Nifty and Bank Nifty Prediction for Tomorrow 8 June 2022
Nifty and Bank Nifty Prediction for Tomorrow 8 June 2022: Indian equity market indexes opened lower on Tuesday amid negative cues from the Asian markets. The market traded negatively throughout the day on the back of selling in the Realty, Energy, and IT counter. The investors remain cautious and preferred to book profit at higher levels ahead of RBI Monetary Policy.
The broader markets also traded negatively in line with their larger peer. In the end, the benchmark indices ended nearly 1 percent down today. You can read the detailed market updates here
Nifty and Nifty Bank futures price movement for June 7 (June Expiry)
The Nifty futures price opened at 16487, making a negative opening of 94.25 points. It has touched an intraday high of 16490 and a day’s low of 16354
The Nifty futures price has given a movement of 136 points today. In the end, it closed lower by 160.05 points or 0.97 percent and ended at 16421.20 levels.
The Bank Nifty futures opened at 35149.15 It made a negative opening of 250.4 points. The Bank Nifty futures has touched an intraday high at 35270 and a day’s low at 34916
During the day, the Bank Nifty futures has given a movement of 354 points. In the end, it closed higher by 314.55 points or 0.89 percent and closed at 35085 levels.
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Nifty & Bank Nifty Prediction for Tomorrow 8 June 2022 (June Expiry)
Nifty Futures Prediction for Tomorrow 8 June 2022
Primary Nifty Trend in futures: Negative with cautious bias
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 16550 whereas All Down Moves Initiates Short Covering (Buy) @ 16250
If the Nifty futures share price Moves Above 16475 and sustain. Then you should Buy with 1st Target of 16515 during the day with a Stop Loss of 16425 FOR the Target of 16515- 16552- 16590- 16640
If the Nifty futures share price Moves Below 16330 and is sustained. Then you should Sell with the 1st Target of 16290 for the day with a Stop Loss of 16375. FOR the Target of 16290- 16245- 16202- 16162
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Bank Nifty Futures Prediction for Tomorrow 8 June 2022
Primary Trend of Bank Nifty Futures: Negative with cautious bias
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35500 whereas All Down Moves Initiates Short Covering (Buy) @ 34800
Suppose the Bank Nifty futures Moves Above 35215 and sustain, then you should Buy with the 1st Target of 35295 during the day with a Stop Loss of 35080 the Target of 35295- 35435- 35585- 35703
If the Bank Nifty futures Moves Below 34910 and sustain, then you should Sell with the 1st Target of 34818 the day with a Stop Loss of 35040. FOR the Target of 34818- 34740- 34650- 34530
Global Stock Markets today
On the global front, the other Asian markets were closed in a mixed state on Tuesday as Australian Central Bank hikes the key interest rate more than expected. The surge in oil prices and Wall Street worries capped the markets on the higher side while investors gained confidence with the ease of the covid-19 lockdown in China.
European markets are trading lower on Tuesday due to weak economic data released in Germany. The eurozone’s largest economy showed that the incoming orders fell for the third month in a row in April. Investors fear a sign of an economic slowdown ahead of the European Central Bank meeting that could signal monetary policy tightening. The US future indexes, Dow, and Nasdaq futures are trading lower at this moment at 5 pm IST.
Conclusion
Indian stock markets fell for the third consecutive day today. Investors were in wait and watch mood ahead of the RBI MPC outcome on Wednesday. according to market analysts, RBI is expected to hike the key interest rate between 25-50 bps, and markets already factored hike up to 50bps, anything above can increase selling pressure in the markets. Traders should remain cautious tomorrow as markets will be volatile due to the RBI policy outcome.
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