Nifty | Bank Nifty Prediction for Tomorrow 8 March 2022
Nifty and Bank Nifty Prediction for Tomorrow 8 March 2022: Indian equity markets opened a gap down on Monday amid an escalation of the Russia-Ukraine crisis over the weekend. The market sentiments were dented as the Brent crude oil prices hit $130 in the morning on a possible ban on Russian oil imports.
Selling witnessed across all sectors barring metals. The broader markets also witnessed heavy selling in line with their larger peers. In the end, the benchmark indices declined more than 2 percent today. You can read the detailed market updates here.
Nifty and Nifty Bank futures price movement for 7 March (March Expiry)
The Nifty futures price opened at 15900, making a gap-down opening of 358.95 points. It has touched an intraday high of 15958.10 and a day’s low at 15711.15
The Nifty futures price has given a movement of 246.95 points today. In the end, it closed lower by 365.95 points or 2.25 percent and ended at 15893 levels.
The Bank Nifty futures opened at 33678, It made a negative opening of 777.45 points. The Bank Nifty futures has touched an intraday high at 33678 and a day’s low at 32450.20
During the day, the Bank Nifty futures has given a movement of 1227.8 points. In the end, it closed lower by 1465.50 points or 4.25 percent and closed at 32989.95 levels.
Nifty & Bank Nifty Prediction for Tomorrow 8 March 2022 (March Expiry)
Nifty Futures Prediction for Tomorrow 8 March 2022
Primary Nifty Trend in futures: Negative with cautious bias
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 16000 whereas All Down Moves Initiates Short Covering (Buy) @ 15650
If the Nifty futures share price Moves Above 15934 and sustain. Then you should Buy with 1st Target of 15964 during the day with a Stop Loss of 15900 FOR the Target of 15964-16045- 16090- 16155
If the Nifty futures share price Moves Below 15840 and is sustained. Then you should Sell with the 1st Target of 15812 for the day with a Stop Loss of 15885. FOR the Target of 15812- 15765-15715- 15660
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Bank Nifty Futures Prediction for Tomorrow 8 March 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) @ 33200 whereas All Down Moves Initiates Short Covering (Buy) @ 32000
Suppose the Bank Nifty futures Moves Above 33218 and sustain, then you should Buy with the 1st Target of 33570 during the day with a Stop Loss of 32980 the Target of 33570 – 33800- 34000- 34400
If the Bank Nifty futures Moves Below 32740 and sustain, then you should Sell with the 1st Target of 32590 during the day with a Stop Loss of 32860. FOR the Target of 32590- 32250 – 32020- 31830
Global Stock Markets today
On the global front, the other Asian market indexes closed lower as oil prices soared and shares sank as a panic button pressed by the traders on a possible ban on Russian oil news. “If the Western Countries cuts off Russia’s energy exports it would be a major shock to global markets,” BofA chief economist Ethan Harris said. He has also estimated the loss of Russian oil could see double the crude oil price i.e $200 per barrel.
European markets are also trading in the deep red at 5 pm IST on Monday on concerns about a possible ban on Russian oil and high crude oil prices. Investors are now concerned as Russian gas exports which met 30% of European demand, are currently not covered by sanctions, if sanctions are imposed then the price of gas would become double. The US future indexes, Dow and Nasdaq futures are trading in the deep red.
Conclusion
Indian markets plunged sharply lower and lost over 2% today on the back of heavy selling in Banking, Auto, Realty stocks. The escalation of the Russia-Ukraine crisis over the weekend dented the market sentiments today. Investors are now fear of the continuous surges in crude oil and other commodity prices which may derail the global economic growth. The volatility in the markets will continue and traders are advised to avoid making any carryforward positions.
Also read: Best Options Trading Books in India-Must Read 2021
Trade set up for Monday 7 March 2022- Top things to know
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