Nifty | Bank Nifty futures prediction for tomorrow 8 April
Stock Market Prediction Tomorrow 8 April – Nifty & Bank Nifty futures
Nifty & Bank Nifty prediction for tomorrow 8 April: Indian stock markets opened flat to positive in the morning amid mixed cues from the Asian market peers. The markets extended their early gains after the RBI policy outcome. In the end, the benchmark indices Nifty and Sensex gained almost one percent.
The market added gains as the Reserve Bank of India (RBI) expectedly left the interest rates unchanged and maintained an accommodative policy stance to nurture a fragile economic recovery. The FY22 growth projection was also maintained at 10.5 percent even after a sharp second wave of Covid-19 cases reported in several states. Some support also came from IMF’s impressive 12.5 percent growth projection report for India in 2021.
However, traders have ignored the slow growth of India’s service sector, as the IHS Markit Service PMI data fell to 54.6 in March from 55.3 in February. Meanwhile, Central Board of Direct Taxes (CBDT) chairman PC Mody said that the Center’s tax resolution scheme Vivad Se Vishwas has resolved nearly a third of all direct tax disputes and has netted Rs 54005 crore in tax revenue, 51 percent of which are from the central PSUs.
Today’s market- Sensex, Nifty, and Bank Nifty on the spot price
At the close, Nifty gained 135.55 points or 0.93 percent and closed at 14819.05 levels. Sensex was up by 460.37 points or 0.94 percent and finished at 49661.76 levels. The bank Nifty on the spot price jumped 489.85 points or 1.51 percent and ended at 32991.20 levels.
The midcap and smallcap indices gained more than 1 percent and outperformed the benchmark indices. The Nifty midcap index gained 317.10 points or 1.32 percent and closed at 2433.30 levels. The Nifty smallcap index was up by 141.85 points or 1.71 percent and ended at 8414.35 levels.
The top five gainers in the Nifty 50 index were JSW Steel, Wipro, SBI Life, SBI, and Britannia. The top five losers in the Nifty 50 index were Adani Ports, Tata Cons. Prod, UPL, Titan, and NTPC. The most active stocks in the Nifty 50 index were Adani Ports, Reliance, and HDFC Bank.
On a sectoral front, the Infrastructure, Power, Industrial gas, and fuel sectors closed in the red today. The sectors that lifted the markets were Metals, Automobiles, Banks, Capital Goods, and IT & Software.
Nifty and Bank Nifty futures movement today, 7 April 2021
The Nifty futures share price opened at 14750 made a flat to the negative opening of 1.45 points. It has touched an intraday high at 14950 and a day’s low at 14701
The Nifty futures share price has given a movement of 249 points. In the end, it gained 129.05 points or 0.87 percent and ended at 14880.50 levels.
The Bank Nifty futures share price opened at 32560.35 It made a negative opening of 131.2 points today. It has touched an intraday high at 33370 and a day’s low at 32298.30
During the day, the Bank Nifty futures share price has given a movement of 1071.70 points. In the end, it closed higher by 439.5 points or 1.34 percent and closed at 33131.05 levels.
Nifty & Bank Nifty prediction for tomorrow 8 April ( April Expiry)
Nifty futures prediction for tomorrow 8 April 2021
Primary Nifty Trend in futures: Mild Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 14950 whereas All Down Moves Initiates Short Covering (Buy) @ 14800
If the Nifty futures share price Moves Above 14918 and sustain. Then you should Buy with 1st Target of 14949 during the day with a Stop Loss of 14835 FOR the Target of 14949-14985- 15032
If the Nifty futures share price Moves Below 14835 and sustain. Then you should Sell with the 1st Target of 14790 during the day with a Stop Loss of 14918. FOR the Target of 14790- 14738 -14670
Bank Nifty futures prediction for tomorrow 8 April 2021
Primary Trend of Bank Nifty Futures: Range-bound
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 33550, whereas All Down Moves Initiates Short Covering (Buy) @ 32750
Suppose Bank nifty share price in futures Moves Above 33310 and sustain, then you should Buy with the 1st Target of 33560 during the day with a Stop Loss of 32930. FOR the Target of 33560 – 33775 – 33980
If Bank nifty share price in the futures Moves Below 32930 and sustained, then you should Sell with the 1st Target of 32715 during the day with a Stop Loss of 33310. FOR the Target of 32715 – 32495 – 32180
Global markets today
On the global fronts, Asian markets closed in a mixed state on Wednesday as IMF revised and upgrade its earlier global economic forecast for this year. Some cautiousness also seen in the global markets ahead of the release of the minutes of the Federal Reserve’s latest monetary policy meeting on Wednesday. The European stock markets are trading higher near their record high levels on the back of buying in telecom and real estate shares. The US futures, Dow, and Nasdaq futures are trading flat at this moment (4.30 pm IST)
Conclusions:
Indian stock markets made a decent rally after the announcement of the RBI monetary policy meeting outcome. The broader market witnessed healthy buying interest as midcap and smallcap indices closed higher.
Going ahead, the Indian market is looking positive but surges in coronavirus cases in India can be dampened the market sentiments. You can also follow our daily morning market updates report and Nifty and Bank Nifty futures prediction for 8 April.
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