Nifty and Bank Nifty Prediction for Tomorrow 9 Dec 2022
Nifty and Bank Nifty Prediction for Tomorrow 9 Dec 2022: Indian equity benchmarks extended their early gains on Thursday and closed near the day high amid volatility. The market sentiments become positive due to the appreciation in the Indian rupee and the early results from the recent polling held in Gujarat showed a comeback of the ruling party. The volatility in the markets is due to the weekly index options expiry on NSE.
Banking, Media, and Metals stocks witnessed buying today while Pharma, Realty, and Energy stocks were seen some selling pressure. Market breadth was positive, the broader markets outperformed their larger peers today. At the close, Sensex and Nifty closed higher by 0.26 percent each on Thursday. You can read detailed market updates here.
Nifty and Bank Nifty futures price movement for 8 Dec (Dec Expiry)
The Nifty futures price opened at 18675 making a positive opening of 4.75 points today. It has touched an intraday high of 18740.9 and a day’s low of 18637.30
The Nifty futures price has given a movement of 103.6 points today. In the end, it closed higher by 54.7 points or 0.29 percent and ended at 18724.95 levels.
The Bank Nifty futures opened at 43225.05 It made a negative opening of 106.55 points. The Bank Nifty futures touched an intraday high at 43797 and a day’s low at 43225.05
During the day, the Bank Nifty futures have given a movement of 571.95 points. In the end, it closed higher by 455.20 points or 1.05 percent and closed at 43786.80 levels.
Nifty & Bank Nifty Prediction for Tomorrow 9 Dec 2022 (Dec Expiry)
Nifty Futures Prediction for Tomorrow 9 Dec 2022
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18850 whereas All Down Moves Initiates Short Covering (Buy) @ 18680
If the Nifty futures (Dec Series) share price Moves Above 18758 and sustains. Then you should Buy with 1st Target of 18795 during the day with a Stop Loss of 18730 FOR the Target of 18795- 18837- 18890
If the Nifty futures (Dec Series) share price Moves Below 18680 and is sustained. Then you should Sell with the 1st Target of 18645 for the day with a Stop Loss of 18715. For the Target of 18645- 18609- 18570
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Bank Nifty Futures Prediction for Tomorrow 9 Dec 2022
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 44000 whereas All Down Moves Initiates Short Covering (Buy) @ 43400
Suppose the Bank Nifty futures (Dec Series) Moves Above 43860 and sustain, then you should Buy with the 1st Target of 43970 during the day with a Stop Loss of 43700 and the Target of 43970- 44050 – 44175
If the Bank Nifty futures (Dec Series) Moves Below 43530 and sustain, then you should Sell with the 1st Target of 43415 the day with a Stop Loss of 43660. For the Target of 43415- 43300- 43220- 43160
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Global Stock Market Updates
On the global front, the other Asian market indexes closed mostly in the red on Thursday with fears over a global slowdown and recession. The Hang Seng index gained more than 3 percent with the hopes of recovery in China due to the possible lifting of the covid curbs.
While Shanghai pared early gains and closed in the red, as the optimism was overtaken by fears over the impact of another winter surge in Covid cases. Nikkei closed lower following the weakness in the US markets overnight.
European stock market key indexes are trading marginally lower on Thursday tracking negative cues from Wall Street and Asian markets. The US futures, Dow, and Nasdaq futures are trading flat at 5 pm IST.
Conclusion
The domestic markets gained on the back of heavy buying in banking stocks, the bank nifty index outperformed the benchmarks today. PSU Bank index gained 4% today, investors should accumulate good quality state-owned banks which are at attractive valuations. You can also follow our Daily Morning Report at 7.30 am for market direction.
Also, read 10 Best Stock Market books to read when you are at home
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