Nifty and Bank Nifty Prediction for Monday 6 June 2022
Nifty and Bank Nifty Prediction for Monday, 6 June 2022: Indian equity markets opened a gap-up on Friday, following positive cues from the US markets overnights. The benchmark indices witnessed a profit booking at higher levels in the second half and erased all intraday gains. Except for IT all other counters ended in the red on Friday. The broader markets also fell and underperformed as compared to benchmarks.
The market breadth was weak with the advance-decline indicating a ratio of 2:3 at the close. FIIs were the sellers and DIIs were buyers in the equity cash segment. FIIs sold Rs 3770.51 crore while DIIs bought Rs 2360.51 crores in the cash segment on Friday. You can read the Friday’s market updates here
Nifty and Nifty Bank futures price movement on Friday, June 3 ( June Expiry)
On Friday, June 3, the Nifty futures ( June Series) opened at 16761.50 levels, it made a positive opening of 140.3 points. It has touched an intraday high at 16790 and a day’s low at 16578
The Nifty future has given a movement of 212 points on Friday. In the end, it declined 20.20 points or 0.12 percent and ended at 16601 levels.
The Bank Nifty futures (June Series) opened at 36000.25 levels on the last day of the week. It made a positive opening of 302.15 points on Friday. It has touched an intraday high at 36333 and a day’s low at 35260
On Friday, the Bank Nifty future gave a movement of 1073 points. In the end, it was down by 337.10 points or 0.94 percent and closed at 35361 levels.
Nifty & Bank Nifty Prediction for Monday 6 June 2022 (June Expiry)
Nifty Futures Prediction for Monday, 6 June 2022
Primary Nifty Trend in futures: Mild Negative with a cautious bias
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 16700 whereas All Down Moves Initiates Short Covering (Buy) @ 16400
If the Nifty futures share price Moves Above 16655 and sustain. Then you should Buy with 1st Target of 16685 during the day with a Stop Loss of 16614 FOR the Target of 16685- 16714-16752- 16818
If the Nifty futures share price Moves Below 16568 and is sustained. Then you should Sell with the 1st Target of 16535 during the day with a Stop Loss of 16595. FOR the Target of 16535- 16509- 16472- 16426
Bank Nifty Futures Prediction for Monday, 6 June 2022
Primary Trend of Bank Nifty Futures: Negative with cautious bias
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35500, whereas All Down Moves Initiates Short Covering (Buy) @ 34800
Suppose the Bank Nifty futures Moves Above 35495 and sustain, then you should Buy with the 1st Target of 35615 during the day with a Stop Loss of 35360. FOR the Target of 35615 – 35724- 35815- 36054
If the Bank Nifty futures Moves Below 35240 and sustain, then you should Sell with the 1st Target of 35160 during the day with a Stop Loss of 35320. FOR the Target of 35160 – 35080- 34935- 34775
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Global stock market updates
The US stock market indexes declined on Friday after the latest job report showed that the US markets added more jobs than was expected earlier. Investors are now concerned that strong job markets will elevate inflation as competition for workers will boost wage bargaining power. Federal Reserve officials are closely monitoring the job markets and accordingly will take decisions on the pace of interest rate hikes in the next policy meeting.
European markets erased all early gains and fell on Friday after US strong job data increased the concern among investors about the Fed’s aggressive policy tightening. The record-high inflation numbers in the eurozone have already indicated the interest rate hikes from July onwards.
Conclusions
Indian stock markets erased all intraday gains and closed marginally lower as investors preferred to book profit at the higher levels ahead of the US month job report. The ongoing concern of high inflation, interest rate hike, and geopolitical tension will remain focused on the markets. These concerns will make the markets choppy and inspire feelings of fear and anxiety among investors in the coming week.
Also read, Best Options Trading Books in India-Must Read 2021
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