Nifty | Bank Nifty Prediction for Tomorrow 8 Feb 2022
Nifty and Bank Nifty Prediction for Tomorrow 8 Feb 2022: Indian equity markets opened lower on Monday amid mixed global cues. The key benchmark indices, Sensex and Nifty fell sharply on the back of selling Banking, Financial Services, and FMCG sectors. The broader markets also fell in line with their larger peers. In the end, markets closed around 1.75 percent lower today and extended their Friday’s losses. You can read the detailed market updates here
Nifty and Nifty Bank futures price movement for 7 February (Feb Expiry)
The Nifty futures price opened in 17458.55, making a negative opening of 71.1 points. It has touched an intraday high in 17532.55 and a day’s low at 17125
The Nifty futures price has given a movement of 407.55 points today. In the end, it declined 315.85 points or 1.80 percent and ended at 17213.80 levels.
The Bank Nifty futures opened at 38625, It made a negative opening of 245.6 points. The Bank Nifty futures has touched an intraday high at 38934 and a day’s low at 37891
During the day, the Bank Nifty futures has given a movement of 1043 points. In the end, it closed lower by 780.60 points or 2.01 percent and closed at 38090 levels.
Nifty & Bank Nifty Prediction for 8 Feb 2022 (Feb Expiry)
Nifty Futures Prediction for 8 Feb 2022
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17250 whereas All Down Moves Initiates Short Covering (Buy) @ 17100
If the Nifty futures share price Moves Above 17265 and sustain. Then you should Buy with 1st Target of 17282 during the day with a Stop Loss of 17234 FOR the Target of 17282- 17326- 17347
If the Nifty futures share price Moves Below 17188 and is sustained. Then you should Sell with the 1st Target of 17147 the day with a Stop Loss of 17205. FOR the Target of 17147- 17095- 17058
Bank Nifty Futures Prediction for 8 Feb 2022
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 38200 whereas All Down Moves Initiates Short Covering (Buy) @ 37700
Suppose the Bank Nifty futures Moves Above 38185 and sustain, then you should Buy with the 1st Target of 38302 during the day with a Stop Loss of 38120 the Target of 38302 – 38430 – 38530
If the Bank Nifty futures Moves Below 37960 and sustain, then you should Sell with the 1st Target of 37887 during the day with a Stop Loss of 38060. FOR the Target of 37887 – 37770 – 37700
Global stock markets today
On the global front, the Asian markets closed mostly higher on Monday. Shanghai traded after a weeklong holiday and gained 2 percent despite the slow down in China’s Services activity in January, as per the Caixin survey. Indonesian GDP number accelerated in the last quarter of 2021, due to ease in covid related restrictions.
European markets are trading in the green taking positive cues from the US markets and investors are mostly eye on ECB for more rate hike cues. The US futures, Dow, and Nasdaq futures are trading marginally lower at this time at 5 pm IST.
Conclusion
Indian stock market indexes closed lower for the third consecutive day today. Heavy selling witnessed in the FII’s favorite stocks like HDFC twins, ICICI Bank, Infosys, etc indicates a continuous selling by the FIIs. The strong US job data for the month of January fear the investors that Federal Reserve would hike the interest rate at a faster rate now.
Going ahead, Indian markets will remain volatile ahead of RBI Monetary Policy, as the volatility index “India VIX” has gained more than 8% today. Traders and Investors should remain cautious ahead of the RBI Monetary policy outcome, which is now rescheduled for 10 February.
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