Nifty and Bank Nifty Prediction for Tomorrow 2 Sept 2022
Nifty and Bank Nifty Prediction for Tomorrow 2 Sept 2022: The Indian equity markets ended in deep red after a weak session on Thursday. The negative global cues and weak macroeconomic data dragged the key indices of Indian stock markets. Among the sectors, selling pressure was witnessed in IT and Energy stocks, while some buying was seen in PSU banking and Realty space.
The broader markets outperform the benchmarks, as Nifty mid and smallcap indexes closed slightly higher today. The market breadth was positive today, Sensex and Nifty ended lower by 1.29 percent and 1.22 percent respectively at the close. You can read the detailed market updates here
Nifty and Bank Nifty futures price movement for 1 Sept (Sept Expiry)
The Nifty futures price opened at 17552, making a negative opening of 275 points today. It has touched an intraday high of 17734.90 and a day’s low of 17482
The Nifty futures price has given a movement of 252.9 points today. In the end, it closed lower by 216.35 points or 1.21 percent and ended at 17611.15 levels.
The Bank Nifty futures opened at 39006 It made a negative opening of 701.6 points. The Bank Nifty futures has touched an intraday high at 39828 and a day’s low at 38952.15
During the day, the Bank Nifty futures has given a movement of 875.85 points. In the end, it closed lower by 217.55 points or 0.55 percent and closed at 39490.05 levels.
Nifty & Bank Nifty Prediction for Tomorrow 2 Sept 2022 (Sept Expiry)
Nifty Futures Prediction for Tomorrow 2 Sept 2022
Primary Nifty Trend in futures: Negative bias Cautious
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17700 whereas All Down Moves Initiates Short Covering (Buy) @ 17500
If the Nifty futures share price Moves Above 17656 and sustain. Then you should Buy with 1st Target of 17704 during the day with a Stop Loss of 17635 FOR the Target of 17704- 17748- 17802
If the Nifty futures share price Moves Below 17580 and is sustained. Then you should Sell with the 1st Target of 17535 for the day with a Stop Loss of 17609. For the Target of 17535- 17490- 17446
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Bank Nifty Futures Prediction for Tomorrow 2 Sept 2022
Primary Trend of Bank Nifty Futures: Positive bias Cautious
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 39800 whereas All Down Moves Initiates Short Covering (Buy) @ 39200
Suppose the Bank Nifty futures Moves Above 39550 and sustain, then you should Buy with the 1st Target of 39640 during the day with a Stop Loss of 39400 and the Target of 39640- 39722- 39840
If the Bank Nifty futures Moves Below 39270 and sustain, then you should Sell with the 1st Target of 39140 the day with a Stop Loss of 39350. For the Target of 39140 – 39070 -38930
Global Stock Markets Today
On the global front, the other Asian market indexes mostly closed in the red on Thursday, after fresh data showed that China’s manufacturing activity contracted in the month of August. The major key indexes Nikkei, Hang Seng, Taiwan, Kospi, and SET Composite declined between 1-2% today, while Shanghai Composite was down 0.54 percent today. Asian market sentiments were downbeat due to the global economic slowdown and some cautiousness ahead of the monthly US job data.
European markets are trading in the deep red as Europe’s manufacturing activity mostly declined in August due to high inflation, shrinking order books, and output at factories as per the latest survey. The US future indexes, Dow, and Nasdaq futures are trading in the red at 5.30 pm IST indicating a weak opening of US markets today.
Conclusion
Indian markets ended lower on Thursday, in line with their global peers. The market sentiments were downbeat due to weak manufacturing data for the month of August in Asian and European countries. Tomorrow markets may remain cautious as US monthly job data is due later in the day.
Also read: Hedging: Meaning, Risk, Strategies, and types of Hedge
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