Nifty and Bank Nifty Prediction for Tomorrow, 7 February 2024
Nifty and Bank Nifty Prediction for Tomorrow, 7 February 2024: Indian equity benchmarks ended with substantial gains on Tuesday. The domestic markets opened higher and after initial volatility, indices extended their early gains and closed near their day high. Among the sectors, IT, Metal, and Auto stocks were in demand, while the selling pressure was witnessed in PSU Banks, Nifty Bank, and FMCG counters.
The market breadth was strong today. On the NSE, 1635 shares were advanced, while 943 shares declined at the close. The NSE volatility index “India VIX” closed higher by 1.07% to 15.79.
The broader markets outperformed their larger peers, as Nifty mid and smallcap indexes gained 1.19% and 0.79% respectively. In the end, Sensex advanced 454.68 points or 0.63% and settled at 72186.10, while Nifty jumped 157.70 points or 0.72% and closed at 16449.35. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (29 February expiry)
The Nifty futures price for the February 29 expiry opened at 21836.60 making a positive opening of 33.15 points on Tuesday. It has touched an intraday high of 22015 and a day’s low of 21790.05
The Nifty futures price has given an intraday movement of 224.95 points. Ultimately, the Nifty futures closed higher by 197.35 points or 0.91% at 22000.80 levels.
The Bank Nifty futures for the February 29 expiry opened at 45959.55. It made a negative opening of 80.85 points on Tuesday. The Bank Nifty futures touched an intraday high at 46165 and a day’s low at 45740.
During the day, the Bank Nifty futures have given a movement of 425 points. In the end, Bank Nifty Futures closed slightly lower by 10.50 points or 0.02 percent and closed at 46029.90 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 7 Feb 2024
Nifty Futures Prediction for Tomorrow, 7 Feb 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22140 whereas All Down Moves can Initiate Short Covering @ 21960
Suppose the Nifty futures move above 22032 and sustain. Then the index can trade in a range of 22065- 22110- 22147 levels during the day.
If the Nifty futures share price moves below 21938 and is sustained. Then the index futures can trade in a range of 21909- 21875- 21840 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 7 Feb 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 46500 whereas All down moves can Initiate Short Covering @ 45800.
Suppose the Bank Nifty futures move above 46215 and sustain, then the index can trade in the range of 46300- 46450- 46630 levels during the day.
If the Bank Nifty futures move below 45880 and sustain, then the index can trade in the range of 45774- 45665- 45525 levels during the day.
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Global Market Updates
The other Asian market indexes mostly closed higher on Tuesday, Shanghai and Hang Seng indexes jumped after Bejing supported its struggling markets. Several announcements were made by China’s securities regulator, coupled with reports of a meeting between President Xi Jinping and financial regulators on Tuesday, to curb significant losses in the stock market, that reached five-year lows in the recent trading session.
Japan’s Nikkei 225 ended lower, as the country’s household spending fell more than expected in December. Australia’s S&P ASX 200 index also declined as the Reserve Bank of Australia kept the interest rate unchanged as widely expected. South Korea’s Kospi index and Straits Times ended in the red while SET Composite and Jakarta Composite closed in the green.
European stock markets are mostly trading higher on Tuesday, as German factory orders unexpectedly rose in December, while oil giant BP gained above 5% after the British oil and gas giant announced a $1.75bn share buyback.
In the US, the Dow Jones future is trading slightly lower, while the Nasdaq future is trading marginally higher, indicating a mixed opening for the US markets today.
Conclusion
Indian stock markets rebounded from previous session losses and closed near their day’s high. Going ahead, the positive momentum is expected to persist, although volatility may remain as the two-day RBI monetary policy commenced on Tuesday.
Investors can also follow our Daily Morning Report at 7:30 a.m. for market direction. You can also follow our Nifty and Bank Nifty support and resistance levels during the live market.
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