Nifty & Bank Nifty Share Price Target for 8 June 2021
Nifty & Bank Nifty Share Price Target for 8 June: Indian stock market indices opened higher on Monday amid positive cues from the global market peers. The markets were traded above their neutral line throughout the day in a tight range. In the end, the key market indices extended their early gains and closed positive.
The market sentiments remained upbeat with Niti Aayog Vice Chairman Rajiv Kumar’s statements, that he is optimistic that every organization will raise their growth predictions to 10-15 percent once they see the growth rate by October. The sentiments got further boosted after the news that Prime Minister Modi will address the Nation at 5 pm, as traders were expecting the news of the easing lockdown process and the acceleration of the coronavirus vaccine drive.
Today’s market updates- Sensex, Nifty, and Bank Nifty spot price
At the close, Nifty gained 81.40 points or 0.52 percent and closed at 15751.65 levels while Sensex gained 228.46 points or 0.44 percent and finished at 52328.51 levels. The Bank Nifty spot price was up by 152 points or 0.44 percent and ended at 35443.65 levels.
The broader markets outperformed the benchmark indices today. The Nifty index gained 329.80 points or 1.24 percent and closed at 26881.40 levels. The Nifty smallcap index climbed 147.55 points or 1.56 percent and ended at 9622.65 levels.
The top five gainers in the Nifty 50 index were Adani Ports, Power Grid Corp, NTPC, Shree Cements, and Tata Motors. The top five losers in the Nifty 50 index were Bajaj Finance, Bajaj Finserve, HDFC, JSW Steel, and Divis Lab. The most active stocks in the Nifty 50 index were Adani Ports, Tata Motors, and Reliance.
On a sectoral basis, barring the Finance sector, all other sectors closed in the green today. The IT & Software, Oil & Gas, Infrastructure, Telecom, Power and Automobile sectors gained the most today.
Nifty and Nifty Bank futures share price movement for 7 June, ( June Expiry)
The Nifty futures price opened at 15769 made a positive opening of 68.15 points. It has touched an intraday high at 15807.85 and a day’s low at 15705.90
The Nifty futures price has given a movement of 101.95 points today. In the end, it gained 80.8 points or 0.51 percent and ended at 15781.65 levels.
The Bank Nifty futures opened at 35540.05 It made a positive opening of 31.55 points today. It has touched an intraday high at 35740 and a day’s low at 35494
During the day, the Bank Nifty in futures has given a movement of 246 points. In the end, it closed higher by 89.55 points or 0.25 percent and closed at 35598.05 levels.
Nifty & Bank Nifty Share Price Target for 8 June, (June Expiry)
Nifty futures share price target for tomorrow, 8 June
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 15840 whereas All Down Moves Initiates Short Covering (Buy) @ 15700
If the Nifty futures share price Moves Above 15797 and sustain. Then you should Buy with 1st Target of 15822 during the day with a Stop Loss of 15740 FOR the Target of 15822-15846- 15870
If the Nifty futures share price Moves Below 15740 and sustain. Then you should Sell with the 1st Target of 15718 during the day with a Stop Loss of 15797. FOR the Target of 15718- 15690 -15665
Bank Nifty Futures Share Price Target for Tomorrow, 8 June
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35900, whereas All Down Moves Initiates Short Covering (Buy) @ 35400
Suppose the Bank Nifty futures Moves Above 35730 and sustain, then you should Buy with the 1st Target of 35845 during the day with a Stop Loss of 35480. FOR the Target of 35845 – 35980 – 36110
If the Bank Nifty futures Moves Below 35480 and sustained, then you should Sell with the 1st Target of 35420 during the day with a Stop Loss of 35730. FOR the Target of 35420 – 35360 – 35240
Global markets today
On the global front, Asian markets closed mixed on Monday as U.S job data eased the concern over an early tapering from the Federal Reserve. While traders were worried about China’s latest trade data as imports grew at their fastest pace in 10 years in May but export growth missed out on the expectations. European markets are trading slightly higher on Monday as gains in automakers offset China’s weak trade data. The U.S futures indices are trading mixed, Dow future is trading marginally higher whereas Nasdaq future is trading in the red at 4.30 pm IST.
Conclusions:
Indian equity markets closed higher on the first day of the week. Today again the Nifty index has touched a new high at 15773.45 levels. The benchmark indices gained half a percent today, but the midcap and smallcap indices outperformed the benchmark indices.
Prime Minister Narendra Modi addressed the nation at 5 pm. PM Modi said that Government to give free vaccines to all adults from June 21. Now states will not have to spend on vaccination. The 25% of all vaccines will continue to be given to private hospitals, for which they can charge a maximum of Rs 150 only. The government has also decided that Pradhan Mantri Garib Kalyan Anna Yojana will now be extended till Diwali.
You can also follow our Daily Morning Report and Nifty and Bank Nifty share price target in futures for tomorrow June 8.
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