Nifty and Bank Nifty Prediction for Tomorrow 8 Aug 2023
Nifty and Bank Nifty Prediction for Tomorrow 8 Aug 2023: Indian equity benchmarks ended higher for the second consecutive day on Monday amid mixed cues from Asian markets. The sentiments remain positive as Rupee strengthens against the US dollar. The volatility index “India VIX” jumped 5.01 percent to 11.10 levels.
Among the sectors, Nifty Pharma, IT, and Realty advanced while selling pressure was witnessed in PSU Bank, Media, and Banking sectors. The market breadth was positive on Monday.
The broader markets gained in line with their larger peers, as Nifty mid and small-cap indexes gained 0.51 percent and 0.22 percent respectively. At the close, Sensex advanced 232.23 points or 0.35 percent and ended at 65953.48 levels, while Nifty was up by 80.30 points or 0.41 percent and settled at 19597.30 levels. You can read the detailed market updates here
Nifty and Bank Nifty Futures Price Movement for (31 Aug expiry)
The Nifty futures price opened at 19600, making a positive opening of 23.75 points on Monday. It has touched an intraday high of 19684.05 and a day’s low of 19577
The Nifty futures price has given a movement of 107.05 points. In the end, it closed higher by 91.70 points or 0.47 percent and ended at 19667.95 levels.
The Bank Nifty futures opened at 45048.95 It also made a positive opening of 47.35 points. The Bank Nifty futures touched an intraday high at 45132.95 and a day’s low at 44885.30
During the day, the Bank Nifty futures have given a movement of 247.65 points. In the end, it declined 53.60 points or 0.12 percent and closed at 44948 levels.
Nifty & Bank Nifty Prediction for Tomorrow 8 Aug 2023
Nifty Futures Prediction for Tomorrow 8 Aug 2023
Primary Trend in Nifty Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19730 whereas All Down Moves can Initiate Short Covering @ 19600
If Nifty futures for the Aug series Moves Above 19709 and sustains. Then Nifty futures can hit a 1st Target of 19736 during the day with a Stop Loss of 19680. In a day it could trade for the target of 19736- 19774- 19804 levels.
If the Nifty futures (Aug Series) share price Moves Below 19640 and is sustained. Then Nifty futures can see a 1st Target of 19610 levels for the day with a Stop Loss of 19665 In a day it could trade for the target of 19610- 19580 – 19550 level.
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Bank Nifty Futures Prediction for Tomorrow 8 Aug 2023
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 45200 whereas All Down Moves can Initiate Short Covering @ 44750
Suppose the Aug series Bank Nifty futures Moves Above 45050 and sustain, then you could see a 1st Target of 45130 during the day with a Stop Loss of 44970. During the day Bank Nifty futures could trade for the target of 45130- 45220- 45300
If the Bank Nifty futures (Aug Series) Moves Below 44880 and sustain, then you could see a 1st Target of 44760 levels in a day with a Stop Loss of 44950. During the day Bank Nifty futures could trade for the target of 44760- 44680- 44600
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Global Stock Market Updates
Asian stock market indexes closed mixed on Monday, as investors looking for key inflation data from China and US on Wednesday. Meanwhile, strong domestic earnings and corporate news supported Nikkei to erase early losses and closed higher.
China’s Shanghai and Hang Seng started the week on a weak note, as investors concerned that deflationary pressure will continue to sap the vigor from its struggling economy. Shanghai index closed lower by 0.59% ahead of Trade data on Tuesday while Hang Seng erased early losses and ended flat.
SET Composite ended higher, as Thailand’s July CPI inflation rate rose less than expected. South Korea’s Kospi erased early gains and closed in the red. Jakarta Composite gained as Indonesia’s second-quarter GDP growth came better than expected.
European stock markets are trading lower following the losses from Wall Street on Friday. Investors remain cautious ahead of inflation data from US and China later this week. The US Future Indexes- Dow and Nasdaq futures are trading higher indicating a positive opening for the US markets on Monday.
Conclusion
Indian stock market indexes extended their previous session gain. The Sensex and Nifty traded above their neutral lines throughout the day whereas Bank Nifty was sideways to bearish for the day, and ended sideways close for the day. Traders should remain cautious and trade with strict stop losses only. You can follow our Daily Morning Report at 7.30 am for market direction.
Also, read Best Options Trading Books in India-Must Read 2022
Stock Market Prediction Next Week (7- 11 Aug 2023)
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