Nifty and Bank Nifty prediction for tomorrow, 8 Jan 2021
Sensex, Nifty ends lower today, Nifty and Bank Nifty futures prediction for tomorrow 8 Jan 2021
Nifty & Bank Nifty prediction for tomorrow, 8 Jan 2021: Indian stock markets opened strong in the morning amid positive Asian markets cue. The equity benchmark indices erased most of their gains in the morning itself and traded just above their neutral lines during the day. In the end, markets closed marginally lower.
The market sentiments remained positive most of the day as the World Trade Organisation (WTO) stated that India has implemented several measures to facilitate trade, such as simplification of procedures and customs clearances for imports and exports. Traders also took note of the ICRA rating report that non-banking finance companies (NBFCs) are likely to see a 7-9% growth in their asset under management (AUM) in FY22 but access to funding would be crucial for them to have a sustained improvement.
On the global front, Asian markets are mostly closed in the green amid optimism over the rollout of coronavirus vaccines in many countries. The European markets are mostly trading in the green as investors are hopeful that the large scale coronavirus vaccine rollout on the continent will spur a strong economic recovery.
Today’s Market: Sensex, Nifty, and Bank Nifty
At the close, Nifty declined 8.90 points or 0.06% at 14137.35 while Sensex fell 80.74 points or 0.16% and at 48093.32 level. The Bank Nifty index also trimmed some early gains but managed to close above its neutral line. The Bank Nifty on the spot level gained 158.10 points or 0.50% and ended at 31956 levels.
The Nifty midcap and smallcap 100 outperformed the benchmark indices today. The midcap index gained 313 points or 1.45% and at 21964.55 level. The Nifty smallcap index is closed higher by 99.80 points or 1.37% and at 7398.55 levels.
The top five gainers in the Nifty 5o index for the day were Tata Steel, Hindalco, Bharti Airtel, Adani Ports, and IndusInd Bank. The top five losers in the Nifty 50 index for the day were Nestle, HDFC Life, HUL, Devis Lab, and Titan Company. Reliance, Tata Steel, and Bharti Airtel were the most active stocks in the NSE today.
On a sectoral basis, Metals sectors were focused today, it gained more than 4% followed by Infrastructure, Banking and Finance, Electricals, and Consumer Durables. On the losing side, FMCG, IT & Software, Insurance, Agri, and Chemicals sectors closed in the red today.
Nifty & Bank Nifty futures price today
The Nifty futures share price opened at 14200.10, it made a positive opening of 10.65 points. It has touched an intraday high at 14283 and a day’s low at 14175
The Nifty futures share price has given a movement of 108 points. In the end, it gained 14.45 points or 0.10% and closed at 14203.90 levels.
The Bank Nifty futures share price opened at 32106.05 It made a positive opening of 202.95 points today. It has touched an intraday high at 32294.95 and a day’s low at 32034.05
During the day, the Bank Nifty futures share price has given a movement of 260.90 points. In the end, it closed higher by 185.9 points or 0.58% and closed at 32089 levels.
Nifty and Bank Nifty futures prediction for 8 Jan ( Jan Expiry)
Nifty futures prediction for 8 Jan 2021
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 14300 whereas All Down Moves Initiates Short Covering (Buy) @ 14160
If the Nifty futures share price Moves Above 14228 and sustain. Then you should Buy with 1st Target of 14256 during the day with a Stop Loss of 14188 FOR the Target of 14256-14285- 14316
If the Nifty futures share price Moves Below 14188 and sustain. Then you should Sell with the 1st Target of 14158 during the day with a Stop Loss of 14228. FOR the Target of 14158- 14135 -14112
Bank Nifty futures prediction, 8 Jan 2021
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 32400, whereas All Down Moves Initiates Short Covering (Buy) @ 31920
Suppose Bank Nifty futures share price Moves Above 32195 and sustain. Then you should Buy with the 1st Target of 32245 during the day with a Stop Loss of 32030. FOR the Target of 32245 – 32320- 32405
If the Bank Nifty futures share price Moves Below 32030 and sustained. Then you should Sell with the 1st Target of 31925 during the day with a Stop Loss of 32195. FOR the Target of 31925 – 31870- 31750
Conclusions:
Indian market opened a gap up in the morning due to positive global cues, but could not sustain at higher levels due to profit booking. Metals, Banks, and Financial sectors helped the markets to trade higher most of the day. Going ahead, corporate Q3 earnings will impact the market and set the direction. Tomorrow, TCS will announce its Q3FY21 earnings and kick-off the earnings season.
Traders/investors can follow our Daily Morning market prediction and can follow our Nifty and Bank Nifty futures prediction for tomorrow 8 Jan 2021.
Also read, Top Stock Research for the week 4th Jan to 8th Jan 2021
Stock market holidays 2021-Indian & Global markets
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