Nifty and Bank Nifty Prediction for Tomorrow 9 Aug 2023
Nifty and Bank Nifty Prediction for Tomorrow 9 Aug 2023: Indian equity benchmarks snapped a two-day winning streak and closed marginally lower on Tuesday. The domestic markets declined due to mixed cues from Asian markets and persistent selling pressure from foreign investors. Some cautiousness was also seen ahead of the US inflation data and RBI monetary policy due later this week.
Among the sectors, Nifty PSU Bank gained the most, up 3.37% after the index fell 4.93% in the past five trading sessions. Nifty Media, Pharma, and Financial services were also advanced while Metal, Energy, and Auto witnessed some selling pressure on Tuesday. The market breadth was positive.
The broader markets outperformed the equity benchmarks, as Nifty mid and small-cap indexes gained 0.23 percent and 0.27 percent respectively. At the close, Sensex declined 106.98 points or 0.16 percent and closed at 65846.50, while Nifty was down by 26.45 points or 0.13 percent and settled at 19570.85 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 19682, making a positive opening of 20.95 points on Tuesday. It has touched an intraday high of 19682 and a day’s low of 19585
The Nifty futures price has given a movement of 97 points. In the end, it closed lower by 54.05 points or 0.27 percent and ended at 19607 levels.
The Bank Nifty futures opened at 44972.30 It also made a positive opening of 7.95 points. The Bank Nifty futures touched an intraday high at 45250 and a day’s low at 44945.50
During the day, the Bank Nifty futures have given a movement of 304.5 points. In the end, it gained 99.20 points or 0.22 percent and closed at 45063.55 levels.
Nifty & Bank Nifty Prediction for Tomorrow 9 Aug 2023
Nifty Futures Prediction for Tomorrow 9 Aug 2023
Primary Trend in Nifty Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 19650 whereas All Down Moves can Initiate Short Covering @ 19500
If Nifty futures for the Aug series Moves Above 19630 and sustains. Then Nifty futures can hit a 1st Target of 19653 during the day with a Stop Loss of 19605. In a day it could trade for the target of 19653- 19680- 19709 levels.
If the Nifty futures (Aug Series) share price Moves Below 19570 and is sustained. Then Nifty futures can see a 1st Target of 19547 levels for the day with a Stop Loss of 19595 In a day it could trade for the target of 19547- 19512 – 19475 level.
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Bank Nifty Futures Prediction for Tomorrow 9 Aug 2023
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 45300 whereas All Down Moves can Initiate Short Covering @ 44900
Suppose the Aug series Bank Nifty futures Moves Above 45160 and sustain, then you could see a 1st Target of 45240 during the day with a Stop Loss of 45080. During the day Bank Nifty futures could trade for the target of 45240- 45330- 453415
If the Bank Nifty futures (Aug Series) Moves Below 44950 and sustain, then you could see a 1st Target of 44880 levels in a day with a Stop Loss of 45020. During the day Bank Nifty futures could trade for the target of 44880- 44770- 44685
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Global Stock Market Updates
Asian stock market indexes mostly closed lower on Tuesday, as China’s trade data came below the economist’s expectations and dampened the investor’s mood. Traders across the region remained cautious ahead of inflation data from US and China later this week. Japan’s Nikkei ended higher for the third consecutive day following gains from Wall Street overnight and as a weaker yen boosted exporter’s sentiments.
Shanghai index closed lower and Hang Seng fell sharply in the last hour as property stocks and tech giants dragged the equity benchmark. South Korea’s Kospi fell for the fifth straight session in a row.
European stock market indexes are trading lower on Tuesday, due to weak retail sales data from the UK. The sentiments got hit, and the Italian bank stocks plunged after the government introduced a 40% windfall tax on profits. Meanwhile, in Germany, consumer prices increased by 0.3% in July, unchanged from June, while the annual rate fell to 6.2% from 6.4% in June.
The US future indexes, Dow and Nasdaq futures are trading lower at 5 pm IST indicating a negative opening for the US markets today. You can read US markets Live updates, News daily at 10 pm IST on our website.
Conclusion
Traders remained cautious ahead of the RBI policy and inflation data from US and China. Going ahead, the volatility in the market will increase in the coming two days. 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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