Nifty and Bank Nifty Prediction for Tomorrow 8 Feb 2023
Nifty and Bank Nifty Prediction for Tomorrow 8 Feb 2023: Indian equity market indexes closed with moderate losses on Tuesday amid mixed global cues. The market participants remained sidelined ahead of the Reserve Bank of India (RBI) monetary policy outcome which is due on 8 Feb Wednesday. The market sentiments improved and Bank Nifty erased all losses after the Fitch Ratings said Indian banks face limited risk from the Adani Group controversy.
Among the sectors, buying was witnessed in Realty, Banking, and Financial services while FMC, Auto, and Consumer Durable sectors declined today. The market breadth was negative today. The broader markets also ended lower today. At the close, Sensex and Nifty ended lower by 0.37 percent and 0.24 percent respectively. You can read detailed market updates here.
Nifty and Bank Nifty futures price movement for 7 Feb
The Nifty futures price opened at 17840 making a higher opening of 34.05 points today. It has touched an intraday high of 17864.80 and a day’s low of 17703
The Nifty futures price has given a movement of 161.8 points today. In the end, it closed lower by 25.20 points or 0.14 percent and ended at 17780.75 levels.
The Bank Nifty futures opened at 41605.30 It made a positive opening of 98.4 points. The Bank Nifty futures touched an intraday high at 41749.40 and a day’s low at 41242.30
During the day, the Bank Nifty futures have given a movement of 507.1 points. In the end, it closed higher by 133.10 points or 0.32 percent and closed at 41640 levels.
Nifty & Bank Nifty Prediction for Tomorrow 8 Feb 2023 (Feb Expiry)
Nifty Futures Prediction for Tomorrow 8 Feb 2023
Primary Nifty Trend in futures: Mild Negative & Volatile
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17930 whereas All Down Moves Initiates Short Covering (Buy) @ 17650
If the Nifty futures share price Moves Above 17830 and sustains. Then you should Buy with the 1st Target of 17864 during the day with a Stop Loss of 17792 FOR the Target of 17864- 17898- 17930- 17962
If the Nifty futures (Feb Series) share price Moves Below 17734 and is sustained. Then you should Sell with the 1st Target of 17700 for the day with a Stop Loss of 17776. For the Target of 17700- 17655- 17622- 17585
If you want Live Trading calls for Nifty, Bank Nifty, Stocks Futures & Options, and Global/Domestic market happenings then join our Telegram Channel – https://t.me/nifty50stocks1
Bank Nifty Futures Prediction for Tomorrow 8 Feb 2023
Primary Trend of Bank Nifty Futures: Mild Positive and Volatile
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42200 whereas All Down Moves Initiates Short Covering (Buy) @ 41400
Suppose the Bank Nifty futures (Feb Series) Moves Above 41765 and sustain, then you should Buy with the 1st Target of 41845 during the day with a Stop Loss of 41600 and the Target of 41845- 41965- 42165- 42240
If the Bank Nifty futures (Feb Series) Moves Below 41450 and sustain, then you should Sell with the 1st Target of 41370 the day with a Stop Loss of 41550. For the Target of 41370- 41250- 41135- 41055
Global Stock Market Updates
On the global front, the Asian stock market indexes closed mostly higher on Tuesday, despite weak cues from US markets overnight. Investors were cautious ahead of the US Federal Reserve Jerome Powell`s speech later in the day. The Reserve Bank of Australia hiked 25 bps interest rate as widely expected.
Japan’s Nikkei index pared early gains and closed slightly lower, as investors stayed on the sidelines, while a slew of corporate earnings also contributed to closing the market directionless. China’s Shanghai and Hang Seng closed marginally higher today.
Chinese search engine Baidu Inc gained more than 15% after the company announced that it would complete internal testing of its ChatGPT-styled project “Ernie Bot” in March before launching it publicly.
European stock market indexes are trading flat on Tuesday after the previous session’s losses, as investors eyed a policy speech by US Fed chair Jerome Powell later in the day to gauge further rate hikes. UK’s FTSE is trading higher after the announcement of quarterly results from BP. The US futures, Dow, and Nasdaq futures are trading almost flat at 5 pm IST.
Conclusion
Indian stock markets fell for the second consecutive day on Tuesday. Investors remain sidelined in the last two days ahead of the RBI policy outcome on Wednesday. Tomorrow markets will open as per global cues as US Fed Chair Jerome Poweel’s speech is expected later in the day and later the markets will set directions after the RBI policy outcome in the morning. You can follow our Daily Morning Report at 7.30 am for market direction.
Also, read Best Stock Market Books You Must Read-2023
Stock Market Prediction Next Week (6-10 Feb 2023)
If you like the post “Nifty and Bank Nifty Prediction for Tomorrow 8 Feb 2023” please share it with others
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution to compile the data for its Website. The views and investment tips expressed by investment experts on Nifty50Stocks.com are their own and for educational purposes. Nifty50Stocks.com is not SEBI registered Advisors. Nifty50stocks.com advises its users to check with certified and SEBI-registered experts before taking any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
