Nifty & Bank Nifty prediction for next week [ 8-12 March]
Market prediction next week (8-12 March)- Nifty & Bank Nifty futures
Market Prediction for (8-12 March)- Nifty and Bank Nifty: After last week’s fall, Indian stock markets gained more than 2% during the week. Domestic markets made a strong opening on the first day of the week and continued an upward journey till Wednesday. The weakness in the last two trading sessions trimmed some weekly gains but the markets closed higher. The factors that impacted the most in the Indian markets were negative global cues and FIIs outflow in the last two days of the week.
Below are the key factors that may impact the Indian stock market next week
Global market cues
Global cues played an important role in the last week to set the domestic market direction. On the weekly basis, the US markets finished mixed due to the rise in rates again. Traders were concern about the growth hopes and inflation fears in the US. The European markets closed higher last week due to the ease in coronavirus restriction. The Asian market indices Japan and Chinese markets closed lower on a weekly basis.
Going ahead, traders need to track the bond yields which can again impact the domestic market. Traders need to follow the below economic calendar for the next week.
| Important Global Macro Data Next Week | ||
| 8 Mar 2021 | Current Account balance | Japan |
| 8 Mar 2021 | Consumer Inflation expectation | US |
| 9 Mar 2021 | GDP Growth rate QoQ | Japan |
| 10 Mar 2021 | Inflation rate | China |
| 10 Mar 2021 | Core Inflation rate | US |
| 11 Mar 2021 | Jobless Claim | US |
| 12 Mar 2021 | Industrial Production | GB |
| 12 Mar 2021 | GDP 3 Month Average | GB |
Domestic Economic data
Next week on Friday, traders/investors should remain cautious ahead of the CPI, Industrial production data. The other economic data that are scheduled for the next week are given below.
| Economic Data Next Week | |
| 12 Mar 2021 | Industrial Production |
| 12 Mar 2021 | Retail Inflation CPI |
| 12 Mar 2021 | Bank Loan & Deposit growth |
| 12 Mar 2021 | Foreign Exchange Reserve |
Nifty and Bank Nifty futures prediction for the week (8- 12 March)
Nifty futures prediction for the week ( 8-12 March)
Primary Trend of Nifty futures for the week: Range-bound
Range-Bound Trend of Nifty futures: All up Moves Initiates Profit Booking (Sale) @ 15050 whereas All Down Moves Initiates Short Covering (Buy) @ 14900
Suppose Nifty share price in futures Moves Above 15052 and sustain. Then you should Buy Nifty futures with 1st Target of 15102 during the day or week with a Stop Loss of 14945 FOR the Target of 15102-15149-15208- 15250
Suppose Nifty share price in futures Moves Below 14945 and sustain. Then you should Sell with the 1st Target of 14912 during the day or week with a Stop Loss of 14680. FOR the Target of 14912- 14875- 14840-14802
Bank Nifty futures prediction for the week ( 8- 12 March)
Primary Trend of Bank Nifty future for the week: Mild Negative
Range-Bound Trend of Bank Nifty share price in future: All up Moves Initiates Profit Booking (Sale) @ 36100, whereas All Down Moves Initiates Short Covering (Buy) @ 34750
Suppose Bank Nifty share price in the futures Moves Above 35550 and sustain. Then you should Buy Bank Nifty futures with the 1st Target of 35730 during the day with a Stop Loss of 35220. FOR the Target of 35730 – 35905- 36085- 36430
If Bank Nifty shares price in the future Moves Below 35220 and sustained. Then you should Sell with the 1st Target of 35130 during the day with a Stop Loss of 31450. FOR the Target of 35130- 34958- 34740 – 34530
FII & DIIs investment in Indian stock markets
On a weekly basis, FIIs were buyers and DIIs were the seller in the cash market segment. FIIs bought Rs 2199.74 crores while DIIs sold Rs 2635.39 crores last week. In the last two days of the week, both FIIs and DIIs were the seller in the cash market. It is because of the increase in the US bond yields, FIIs pull out the money in the cash segment in the last two days.
The further increase in the overseas bond yields can outflow more FIIs funds from the Indian equity markets. Traders/ Investors should closely watch out the FIIs investments to know the market trend.
Coronavirus risk & Vaccination
India on Sunday reported 18711 fresh coronavirus cases and a total of 100 people died due to the infection in the last 24 hours. The total number of active cases is now increased to 184523 as per the Union Health Ministry. Maharashtra reported more than 50% of the total country’s infection. In last week more than 50K fresh coronavirus cases reported in Maharashtra.
On the vaccination front, the Indian Covid immunization drive completes 50 days and so far a total of 2.9 crores of people were vaccinated. Globally, European countries and the US have seen a decline in new coronavirus cases. Back home the recent spike in Maharashtra is worrisome, this may impose new restrictions in the region which is again not good for the Indian economy. Traders/ Investors should keep updates the new
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