Nifty and Bank Nifty prediction for tomorrow, 8 July 2021: Indian stock markets opened flat on Wednesday amid weak global cues. The benchmark indices continued their lackluster trading throughout the day. In the end, markets closed higher on the back of buying in metals and financial stocks.
Traders remained cautious with private reports stated that monsoon rainfall across India has turned a deficit this year, with 30% of the country seeing deficient rainfall since the start of the season. So far, till Tuesday, the cumulative rainfall was 2% below normal, since the monsoon season officially began on June 1.
However, traders took note of another private report that stated India’s hiring rate has recovered moderately from 10% in April to 35% in May 2021, but the aftermath of the second wave of Covid-19 has left professionals in India increasingly vulnerable due to the economic uncertainty.
Today’s market updates: Sensex, Nifty, and Bank Nifty on spot levels.
At the close, Nifty gained 61.40 points or 0.39 percent and closed at 15879.65 levels while Sensex was up by 193.58 points or 0.37 percent and finished at 53054.76 levels. The Bank Nifty on the spot price gained 192.15 points or 0.55 percent and ended at 35771.30 levels.
The midcap and smallcap indexes also closed higher today. The Nifty midcap index gained 179.15 points or 0.66 percent and closed at 27328.35 levels. The Nifty smallcap index was up by 61.30 points or 0.62 percent and finished at 9976.20 levels.
The top five gainers in the Nifty 50 index were Tata Steel, JSW Steel, Bajaj Finserve, Hindalco, and UPL. the top five losers in the Nifty 50 index were Titan Company, ONGC, Maruti Suzuki, SBI Life, and Shree Cement. The most active stocks in the Nifty 50 index were Tata Motors, Tata Steel, and Bajaj Finance.
On a sectoral basis, Metals, Finance, Banks, FMCG, Real Estate and Healthcare sectors closed higher today. The sectors that closed in the red were Oil & Gas, Power, and Automobiles.
Nifty and Nifty Bank futures price movement for 7 July ( July Expiry)
The Nifty futures price opened at 15826 and made a negative opening of 11.45 points. It has touched an intraday high at 15900.60 and a day’s low at 15788.80.
The Nifty futures price has given a movement of 111.8 points today. In the end, it gained 60.2 points or 0.38 percent and ended at 15897.65 levels.
The Bank Nifty futures opened at 35599.70 It made a negative opening of 77.70 points today. It has touched an intraday high at 35858.35 and a day’s low at 35470.10
During the day, the Bank Nifty in futures has given a movement of 388.25 points. In the end, it closed higher by 173.9 points or 0.49 percent and closed at 35851.70 levels.
Nifty & Bank Nifty Prediction for Tomorrow 8 July, (July Expiry )
Nifty Futures Prediction for Tomorrow, 8 July
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 15950 whereas All Down Moves Initiates Short Covering (Buy) @ 15850
If the Nifty futures share price Moves Above 15935 and sustain. Then you should Buy with 1st Target of 15955 during the day with a Stop Loss of 15860 FOR the Target of 15955-15975- 16030
If the Nifty futures share price Moves Below 15860 and sustained. Then you should Sell with the 1st Target of 15824 during the day with a Stop Loss of 15860. FOR the Target of 15824- 15788 -15750
Bank Nifty Prediction for Tomorrow, 8 July
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 36100, whereas All Down Moves Initiates Short Covering (Buy) @ 35750
Suppose the Bank Nifty futures Moves Above 35985 and sustain, then you should Buy with the 1st Target of 36050 during the day with a Stop Loss of 35725. FOR the Target of 36050 – 36115 – 36310
If the Bank Nifty futures Moves Below 35725 and sustained, then you should Sell with the 1st Target of 35660 during the day with a Stop Loss of 35985. FOR the Target of 35660 – 35590 – 35460
Global markets today
On the global front, Asian markets closed mostly in the red, while Shanghai closed higher as China step up supervision of Chinese firms listed offshore, the day after Beijing launched a cybersecurity investigation into ride-hailing giant Didi Global Inc on the heels of its U.S stock market listing.
European markets are trading higher after yesterday’s fall as upbeat news from Royal Dutch Shell and UK housebuilder Redrow helped to lift the market sentiment. The U.S future indexes, Dow and Nasdaq futures are trading higher at this moment at 4.30 pm IST
Conclusions
Indian markets closed higher even after weak global cues. The upside remained capped as traders were cautious ahead of FOMC minutes, which is expected later today. On the domestic front, the IT giant TCS will kick off the Q1 FY22 earning season, will announce its first quarterly result tomorrow. The market trend is looking bullish, both Sensex and Nifty are expected to touch a new high tomorrow.
You can also follow our Daily Morning Report and Nifty and Bank Nifty prediction for tomorrow 8 July.
Also read, Share Market Books in Hindi | शेयर मार्किट हिन्दी बुक्स
Amazon Audible- Top 5 Stock Market Audiobooks for free
If you like the post please share it with your friends and others
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution to compile the data for its Website. The views and investment tips expressed by investment experts on Nifty50Stocks.com are their own and for educational purposes. Nifty50Stocks.com is not SEBI registered Advisors. Nifty50stocks.com advises its users to check with certified and SEBI registered experts before taking any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.