Nifty and Bank Nifty Prediction for Tomorrow, 8 October
Nifty and Bank Nifty prediction for tomorrow, 8 October 2021: Indian stock market indexes opened a gap up on Thursday amid positive cues from other Asian markets. The benchmark indices, Sensex and Nifty traded above their crucial levels throughout the day on the back of buying in the Realty, Auto, and IT sectors. In the end, markets closed more than a percent higher on the weekly F&O expiry day. You can read the complete market updates here
Nifty and Nifty Bank futures price movement for 7 October (Oct Expiry)
The Nifty futures price opened at 17772.55 and made a positive opening of 145.35 points. It has touched an intraday high at 17884 and a day’s low at 17753.15
The Nifty futures price has given a movement of 130.85 points today. In the end, it gained 192.80 points or 1.09 percent and ended at 17820 levels.
The Bank Nifty futures opened at 37912. It made a positive opening of 287.65 points today. It has touched an intraday high at 38049.90 and a day’s low at 37768.10
During the day, the Bank Nifty in futures has given a movement of 281.80 points. In the end, it closed higher by 280.65 points or 0.75 percent and closed at 37905 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 8 Oct 2021 (Oct Expiry)
Nifty Futures Prediction for Tomorrow, 8 Oct 2021
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17900 whereas All Down Moves Initiates Short Covering (Buy) @ 17770
If the Nifty futures share price Moves Above 17854 and sustain. Then you should Buy with 1st Target of 17886 during the day with a Stop Loss of 17813 FOR the Target of 17886-17925- 17947
If the Nifty futures share price Moves Below 17770 and is sustained. Then you should Sell with the 1st Target of 17733 during the day with a Stop Loss of 17800. FOR the Target of 17733- 17688-17660
Bank Nifty Futures Predictions for Tomorrow, 8 Oct 2021
Primary Trend of Bank Nifty Futures: Volatile
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 38200, whereas All Down Moves Initiates Short Covering (Buy) @ 37750
Suppose the Bank Nifty futures Moves Above 38035 and sustain, then you should Buy with the 1st Target of 38130 during the day with a Stop Loss of 37950. FOR the Target of 38130 – 38280 – 38370
If the Bank Nifty futures Moves Below 37850 and sustain, then you should Sell with the 1st Target of 37760 during the day with a Stop Loss of 37930. FOR the Target of 37760 – 37675 – 37540
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Global markets today
On the global front, the Asian markets closed in the green following the positive cues from the US market overnight and ease of crude oil prices. China’s Shanghai index was closed today on account of National Day.
European markets are trading higher and rebounded strongly from Wednesday’s losses on Thursday due to lower oil and gas prices. Investors have also got relived on the progress on debt ceiling talks in the US that suggest a temporary deal to avoid default. The US futures, Dow, and Nasdaq futures are trading strong today indicates a positive opening for the US markets.
Conclusions
Indian markets made a decent gain ahead of an RBI policy outcome tomorrow. Today’s market gain was supported by positive global cues. All major sectors participated in today’s rally, Auto, Realty, and consumer durables sectors gained the most. Going ahead, tomorrow the market may remain volatile due to RBI monetary policy and the US unemployment data expected later in the day.
Also read, 5 Best Stock Market Books- Beginners Must Read in 2021
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