Market Today: Nifty and Bank Nifty prediction tomorrow, 8th July

 

Nifty & Bank Nifty Prediction for Tomorrow, 8th July: After a flat start in the morning, the Indian stock market today closed in the positive zone despite negative cues from the Asian markets. Nifty was hovering around 10750 levels most of the day whereas Bank Nifty made decent gains with the support of private sector banks.

Today the market’s sentiment remains subdued after the India Rating and Research released a report. In the report, it stated that the impact of coronavirus and the associated policy response may result in an additional Rs 1.67 lakh crore of debt from the top 500 heavy-debt private-sector borrowers turning delinquent between FY21 and FY22

On the global front, most of the Asian markets were closed in the red today. The European markets are trading lower today. Dow and Nasdaq futures are also trading in the red. The traders are worried about the surge in coronavirus cases in the US and other parts of the world. 

 

Sensex, Nifty and Bank Nifty today on the spot levels

 

At close, Nifty gained 36 points or 0.34% and at 10,799.65 while Sensex was up 429.05 points at 1.94% and at 36674.52. The Bank Nifty extended its morning gains in the second half, it was up by 429.05 points or 1.94% and closed at 22628

The Nifty midcap and smallcap 100 indices are also closed in the green. The midcap index gained 66.95 points or 0.44% and at 15364.10. The Nifty smallcap index was up by 47.95 points or 1% and closed at 4839.60 levels.

The top five gainers in the Nifty50 index for the day are Bajaj Finance, IndusInd Bank, Bajaj Finserv, Infosys, and ICICI Bank. Whereas the top losers in the Nifty50 index are Adani Ports, NTPC, ITC, Power Grid, and Grasim.

On a sectoral basis, Banking & Finance, Hospitality, IT & Software, Aviation, and Chemical. On the losing side, Manufacturing, Power, Oil &Gas, Telecom, and Metals sectors are closed in the red today.

Hotel stocks remain in limelight in today’s market. Maharashtra government allowed hotels and allied services that provide accommodation to resume operations outside the containment zone at 33% of their capacity from the 8th of July.

 

Nifty and Bank Nifty share price in futures today

 

The Nifty share price today in futures opened at 10,761.90 it was made a positive opening of 7.05 points today. It has touched an intraday high at 10784.70 and a day’s low at 10657.70

The Nifty share price today in futures has given a movement of 127 points. In the end, it was up just by 1.10 points and closed flat at 10755.95 levels

The Bank Nifty share price in futures opened in 22209.95, it was made a negative opening of 16.35 points today. It has touched an intraday high at 22656 and a day’s low at 22000.90

During the day the Bank Nifty share price in futures has given a movement of 655.1 points. In the end, it gained 311.7 points or 1.40% and closed at 22538 levels.

 

Nifty & Bank Nifty futures tomorrow- Prediction for 8th July (July Expiry)

 

 

Nifty prediction for tomorrow in futures- 8th  July 2020

Primary Nifty Trend in futures: Positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 10850 whereas All Down Moves Initiates Short Covering (Buy) @ 10700

If Nifty share price in futures Moves Above 10780 and sustain. Then you should Buy with 1st Target of 10808 during the day with a Stop Loss of 10704. FOR the Target of 10808- 10832- 10858

If Nifty share price in futures Moves Below 10704 and sustain. Then you should Sell with 1st Target of 10680 during the day with a Stop Loss of 10780. FOR the Target of 10680- 10645- 10615.

 

 

Bank Nifty prediction for tomorrow in futures, 8th July  2020

Primary Trend of Bank nifty Futures: Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 22950, whereas All Down Moves Initiates Short  Covering (Buy) @ 22300

If Bank Nifty share price in futures  Moves Above 22650 and sustain. Then you should Buy with 1st Target of 22790 during the day with a Stop Loss of  22220. FOR the Target of 22790 – 22920- 23055

If Bank Nifty share price in futures Moves Below 22220 and sustained. Then you should Sell with 1st Target of 22140 during the day with a Stop Loss of 22650. FOR the Target of 22140 – 22020- 21940.

 

Conclusions:

Indian stock market gained for the fifth consecutive trading session today. The domestic market is getting support from the global market especially the US and China. Though there is news of increasing coronavirus cases in the US, India, and some other parts in the world. The investors are buying in the market in the hope of quick recovery in the economy. The Indian market is looking positive in the short term.

Traders need to be cautious and can follow these factors closely before taking any position in the market. Traders can also follow our Daily Stock/Share Market live and Nifty and Bank Nifty prediction for 8th July.

 

You can also read, MONEYBHAI Review: Here’s what you should know  

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