NSE Nifty, Bank Nifty closed higher for second consecutive days, prediction for tomorrow

 

The Indian share market opened in a flat note after getting mixed global cues in the morning. The market was trading sideways today and later got some buying seen in the last hour. In the end, the benchmark indices closed in the positive, and NSE Nifty closed above 11500 levels.

Traders were worried after Moody’s Investors Service stating that India will be among the large emerging sovereigns to have the highest debt burden by 2021. Traders also remained concerned with SBI’s research report-Ecowrap which has stated that India’s real Gross Domestic Product is expected to shrink by 10.9% in the current fiscal year FY21.

On the global front, Asian markets closed in mixed. The European markets are trading higher after four straight session due to global manufacturing recovery and stimulus hopes. The US Dow futures and Nasdaq futures are also trading strong today.

 

Indian Market today: BSE Sensex, NSE Nifty and Bank Nifty

 

At the close, NSE Nifty gained 64.70 points or 0.56% and at 11535 while Sensex was up by 185.23 points or 0.48% and closed at 39086.03 levels. The NSE index Bank Nifty also gained 62.55 points in the last hour and closed at 23874.55 levels.

The Nifty midcap and smallcap 100 indices outperformed the benchmark today. The midcap index gained 250.30 points or 1.49% and closed at 17069.70 levels. The smallcap also gained 96.60 points or 1.72% and closed at 5705.95 levels.

The top gainers in the Nifty index are Zee Entertainment, M&M, Tata Motors, Bharti Infratel, and Adani Ports. The losers in the Nifty index for the day are Bajaj Auto, Asian Paints, Hero Motor Corp, Sun Pharma, and HDFC. The most active stocks for the day in the Nifty index were Reliance, Bharti Airtel, and Bajaj Finance.

On a sectoral basis, OIl & Gas, Automobiles, Capital Goods, Healthcare, and IT & Software are top gainers whereas Retails, Logistics, Financial and FMCG sectors closed marginally lower today.

 

NSE futures: Nifty and Bank Nifty today

 

The NSE Nifty futures opened at 11480.40, and it made a negative opening of 30.55 points today. It has touched an intraday high at 11576 and a day’s low at 11445

The NSE Nifty futures has given a movement of 131 points. In the end, it gained 53.75 points or 0.47% and closed at 11564.70 levels.

The NSE banking index Bank Nifty futures opened at 23855. It was made a gap down opening of 60.55 points today. It has touched an intraday high at 23974 and a day’s low at 23500.90

During the day, the Bank Nifty futures has given a movement of 473.10 points. In the end, it gained 5.2 points and closed flat at 23920.75 levels

 

NSE index prediction: Nifty & Bank Nifty futures for 3rd Sept ( Sept Expiry)

NSE Nifty prediction in futures for 3rd Sept 2020

Primary Nifty Trend in futures: Mild Positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11650 whereas All Down Moves Initiates Short Covering (Buy) @ 11500

If Nifty share price in futures Moves Above 11585 and sustain. Then you should Buy with 1st Target of 11612 during the day with a Stop Loss of 11518. FOR the Target of 11612- 11632- 11654

If Nifty share price in futures Moves Below 11518 and sustain. Then you should Sell with 1st Target of 11498 during the day with a Stop Loss of 11585. FOR the Target of 11498- 11476- 11440

NSE index Bank Nifty prediction in futures, 3rd Sept  2020

Primary Trend of Bank Nifty Futures: Mild Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 24300, whereas All Down Moves Initiates Short  Covering (Buy) @ 23730

If the Bank Nifty share price in futures  Moves Above 24100 and sustain. Then you should Buy with 1st Target of 24180 during the day with a Stop Loss of  23780. FOR the Target of 24180 – 24270- 24510

If the Bank Nifty share price in futures Moves Below 23780 and sustained. Then you should Sell with 1st Target of 23730 during the day with a Stop Loss of 24100. FOR the Target of 23730 – 23620- 23470

 

Conclusions:

The last hour buying in the market closed the benchmark indices in the positive note. After Monday’s correction, the market is gradually moving ahead towards the northward direction. Today, the midcap and smallcap outperformed the benchmark. Investors are advised to accumulate quality midcap and smallcap stocks. 

Tomorrow the market will open as per the global market cues. You may be interested to check out the latest charting platform for your strategy here. Traders can also follow our Daily Stock/Share Market live and NSE Nifty and Bank Nifty share price prediction in futures for 3rd Sept.

 

You can also read, Best Stock Market Books to Make Money

Trade Setup for Next Week: Nifty & Bank Nifty Trading view

 

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Editor’s Desk

 

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