India GDP Q1 data shrank 23.9%, Nifty & Bank Nifty prediction for tomorrow

 

Indian market erased all morning gains and fell sharply in the late morning. The sharp correction in the market seen due to domestic factors like Indo-china border tension, no more extension for the pledge and repledge system, and cautiousness ahead of India Q1FY21 GDP data. 

The market closed near the day’s low and the correction was seen among all sectoral indices today. At close, there are only 4 stocks in advance and 46 in declines in the Nifty50 index. The market was traded volatile through the session today.

On the global front, other Asian markets except for Nikkei erased all early gains and closed in the red today. The European markets are trading in mixed, CAC and DAX are trading higher whereas FTSE is trading lower. The US Dow and Nasdaq index futures are trading marginally higher at this time.

 

Today’s Market at the close- Sensex, Nifty, and Bank Nifty

 

At the close, Nifty fell 260.10 points or 2.23% and at 11387.50 while Sensex was down by 839.02 points or 2.12% and closed at 38628.29 levels. The Bank Nifty was highly volatile today, it fell 769.45 points or 3.13% and closed at 23754.35 levels.

The Nifty midcap and smallcap 100 indices also fell sharply today. The midcap index was down by 686.40 points or 3.95% and at 16682.65. The Nifty smallcap index declined 278.70 points or 4.75% and closed at 5588.60 levels.

The top four gainers in the Nifty50 index are ONGC, TCS, Tata Motors, and HDFC Bank. The top five Nifty50 index losers for the day are Sun Pharma, SBI, Eicher Motors, Bajaj Finserve, and IndusInd Bank. Bharti Airtel, Reliance, and IndusInd Bank were the most active stocks for the day in the Nifty50 index.

In the Nifty midcap index, top gainers for the day are Future Retail, and Bank of India, and the losers are City Union Bank and AU Small Finance. In the smallcap space the top gainers are CG Power, Granules India, and the losers are Indiabulls Real and PVR.

On a sectoral basis, all sectors are closed in the red today. Banking & Finance, Healthcare, Capital Goods, Metals, and Infrastructure are the top losing sectors.

 

Nifty and Bank Nifty futures today

 

The Nifty futures opened at 11764.90, and it made a positive opening of 89.65 points today. It has touched an intraday high at 11794.45 and a day’s low at 11350.50

The Nifty futures has given a movement of 443.95 points. In the end, it declined 315.45 points or 2.70% and closed at 11359.80 levels.

The Bank Nifty futures opened at 24900.05. It made a gap up opening of 360.70 points today. It has touched an intraday high at 25270 and a day’s low at 23371

During the day, the Bank Nifty futures has given a movement of 1899 points. In the end, it tanks by 878.9 points or 3.58% and closed at 23660.45 levels

 

Nifty & Bank Nifty prediction in futures for 1st Sept ( Sept Expiry)

 

Nifty share price prediction in futures for 1st Sept 2020

Primary Nifty Trend in futures: Mild Down & Volatile

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11430 whereas All Down Moves Initiates Short Covering (Buy) @ 11200

If Nifty share price in futures Moves Above 11415 and sustain. Then you should Buy with 1st Target of 11432 during the day with a Stop Loss of 11280. FOR the Target of 11432- 11451- 11502

If Nifty share price in futures Moves Below 11280 and sustain. Then you should Sell with 1st Target of 11218 during the day with a Stop Loss of 11250. FOR the Target of 11218- 11170- 11150

 

Bank Nifty share price prediction in futures, 1st Sept  2020

Primary Trend of Bank Nifty Futures: Mild Down and Volatile

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 24300, whereas All Down Moves Initiates Short  Covering (Buy) @ 22500

If the Bank Nifty share price in futures  Moves Above 24130 and sustain. Then you should Buy with 1st Target of 24320 during the day with a Stop Loss of  23470. FOR the Target of 24320 – 24470- 24830

If the Bank Nifty share price in futures Moves Below 23470 and sustained. Then you should Sell with 1st Target of 23070 during the day with a Stop Loss of 24130. FOR the Target of 23070 – 22840- 22450

 

Conclusions:

Indian market fell sharply today after opening a gap up in the morning. A sharp correction witnessed today due to three main reasons. The cross border tension between India and China is one of the main reasons that the market fell.

Secondly, SEBI has not given an extension for the new pledge and repledge system. The insufficient preparation from the brokers’ side for the new system has forced to cut the F&O position today for those traders who had taken margin on shares pledge through the old system.

Thirdly traders were cautious ahead of the India Q1FY21 GDP data, as it was expected double-digit contractions. 

As per data released by the government after the market, India’s GDP for Q1FY21 contracted 23.9%. Its a sharpest fall in 41 years due to the Coronavirus pandemic. Indian markets may trade volatile with a negative bias tomorrow. Traders should trade with strict stop loss only.

You may be interested to check out the latest charting platform for your strategy here. Traders can also follow our Daily Stock/Share Market live and NSE Nifty and Bank Nifty share price prediction in futures for 1st Sept.

 

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Editor’s Desk

 

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