Bank Nifty Index | Nifty prediction for next week (7-11 June)
Nifty & Bank Nifty Index Prediction for Next Week: Indian stock markets closed higher around one and a half percent for the week ended 4 June. Markets gained higher due to positive global cues, better than expected GDP numbers, FIIs buying, and reopening business after the second wave. However, the higher side of the market was capped due to weak PMI data and as RBI trimmed GDP growth on Friday.
The key factors that may impact the Nifty and Bank Nifty Index in the next week are as follows
Economic Data
Next week, on Friday 11 June, the government will announce the Index of Industrial Production (IIP) data for April 2021. The country’s factory output measured in terms of the IIP for March was 22.4 percent growth, this was due to the low base effect. Markets are likely to trade cautious ahead of the IIP data on Friday.
Global market cues
The global market indices closed mixed during the week ended 4 June. The European markets gained due to the optimism about the prospect of economic recovery while U.S markets closed marginally higher as traders were cautious ahead of the monthly job data. The Japanese and Chinese indexes closed in the red during the week ended 4 June.
In the coming week, global markets are expected to start on positive notes as the U.S job data showed a slow recovery in May and Fed may not think of a tapering bond-buying program. The other economic data that may impact the global market sentiments are given below.
| Important Global Macro Data Next Week | ||
| 7 June 2021 | Balance of Trade, Export/Import | China |
| 8 June 2021 | GDP Growth rate | Japan |
| 8 June 2021 | Balance of Trade, Export/Import | US |
| 9 June 2021 | Inflation rate | China |
| 10 June 2021 | Inflation rate | USA |
| 10 June 2021 | Initial Jobless claim | USA |
| 11 June 2021 | Industrial Production | GB |
| 11 June 2021 | GDP growth 3 Months Avg | GB |
Nifty and Bank Nifty Index prediction in futures ( 7 June- 11 June)
Nifty Prediction in Futures for the week ( 7 June- 11 June)
Primary Trend of Nifty futures for next week: Positive
Range-Bound Trend of Nifty futures: All up Moves Initiates Profit Booking (Sale) @ 15750 whereas All Down Moves Initiates Short Covering (Buy) @ 15600
Suppose Nifty share price in futures Moves Above 15728 and sustain. Then you should Buy Nifty futures with 1st Target of 15752 during the day or week with a Stop Loss of 15660 FOR the Target of 15752- 15780- 15805- 15846
Suppose Nifty share price in futures Moves Below 15660 and sustain. Then you should Sell with the 1st Target of 15630 during the day or week with a Stop Loss of 15728. FOR the Target of 15630- 15602- 15550 -14498
Bank Nifty Index prediction for next week ( 7 June- 11 June)
Primary Trend of Bank Nifty future for the week: Positive
Range-Bound Trend of Bank Nifty share price in future: All up Moves Initiates Profit Booking (Sale) @ 35900, whereas All Down Moves Initiates Short Covering (Buy) @ 35250
Suppose the Bank Nifty share price in the futures Moves Above 35760 and sustains. Then you should Buy Bank Nifty futures with the 1st Target of 35870 during the day or week with a Stop Loss of 35350. FOR the Target of 35870 – 35980- 36060- 36230
If Bank Nifty shares price in the future Moves Below 35350 and sustained. Then you should Sell with the 1st Target of 35260 during the day or week with a Stop Loss of 35760. FOR the Target of 35260- 35135- 35005 – 34780
FII & DIIs investment in Indian stock markets
Foreign Institutional Investors (FIIs) have turned buyers while Domestic Institutional investors (DIIs) have sold in the cash market during the week ended 4 June. FIIs have bought Rs 5462.2 crores while DIIs have sold Rs 801.95 crores in the cash market segment during the week.
After selling for April and most of May, foreign investors bought shares worths Rs 8083 crores in the last twelve trading sessions. Market analysts believe the buying spree of FIIs would continue for a while due to the hopes of a faster reopening of the economy and falling coronavirus cases in the country.
Coronavirus risk & Vaccination
The daily new coronavirus cases continue to decline in India. In the last 24 hours on Saturday morning, India recorded over 1.20 lakh new coronavirus cases, its lowest daily spike since April 7. However, 3380 death reported in the last 24 hrs due to deadly diseases.
India has administered more than 22 crores doses of the coronavirus vaccine so far. While reviewing the progress of the Vaccination drive, Prime Minister Narendra Modi has said the vaccine wastage number is still on the higher side and needs to bring them down. The government is actively working with vaccine manufacturers to help them to produce more vaccines and make them available to Indian citizens soon.
The delta variant of Covid-19, the high transmissible variate how now become a concern in the UK. The delta variant is a deadlier variant of Coronavirus, it has got more risk of hospitalization, health officials in Britain have warned. Last week the infection rose by 5472 to hit a total of 12431 on Thursday.
The decline of coronavirus cases and ease of lockdown in various places in India is positive for the Indian markets. The progress of vaccination in India should be closely monitored by the traders as this may increase the hopes of lifting complete lockdown. Traders should keep track of rising new delta variants in the UK as this can dampen the global market sentiments again.
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