Nifty and Bank Nifty Prediction for Wednesday 8 March 2023
Nifty and Bank Nifty Prediction for Wednesday 8 March 2023: Indian stock market indexes made decent gains on Monday amid positive global cues. The market sentiment was strong in the first half due fall in crude oil prices.
Some profit booking was seen at higher levels in the second half as traders preferred to book profit ahead of the holiday. Traders were also cautious ahead of US Fed Chair Powell’s Testimony on Tuesday, which is expected to show some more light on further interest rate hikes.
Among the sectors, Oil & Gas, IT, and Auto sectors led the rally today while some selling pressure was witnessed in PSU Banks and Realty stocks. The market breadth was strong on Monday.
The broader markets outperformed the front-line index, as Nifty mid and smallcap indexes gained 0.85 percent and 1.12 percent. At the close, Sensex and Nifty ended higher by 0.69 percent and 0.67 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 6 March
The Nifty futures price opened at 17730 making a positive opening of 58.45 points on Monday. It has touched an intraday high of 17863.90 and a day’s low of 17724
The Nifty futures price has given a movement of 139.9 points today. In the end, it closed higher by 105.75 points or 0.60 percent and ended at 17777.30 levels.
The Bank Nifty futures opened at 41599.70 It made a positive opening of 176.4 points on Monday. The Bank Nifty futures touched an intraday high at 41799 and a day’s low at 41425.30
During the day, the Bank Nifty futures have given a movement of 373.7 points. In the end, it closed higher by 108.55 points or 0.26 percent and closed at 41531.85 levels.
Nifty & Bank Nifty Prediction for Wednesday 8 March 2023 (March Expiry)
Nifty Futures Prediction for Wednesday 8 March 2023
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17900 whereas All Down Moves Initiates Short Covering (Buy) @ 17600
If the Nifty futures (March Series) share price Moves Above 17805 and sustains. Then you should Buy with the 1st Target of 17837 during the day with a Stop Loss of 17770 FOR the Target of 17837- 17865- 17895- 17931
If the Nifty futures (March Series) share price Moves Below 17730 and is sustained. Then you should Sell with the 1st Target of 17700 for the day with a Stop Loss of 17756. For the Target of 17700- 17664- 17630- 17590
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Bank Nifty Futures Prediction for Wednesday 8 March 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 41800 whereas All Down Moves Initiates Short Covering (Buy) @ 41200
Suppose the Bank Nifty futures (March Series) Moves Above 41640 and sustain, then you should Buy with the 1st Target of 41730 during the day with a Stop Loss of 41525 and the Target of 41730- 41800- 41925-42020
If the Bank Nifty futures (March Series) Moves Below 41400 and sustain, then you should Sell with the 1st Target of 41325 the day with a Stop Loss of 41480. For the Target of 41325- 41240- 41135- 41066
Global Stock Market Updates
The other Asian stock market indexes mostly closed higher on the first of the week. Investors digested China’s GDP growth target set in its week-long parliamentary session that started on Sunday and looked ahead to a week’s economic data. Investors also positioned themselves ahead of US Fed’s Chair Powell’s Testimony on Tuesday to gauge the interest rate hike path
China’s Shanghai slipped on Monday, as Beijing chose an unambitious GDP growth target of 5%, below market expectations. Japan’s Nikkei ended higher led by tech shares, tracking a rally in the US markets. While Hang Seng closed slightly up on Monday.
European stock market indexes are trading mixed with little changes, as investors looked ahead to a speech by US Fed chair Jerome Powell and the non-farm payrolls this week. The US futures index, Dow, and Nasdaq futures are trading marginally lower at this moment at 5.30 pm IST.
Conclusion
The domestic markets pared early gains on Monday, as traders booked profit at higher levels. Traders were cautious in the second half ahead of the US Fed Chairman Powell’s Testimony, which is due on Tuesday.
Indian markets will be shut on 7th March on account of Holi. The domestic markets are looking positive. Wednesday markets will open as per global cues. You can follow our Daily Morning Report at 7.30 am for market direction.
Wish you a very happy and colorful Holi !!!
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