250- 47360- 47510 levels during the day.
If the Bank Nifty futures move below 46950 and sustain, then the index can trade in the range of 46865- 46760- 46650 levels during the day.
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Conclusion
The domestic market took a pause, the investors remained sidelined ahead of the monetary policy announcement on Friday. In the near term, the domestic markets may trade sideways, as long as the Nifty is below 21000, a crucial psychological level. A sustained breakout in Nifty above 21000 can see a further uptrend in the markets.
Investors should remain cautious tomorrow, as markets may remain volatile ahead of the RBI Policy outcome. Although the RBI is likely to keep the key interest rates unchanged for the fifth meeting in a row, the commentary of RBI Governor Shaktikanta Das will be important. You can also follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Stock Market Prediction Next Week (4- 8 Dec 2023)
Options Trading Books: Your Ultimate 2023 Guide to Winning Big
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