Nifty, Banknifty share price target in futures (4th-8th Jan)

January 3, 2021 admin

Key factors that may impact the Indian markets and Nifty, Banknifty share price target for the week (4-8 Jan 2021)

Nifty & Banknifty share price target 4th to 8th Jan 2021: The Indian equity markets gained almost 2 percent in the last week due to positive global cues. The signing of a second stimulus package in the U.S, Brexit trade deal, and coronavirus vaccine roll out in several countries supported the market worldwide. Going ahead, the emergency approval of the coronavirus vaccine in India and other parts of the world will keep the positive momentum alive in the market.

The key factors that may impact the market in the coming week are

Coronavirus risk

In India the coronavirus is in the declining stage, in the last 24hrs, it was reported 18177 new cases. India also reported a new strain of coronavirus but that did not impact much. The recovery rate has been improved further compared to the previous week.

The active cases also fell to 2.54 lakh compared to 2.81 lakh cases reported in the previous week. As per the aviation minister, India will resume UK flights with restrictions from the 8th of January. The declining stages of coronavirus cases have supported the Indian equity markets so far.

Vaccine updates

India’s coronavirus vaccine wait is over. Today India’s drug regulator has given emergency approval for two coronavirus vaccines, Pune-based Serum Institute’s ‘Covishield’ and Bharat Biotech’s ‘Covaxin’. Drug Controller General of India VG Somani said both the vaccines are 100 percent safe.

PM Narendra Modi also tweed, “ It would make every Indian proud that the two vaccines that have been given emergency use approval are made in India!”. The Indian equity market will first react to the news on Monday.

Nifty and Banknifty share price target in futures for the week (4- 8 Jan)

Nifty share price target in futures for the week ( 4-8 Jan)

Primary Trend of Nifty futures for the week: Positive

Range-Bound Trend of Nifty futures: All up Moves Initiates Profit Booking (Sale) @ 14150 whereas All Down Moves Initiates Short Covering (Buy) @ 14000

If Nifty share price in futures Moves Above 14065 and sustain. Then you should Buy with 1st Target of 14084 during the day or week with a Stop Loss of 14024 FOR the Target of 14084- 14102- 14122- 14155

Suppose Nifty share price in futures Moves Below 14024 and sustain. Then you should Sell with the 1st Target of 14005 during the day or week with a Stop Loss of 13785. FOR the Target of 14005- 13985- 13960 -13925

Banknifty share price target in futures for the week ( 4-8 Jan)

Primary Trend of Banknifty future for the week: Positive

Range-Bound Trend of Banknifty share price in future: All up Moves Initiates Profit Booking (Sale) @ 31900, whereas All Down Moves Initiates Short Covering (Buy) @ 31000

If Banknifty share price in the futures Moves Above 31390 and sustain. Then you should Buy with the 1st Target of 31495 during the day with a Stop Loss of 31170. FOR the Target of 31495 – 31650- 31760- 31850

If Banknifty shares price in the future Moves Below 31170 and sustained. Then you should Sell with the 1st Target of 31050 during the day with a Stop Loss of 31390. FOR the Target of 31050- 30970- 30880 – 30770

Global market cues

After a long extended holiday, the global market will open on Monday. The global markets were traded positively in the truncated week ended on 1st Jan 2021. The Coronavirus vaccine rolled out and US stimulus aid created positive sentiments in the global markets even after rising new infections in the UK and other countries.

The macroeconomic data that are going to announce in the coming week are given below.

Important Global Macro Data Next Week
4 Jan 2021	Jibun Bank Manufacturing PMI	Japan
	Caixin Manufacturing PMI	China
	US Manufacturing PMI
	GB Manufacturing PMI
6 Jan 2021	Markit Service & composite PMI	China, Japan, US GB
7 Jan 2021	Jobless claim	US
8 Jan 2021	Unemployment rate Dec	US

Domestic Macroeconomic data

Indian equity markets will start the week with Markit Manufacturing PMI data on 4th January. The other macroeconomic data that are going to announce in the coming week are

Macro Data Next Week
4 Jan 2021	Manufacturing PMI data Dec
	Balance of Trade
6 Jan 2021	Markit Service & composite PMI
8 Jan 2021	Foreign Exchange Reserves

FII & DIIs investment

FIIs buying in the cash market have supported the Indian equity market so far and touched a new record high in 2020 whereas DIIs were the sellers. The new year 2021 started on a positive note, both FIIs, and DIIs were buyers in the cash market segment. If both FIIs and DIIs continue buying in the cash market, then we may see a very strong trend in the market.

On a weekly basis, FIIs bought Rs 7404.78 crores while DIIs sold Rs 4172.72 crores in the cash market segment.

Quarterly Earnings

The December quarter earnings season is going to start next week. TCS will be the first Nifty 50 company going to announce its 3rd quarterly results on 8th January 2021. IT & Software companies will be in focus ahead of TCS earning announcement.

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Happy Investing!!

Editor’s Desk

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