Nifty and Bank Nifty Prediction for Tomorrow 8 July 2022
Nifty and Bank Nifty Prediction for Tomorrow 8 July 2022: It was an optimistic start for the Indian equity markets on Thursday amid positive global market cues. Indian markets were trading comfortably above their neutral lines amid volatility, as investors assessed the minutes from the US Fed’s last meeting which shows the central bank’s determination to control inflation.
Among the sectors, FMCG witnessed profit booking after the recent run-up while Metals, PSU Bank, Consumer Durables, and Realty were the top gainers today. The broader markets outperformed the benchmark indexes. In the end, the benchmark indices, Sensex and Nifty advanced by 0.80 percent and 0.89 percent respectively. You can read the detailed market updates here
Nifty and Nifty Bank futures price movement for 7 July (July Expiry)
The Nifty futures price opened at 16109.8, making a positive opening of 119.35 points. It has touched an intraday high of 16165 and a day’s low of 16042
The Nifty futures price has given a movement of 123 points today. In the end, it closed higher by only 170.55 points or 1.07 percent and ended at 16161 levels.
The Bank Nifty futures opened at 34625 It made a positive opening of 254.9 points. The Bank Nifty futures has touched an intraday high at 35028 and a day’s low at 34620
During the day, the Bank Nifty futures has given a movement of 408 points. In the end, it closed higher by 654.90 points or 1.91 percent and closed at 35025 levels.
Nifty & Bank Nifty Prediction for Tomorrow 8 July 2022 (July Expiry)
Nifty Futures Prediction for Tomorrow 8 July 2022
Primary Nifty Trend in futures: Positive with Cautious bias
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 16280 whereas All Down Moves Initiates Short Covering (Buy) @ 16000
If the Nifty futures share price Moves Above 16230 and sustain. Then you should Buy with 1st Target of 16280 during the day with a Stop Loss of 16195 FOR the Target of 16280- 16316- 16352- 16382
If the Nifty futures share price Moves Below 16095 and is sustained. Then you should Sell with the 1st Target of 16055 for the day with a Stop Loss of 16150. FOR the Target of 16055- 16005- 15968- 15930
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Bank Nifty Futures Prediction for Tomorrow 8 July 2022
Primary Trend of Bank Nifty Futures: Positive with Cautious bias
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35400 whereas All Down Moves Initiates Short Covering (Buy) @ 34800
Suppose the Bank Nifty futures Moves Above 35140 and sustain, then you should Buy with the 1st Target of 35280 during the day with a Stop Loss of 35000 and the Target of 35280- 35395 35480- 35585
If the Bank Nifty futures Moves Below 34840 and sustain, then you should Sell with the 1st Target of 34730 the day with a Stop Loss of 34956. FOR the Target of 34730 – 34650 – 34480 – 34390
Global Stock Markets Today
On the global front, the other Asian markets advanced on Thursday as bargain-hunters bet on beaten-down stocks. Tech stocks gained across the region due to the positive market sentiments from Wall Street overnight after the Fed minutes were announced. Beijing also moved to support its auto industry, boosting confidence in a recovery for the world’s second-largest economy. Japan’s Nikkei gained as investors continued to hunt for beaten-down technology shares.
European markets are trading higher on Thursday with Chipmakers gaining after positive earnings by South Korean electronics giant Samsung. Britain’s Prime Minister Boris Johnson resigns as Prime Minister after the resignation of key cabinet members. The US future indexes, Dow, and Nasdaq futures are trading higher at this moment at 5.30 pm IST.
Conclusion
Indian markets gained for the second consecutive session with support from positive global cues. Metals and PSU Banks gained the most while some profit booking was witnessed in the FMCG stocks at higher levels. Going ahead, tomorrow the IT space will be in focus due to the TCS Q1FY23 earnings report and some volatility can be seen in the markets, as the US unemployment data is expected later during the day.
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