Nifty and Bank Nifty Prediction for Tomorrow 8 Sept 2023
Nifty and Bank Nifty Prediction for Tomorrow 8 Sept 2023: Indian equity benchmarks pared early losses and ended the volatile session with a strong note on Thursday. The domestic markets gained for the fifth consecutive session. The market volatility was due to the expiry of the weekly Nifty index options on the NSE.
Among the sectors, the Realty, PSU Bank, and Media were advanced whereas FMCG, Pharma, and Metal witnessed some selling pressure. The market breadth was quite strong. On the NSE, 1211 shares were advanced while 838 shares declined at the close. The NSE volatility index “India VIX” gained 1.83% to a 10.87 level.
At the close, Sensex gained 385.03 points or 0.58 percent and ended at 66265.56 levels, while Nifty advanced 116 points or 0.59 percent and settled at 19727.05 levels. The broader markets also ended higher following their larger peers, the Nifty mid and smallcap indexes gained 0.77 percent and 0.47 percent respectively. You can read the detailed market updates here
Nifty and Bank Nifty Futures Price Movement for (28 Sept expiry)
The Nifty futures price opened at 19625.65, making a slightly negative opening of 33.2 points on Thursday. It has touched an intraday high of 19788.90 and a day’s low of 19601.50
The Nifty futures price has given a movement of 187.4 points. In the end, it closed higher by 108.20 points or 0.55 percent and ended at 19767.05 levels.
The Bank Nifty futures opened at 44605.30. It made a negative opening of 38.75 points. The Bank Nifty futures touched an intraday high at 45099.95 and a day’s low at 44538.25
During the day, the Bank Nifty futures have given a movement of 561.7 points. In the end, it closed higher by 409.15 points or 0.92 percent and closed at 45053.20 levels.
Nifty & Bank Nifty Prediction for Tomorrow 8 Sept 2023
Nifty Futures Prediction for Tomorrow 8 Sept 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate profit Booking @ 19830 whereas All Down Moves can Initiate Short Covering @ 19700
If Nifty futures for the Sept series move above 19776 and sustain. Then Nifty futures can hit a 1st Target of 19807 during the day with a Stop Loss of 19755. In a day it could trade in a range of 19807- 19834- 19865 levels.
If the Nifty futures (Sept Series) share price Moves Below 19727 and is sustained. Then Nifty futures can see a 1st Target of 19685 levels for the day with a Stop Loss of 19745 In a day it could trade for the target of 19685- 19650 – 19615 level.
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Bank Nifty Futures Prediction for Tomorrow 8 Sept 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 45400 whereas All Down Moves can Initiate Short Covering @ 45000
Suppose the Sept series Bank Nifty futures move above 45160 and sustain, then you could see a 1st Target of 45240 during the day with a Stop Loss of 45090. During the day Bank Nifty futures could trade in the range of 45240- 45310- 45400
If the Bank Nifty futures (Sept Series) move below 44930 and sustain, then you could see a 1st Target of 44840 levels in a day with a Stop Loss of 44990. During the day Bank Nifty futures could trade in the range of 44840- 44750- 44680
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Global Stock Market Updates
The other Asian stock markets ended lower on Thursday, following the negative cues from Wall Street overnight due to renewed inflationary pressure and a slowdown in the Chinese economy. The latest data showed China’s exports and imports fell more than expected in August. Meanwhile, Australia’s trade surplus data narrowed in July but missed the estimates
Japan’s Nikkei snapped an eight-day winning streak and closed lower. Australia’s S&P/ASX 200 and South Korea’s Kospi ended sharply lower. Hang Seng and Shanghai extended early losses and closed lower.
China’s property developers traded in Hong Kong declined, as shares of Sunac China Holdings Ltd and Evergrande slipped after a sharp rally in the past few sessions. Elsewhere, Straits Times, Jakarta, and Taiwan ended in the red, while SET Composite closed positive.
European stock market indexes pared early losses and are trading slightly higher at 5 p.m. IST. German industrial production fell in July, as manufacturing activity struggled due to high inflation and cost. The Eurozone GDP revised down to 0.1% in the second quarter from the previous estimate of 0.3%.
In the US future indexes, the Dow future is trading flat to negative while the Nasdaq future is trading marginally lower at this moment, indicating a negative opening for the US markets today. You can also follow our US markets Report at 10 PM IST.
Conclusion
Indian stock market indexes ended higher despite negative global cues, a spike in crude oil prices, and FII outflows. The domestic markets after opening lower recovered in the second half due to a short covering on the weekly options expiry day. The domestic market sentiment is positive, you can follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Best Options Trading Books in India-Must Read 2022
Stock Market Prediction Next Week (4-8 Sept 2023)
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