Nifty and Bank Nifty Prediction for Monday 8 August 2022
Nifty and Bank Nifty Prediction for Monday 8 August 2022: Indian stock market indexes opened higher on Friday amid positive cues from Asian markets. The domestic markets extended their gains in the late morning session after RBI hiked the key interest rate by 50 bps. Some cautiousness was seen in the last hour as US unemployment data was expected later in the day. In the end, Sensex and Nifty gained marginally higher while broader market indexes closed mixed on Friday.
Among the sectors, IT, Bank and Financial services closed higher while Auto, Consumer Durables and Media sectors ended in the red. The market breadth was quite positive as advance decline indicated a ratio of 3:2 at the close. FIIs were the net buyers in the equity cash segment, they bought Rs 1605.81 crore while DIIs were the net sellers, sold Rs 495.94 crore on Friday
Nifty and Nifty Bank futures price movement on Friday, 5 August (Aug Expiry)
On Friday, Aug 5, the Nifty futures (Aug Series) opened at 17422.90 levels, it made a positive opening of 35.05 points. It has touched an intraday high at 17514.35 and a day’s low at 17363.85
The Nifty future has given a movement of 150.5 points on Friday. In the end, it gained 27.10 points or 0.16 percent and ended at 17414.95 levels.
The Bank Nifty futures (Aug Series) opened at 37849.70 levels on the last day of the week. It made a positive opening of 78.2 points on Friday. It has touched an intraday high at 38185.70 and a day’s low at 37804.50
On Friday, the Bank Nifty future gave a movement of 381.5 points. At the close, it was up by 212.50 points or 0.56 percent and closed at 37984 levels.
Nifty & Bank Nifty Prediction for Monday 8 August 2022 (Aug Expiry)
Nifty Futures Prediction for Monday 8 Aug 2022
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17550 whereas All Down Moves Initiates Short Covering (Buy) @ 17350
If the Nifty futures share price Moves Above 17445 and sustain. Then you should Buy with 1st Target of 17490 during the day with a Stop Loss of 17418 FOR the Target of 17490- 17522-17575- 17607
If the Nifty futures share price Moves Below 17390 and is sustained. Then you should Sell with the 1st Target of 17352 during the day with a Stop Loss of 17411. For the Target of 17352- 17321- 17297- 17258
Bank Nifty Futures Prediction for Monday 8 August 2022
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 38400, whereas All Down Moves Initiates Short Covering (Buy) @ 37700
Suppose the Bank Nifty futures Moves Above 38105 and sustain, then you should Buy with the 1st Target of 38190 during the day with a Stop Loss of 37950. For the Target of 38190 – 38315- 38412- 38530
If the Bank Nifty futures Moves Below 37800 and sustain, then you should Sell with the 1st Target of 37715 during the day with a Stop Loss of 37915. For the Target of 37715 – 37645- 37570- 37430
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Global stock market updates
The US markets mostly closed in the red on Friday after the monthly unemployment report showed that the economy added more jobs than expected in July. The tech-heavy Nasdaq declined the most while Dow Jones gained in the last hour as buying was witnessed in the banking and energy stocks.
European stock markets ended in the red on Friday after a stronger than expected US job report. This has revived investors’ concern that Fed may hike another 75 bps in the next month’s meeting. Investors also fear that fresh geopolitical tension and interest rate hike could drag the economy into recession.
Conclusions
Indian markets traded in a narrow range on Friday and closed marginally higher. Despite the 50 bps rate hikes by RBI, which is on the higher side, markets closed in the green on Friday. Technically, domestic markets are looking positive but US-China geopolitical tension could dampen the market sentiments in the next week.
To know the market events for next week you can read our key factors that are likely to impact the market in next week’s report today late evening.
Also read, Best Options Trading Books in India-Must Read 2021
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