Nifty and Bank Nifty Prediction for Tomorrow 7 Dec 2022
Nifty and Bank Nifty Prediction for tomorrow 7 Dec 2022: Indian equity markets closed lower on Tuesday amid negative cues from the global markets. Traders were cautious ahead of the RBI policy outcome which is due on Wednesday morning. However, the downside was capped as the World bank revised India’s GDP growth forecast to 6.9% from 6.5%. Among the sectors, PSU Bank, Oil & Gas, and FMCG were closed in the green while selling pressure was seen in IT, Media, and Metals stocks.
The market breadth was negative today. The border markets also fell almost in line with their larger peer. At the close, Sensex and Nifty ended lower by 0.33 percent and 0.31 percent respectively today. You can read detailed market updates here.
Nifty and Bank Nifty futures price movement for 6 Dec (Dec Expiry)
The Nifty futures price opened at 18731.30 making a negative opening of 86.45 points today. It has touched an intraday high of 18790 and a day’s low of 18682.40
The Nifty futures price has given a movement of 107.6 points today. In the end, it closed lower by 47.25 points or 0.25 percent and ended at 18770.50 levels.
The Bank Nifty futures opened at 43380 It made a negative opening of 158.9 points. The Bank Nifty futures touched an intraday high at 43561.95 and a day’s low at 43320
During the day, the Bank Nifty futures have given a movement of 241.95 points. In the end, it closed lower by 88.90 points or 0.20 percent and closed at 43450 levels.
Nifty & Bank Nifty Prediction for Tomorrow 7 Dec 2022 (Dec Expiry)
Nifty Futures Prediction for Tomorrow 7 Dec 2022
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18900 whereas All Down Moves Initiates Short Covering (Buy) @ 18700
If the Nifty futures (Dec Series) share price Moves Above 18810 and sustains. Then you should Buy with 1st Target of 18842 during the day with a Stop Loss of 18770 FOR the Target of 18842- 18890- 18930- 18970
If the Nifty futures (Dec Series) share price Moves Below 18730 and is sustained. Then you should Sell with the 1st Target of 18700 for the day with a Stop Loss of 18758. For the Target of 18700- 18680- 18640- 18570
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Bank Nifty Futures Prediction for Tomorrow 7 Dec 2022
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 43900 whereas All Down Moves Initiates Short Covering (Buy) @ 43400
Suppose the Bank Nifty futures (Dec Series) Moves Above 43530 and sustain, then you should Buy with the 1st Target of 43615 during the day with a Stop Loss of 43415 and the Target of 43615- 43720 – 43880- 43960
If the Bank Nifty futures (Dec Series) Moves Below 43300 and sustain, then you should Sell with the 1st Target of 43225 the day with a Stop Loss of 43380. For the Target of 43225- 43150- 43060- 42930
Global Stock Market Updates
On the global front, the other Asian market indexes closed mixed on Tuesday, as investors feared of US Fed rate hike after strong Services PMI Activity data released for the month of November. On the other hand, investors become optimistic after China eased the country’s zero covid policy. Both the news has impacted the Asian market indexes today. Shanghai and Nikkei closed in the green while Hang Seng closed marginally lower today.
European key stock market indexes are trading lower on Tuesday following the US markets overnight. Investors are fretting that US Fed follow an aggressive stance in next week’s policy meeting. The US futures are trading almost flat at 5 pm IST.
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Conclusion
Indian equity markets closed lower due to weakness in global markets, depreciation in the rupee, and cautiousness ahead of the RBI policy meeting. Going ahead, tomorrow Indian markets will remain volatile due to RBI monetary policy outcome. Traders should remain cautious and trade with strict stop loss.
Also, read Stock Market Prediction Next Week (5-9 Dec 2022)
Hedging: Meaning, Risk, Strategies, and types of Hedge
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