Nifty and Bank Nifty Prediction for Tomorrow 10 Feb 2023
Nifty and Bank Nifty Prediction for Tomorrow 10 Feb 2023: Indian stock markets witnessed a rangebound session and the key indices closed with marginal gains on Thursday. The domestic markets traded sideways in absence of any major trigger. Among the sectors, IT, Media, and Financial Services were the gainers while some selling pressure was witnessed in Metals, Realty, and Auto.
The market breadth was negative today. The broader markets closed almost flat today, as the Nifty midcap index ended 0.04 percent higher while smallcap index was down by 0.04 percent. At the close, the equity benchmarks, Sensex and Nifty gained 0.23 percent and 0.12 percent respectively.
Nifty and Bank Nifty futures price movement for 9 Feb
The Nifty futures price opened at 17900.05 making a slightly lower opening of 9.2 points today. It has touched an intraday high of 17974.95 and a day’s low of 17820.90
The Nifty futures price has given a movement of 154.05 points today. In the end, it closed higher by 49.85 points or 0.28 percent and ended at 17959.10 levels.
The Bank Nifty futures opened at 41600 It made a negative opening of 74.7 points. The Bank Nifty futures touched an intraday high at 41752.30 and a day’s low at 41365
During the day, the Bank Nifty futures have given a movement of 387.3 points. In the end, it closed higher by 75.30 points or 0.18 percent and closed at 41750 levels.
Nifty & Bank Nifty Prediction for Tomorrow 10 Feb 2023 (Feb Expiry)
Nifty Futures Prediction for Tomorrow 10 Feb 2023
Primary Nifty Trend in futures: Mild Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18100 whereas All Down Moves Initiates Short Covering (Buy) @ 17900
If the Nifty futures share price Moves Above 17994 and sustains. Then you should Buy with the 1st Target of 18027 during the day with a Stop Loss of 17965 FOR the Target of 18027- 18055- 18084- 18109
If the Nifty futures (Feb Series) share price Moves Below 17930 and is sustained. Then you should Sell with the 1st Target of 17902 for the day with a Stop Loss of 17954. For the Target of 17902- 17865- 17832- 17800
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Bank Nifty Futures Prediction for Tomorrow 10 Feb 2023
Primary Trend of Bank Nifty Futures: Sideways
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 41900 whereas All Down Moves Initiates Short Covering (Buy) @ 41400
Suppose the Bank Nifty futures (Feb Series) Moves Above 41844 and sustain, then you should Buy with the 1st Target of 41930 during the day with a Stop Loss of 41720 and the Target of 41930- 42020- 42165- 42240
If the Bank Nifty futures (Feb Series) Moves Below 41590 and sustain, then you should Sell with the 1st Target of 41500 the day with a Stop Loss of 41680. For the Target of 41515- 41435- 41370- 41250
Global Stock Market Updates
Asian stock market indexes mostly closed in the red on Thursday as investor hopes of cooling in US interest rate hikes took a hit after Fed officials’ made a hawkish statement yesterday. The market sentiments were also dampened due to the Sino-US tensions.
While China’s Shanghai and Hang Seng ended higher, as China’s economic growth has been upgraded by rating agencies due to accelerated recovery in consumer spending. Japan’s Nikkei closed lower while following negative cues from Wall Street overnight.
European stock markets are trading higher despite negative cues from Wall Street overnight and Asian markets, as German inflation rose less than expected in January. This boosted hopes for a slower pace of rate hikes by the European Central Bank in the next meeting.
Meanwhile, the Central of Sweeden lifted rates by 0.5 percentage basis points to 3% as expected. The US future, the Dow and Nasdaq futures are trading higher at 5 pm IST, indicating a positive opening for the US stock markets today
Conclusion
Indian stock markets closed marginally higher after a range-bound session on Thursday. The market participants remained sidelined in absence of any positive trigger and due to weak global cues. While continuous selling pressure from FIIs also hit investor confidence in the last two months. You can follow our Daily Morning Report at 7.30 am for market direction.
Also, read Best Stock Market Books You Must Read-2023
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