Nifty and Bank Nifty Prediction for Tomorrow – 7 December 2023
Nifty and Bank Nifty Prediction for Tomorrow – 7 December 2023: Indian equity benchmarks ended the volatile session with moderate gains on Wednesday, extending the positive momentum for the seventh consecutive session. Sensex and Nifty Nifty hit an all-time time at 69744.62 and 20961.21 in the late trading session. Meanwhile, the Bank Nifty index also registered a fresh record high at 47259.85.
Among the sectors, the Media sector gained the most over 2%, followed by IT and Oil and gas, while Banking, Pharma, and Realty witnessed some selling pressure. The market breadth was positive on Wednesday.
In the broader markets, the Nifty mid and smallcap indexes gained 0.25% and 0.38%. At the close, Sensex gained 357.59 points or 0.52% and finished at 69653.73, while Nifty advanced 82.60 points or 0.40% and settled at 20937.70. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (28 Dec expiry)
The Nifty futures price for December 28, expiry opened at 21038.80, making a gap-up opening of 96.2 points on Wednesday. It has touched an intraday high of 21080 and a day’s low of 20941.25
The Nifty futures price has given a movement of 138.75 points. In the end, the Nifty futures closed higher by 100 points or 0.48 percent and ended at 21042.60 levels.
The Bank Nifty futures for December 28, expiry opened at 47302.05. It also made a positive opening of 149.65 on Wednesday The Bank Nifty futures touched an intraday high at 47367.95 and a day’s low at 46845
During the day, the Bank Nifty futures have given a movement of 522.95 points. In the end, Bank Nifty Futures closed lower by 252.25 points or 0.53 percent and closed at 46900.15 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 7 Dec 2023
Nifty Futures Prediction for Tomorrow, 7 Dec 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 21100 whereas All Down Moves can Initiate Short Covering @ 20950
If the Nifty futures move above 21062 and sustain. Then the index can trade in a range of 21101- 21130- 21160 levels during the day.
If the Nifty futures share price moves below 21021 and is sustained. Then the index futures can trade in a range of 20992- 20965- 20925 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 7 Dec 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47500 whereas All down moves can Initiate Short Covering @ 46700.
Suppose the Bank Nifty futures move above 47155 and sustain, then the index can trade in the range of 47240- 47380- 47550 levels during the day.
If the Bank Nifty futures move below 46700 and sustain, then the index can trade in the range of 46620- 46515- 46285 levels during the day.
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Conclusion
After the state election results, there was a surge in market optimism. The strong economic data and decline in crude oil prices supported the domestic markets. The comeback of the Foreign Institutional Investor (FII) in Indian equity markets after the decline in inflation and yields in both the US and Indian markets has also aided the markets.
The near-term outlook of the domestic markets is favorable. Despite a positive outlook, short-term profit booking may occur in the market due to domestic premium valuation concerns. It is advisable to remain cautious and trade with a strict stop loss in the coming days. The Nifty index entered into a strongly overbought zone, with RSI now exceeding 83. You can also follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Stock Market Prediction Next Week (4- 8 Dec 2023)
Options Trading Books: Your Ultimate 2023 Guide to Winning Big
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