Nifty and Bank Nifty Prediction for Tomorrow 9 June 2023
Nifty and Bank Nifty Prediction for Tomorrow 9 June 2023: Indian equity markets snapped a four-day winning streak and ended the volatile session with modest losses on Thursday. The global cues were mixed on Thursday. The domestic markets were volatile due to the expiry of weekly index options and RBI policy outcomes.
The markets declined on the back of selling in all sectors barring Energy and Metal. The Nifty Realty, Media, IT, and Pharma were under pressure on the weekly expiry day.
The market breadth was negative. The broader markets underperformed the benchmarks, as Nifty mid and smallcap indexes declined 0.55 percent and 0.95 percent respectively. At the close, Sensex and Nifty fell 0.47 percent and 0.49 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 8 June
The Nifty futures price opened at 18811.10, making a higher opening of 12.7 points. It has touched an intraday high of 18842 and a day’s low of 18693.50
The Nifty futures price has given a movement of 148.5 points. In the end, it closed lower by 76.40 points or 0.41 percent and ended at 18722 levels.
The Bank Nifty futures opened at 44399 It made a positive opening of 4.6 points. The Bank Nifty futures touched an intraday high at 44545.50 and a day’s low at 44069.70
During the day, the Bank Nifty futures have given a movement of 475.8 points. In the end, it closed lower by 230.75 points or 0.52 percent and closed at 44163.65 levels.
Nifty & Bank Nifty Prediction for Tomorrow 9 June 2023
Nifty Futures Prediction for Tomorrow 9 June 2023
Primary Trend in Nifty Futures: Mild Positive
Range-Bound Trend of Nifty Futures: All up Moves can Initiates Profit Booking @ 18750 whereas All Down Moves can Initiate Short Covering @ 18630
If the Nifty futures Moves Above 18756 and sustains. Then Nifty futures can hit a 1st Target of 18784 during the day with a Stop Loss of 18730. In a day it could trade for the target of 18784- 18820- 18848 levels.
If the Nifty futures (June Series) share price Moves Below 18670 and is sustained. Then Nifty futures can see a 1st Target of 18635 levels for the day with a Stop Loss of 18705 In a day it could trade for the target of 18635- 18605 – 18570 levels.
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Bank Nifty Futures Prediction for Tomorrow 9 June 2023
Primary Trend in Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44300 whereas All Down Moves can Initiate Short Covering @ 43800
Suppose the Bank Nifty futures Moves Above 44290 and sustain, then you could see a 1st Target of 44380 during the day with a Stop Loss of 44130. During the day Bank Nifty futures could trade for the target of 44380- 44460- 44540
If the Bank Nifty futures (June Series) Moves Below 44020 and sustain, then you could see a 1st Target of 43900 levels in a day with a Stop Loss of 44110. During the day Bank Nifty futures could trade for the target of 43900- 43840- 43750
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Global Stock Market Updates
On the global front, Asian stock markets were closed mixed on Thursday. Asian market started on a negative note on Thursday as a surprise interest rate hike by the Bank of Canada overnight revived the rate hike fear among investors. Investors remain concerned that the U.S. rates could stay higher for longer and the Fed could remain hawkish in next week’s meeting. However, in the second half, most indexes trimmed their early losses.
Nikkei fell sharply for the second consecutive day on Thursday, as investors preferred to book profit ahead of the US Fed interest rate decision next week. China’s Shanghai index edged higher with hopes of stimulus from Beijing balanced out the recent poor economic data about its uneven recovery. Hang Seng gained a quarter of points while Kospi was slightly lower at the time of closing on Thursday.
European stock market indexes turned cautious and are trading in a narrow range on Thursday. Investors remained cautious after a surprise rate hike from Australia and Canada ahead of the Fed’s interest rate decision next week. Some cautiousness came in after the news that the eurozone economy unexpectedly shrank in the Q1 of 2023, as the revised Q1 GDP lowered to -0.1% from 0.1% and the expectation was 0%.
The US future indexes, Dow Jones and Nasdaq futures are trading marginally lower at this moment, indicating a flat to negative opening for the US markets on Thursday.
Conclusion
The Indian stock markets traded volatile on the weekly expiry day and were dragged down by the weak global cues. Profit booking in the banking, financial, realty, and auto space after the RBI policy also hit the market sentiments. Going ahead, the renewed US interest rate hike fear can dampen the domestic market sentiments. Traders should remain cautious and trade with strict stop loss. 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 (5- 9 June 2023)
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