Nifty & Bank Nifty Prediction for Tomorrow, 2 Sept 2021
Nifty and Bank Nifty Prediction for Tomorrow, 2 Sept 2021: Indian stock markets made a positive start on Wednesday, continuing their previous session rally, tracking gains in Asian peers. Markets erased all their early gains in the late morning on the back of selling in Metals and IT stocks. In the end, markets closed lower after hitting a record high today.
The markets opened higher with positive sentiments as the Indian economy grew by 20.1 percent in the first quarter of 2021-22, helped by a low base effect in the corresponding quarter of 2020-2021. Adding more optimism, Moody’s Investors Service said the economic activity in India is picking up with the gradual easing of Covid restrictions and there could be further upside to growth as economies around the world gradually reopen.
Markets erased all early gains after the slow growth registered in PMI Manufacturing data for the month of August. The August PMI Manufacturing data registered at 52.3 compared to 55.3 in July. The downside remained capped as the August GST collections recorded at Rs 1.12 lakh crore, the second consecutive month that GST collections are above the Rs 1 lakh crore mark post-Covid second wave.
Today’s market update: Sensex, Nifty, and Bank Nifty Spot Price
At the close, Nifty was down by 55.95 points or 0.33 percent and closed at 17076.25 while Sensex declined by 214.18 points or 0.37 percent and finished at 57338.21 levels. The Bank Nifty gained 149.70 points or 0.41 percent and ended at 36574.30 levels.
The broader markets outperformed the benchmark indices. The Nifty midcap index gained 212.20 points or 0.75 percent and closed at 28629.45 levels. The Nifty smallcap index was up by 34.55 points or 0.34 percent and ended at 10297.55 levels.
The top five gainers in the Nifty50 index were Asian paints, Tata Motors, SBI Life, Nestle India, and Axis Bank, The top five losers in the Nifty50 index were M&M, Cipla, Tata Steel, Hindalco, and Bajaj Finserve. The most active stocks in the Nifty50 index in terms of value were Bharti Airtel, Bajaj Finance, and Axis Bank. The most active stocks in the Nifty50 index in terms of volume were Tata Motors, Bharti Airtel, and Axis Bank.
On a sectoral front, Consumer Durables, Capital Goods, Realty, Power, and Banking sectors closed higher. The sectors that closed in the red were IT & Software, Metals, Manufacturing, Construction Materials, and Telecom.
Nifty and Nifty Bank futures price movement for 1 Sept (Sept Expiry)
The Nifty futures price opened at 17150 and made a positive opening of 27.75 points. It has touched an intraday high at 17228.75 and a day’s low at 17083
The Nifty futures price has given a movement of 145.75 points today. In the end, it was down 36 points or 0.21 percent and ended at 17086.25 levels.
The Bank Nifty futures opened at 36625.05. It made a positive opening of 111.5 points today. It has touched an intraday high at 37085 and a day’s low at 36558
During the day, the Bank Nifty in futures has given a movement of 527 points. In the end, it closed higher by 156.95 points or 0.43 points and closed at 36670.45 levels
Nifty & Bank Nifty Prediction for Tomorrow, 2 Sept 2021 (Sept Expiry)
Nifty Futures Prediction for Tomorrow, 2 Sept 2021
Primary Nifty Trend in futures: Range-bound
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17150 whereas All Down Moves Initiates Short Covering (Buy) @ 17000
If the Nifty futures share price Moves Above 17133 and sustain. Then you should Buy with 1st Target of 17158 during the day with a Stop Loss of 17036 FOR the Target of 17158-17182- 17224
If the Nifty futures share price Moves Below 17036 and is sustained. Then you should Sell with the 1st Target of 17004 during the day with a Stop Loss of 17133. FOR the Target of 17004- 16986-16938.
Bank Nifty Futures Prediction for Tomorrow, 2 Sept 2021
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 36900, whereas All Down Moves Initiates Short Covering (Buy) @ 36450
Suppose the Bank Nifty futures Moves Above 36780 and sustain, then you should Buy with the 1st Target of 36880 during the day with a Stop Loss of 36570. FOR the Target of 36880 – 36985 – 37140
If the Bank Nifty futures Moves Below 36570 and sustain, then you should Sell with the 1st Target of 36455 during the day with a Stop Loss of 36780. FOR the Target of 36455 – 36350 – 36240
Global markets today
On the global front, Asian markets closed mostly in the green despite negative cues overnight from Wall Street, on sliding crude oil prices and data that showed a substantial deterioration in U.S consumer sentiments. European markets are trading higher as fresh signs of weakness in Asian economies were offset by hopes for more stimulus. Meanwhile, a survey showed that the manufacturing growth of the Eurozone will remain strong in the month of August. The US futures index, Dow, and Nasdaq futures are trading higher at 4.30 pm IST.
Conclusions
Indian stock market saw profit booking at higher levels and closed marginally lower today. Markets took a pause after a strong market rally. The markets may trade in a narrow range in the coming days overall the sentiment is positive.
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