Nifty and Bank Nifty Prediction for Monday 6 Feb 2023
Nifty and Bank Nifty Prediction for Monday 6 Feb 2023: Indian stock market indexes rallied on Friday as investors’ confidence returned after credit rating agencies showed faith in Adani group companies. The sentiments were also upbeat due to positive global cues, as the central banks in US and Europe hiked interest rates as expected. Investors bet on the recently beaten-down banking and financial stocks while some profit booking was witnessed in pharma and energy stocks.
The market breadth was slightly on the weaker side with the advance-decline indicating a ratio of 3:4 at the close. The broader markets closed slightly lower on Friday, as Nifty mid and smallcap indexes declined by 0.18 percent and 0.35 percent respectively. At the close, Sensex and Nifty rallied 1.52 percent and 1.38 percent respectively on Friday.
Nifty and Nifty Bank futures price movement on Friday, 3 Feb
On Friday, Feb 3, the Nifty futures (Feb Series) opened at 17758 levels, it made a positive opening of 72.75 points from the previous close. It touched an intraday high at 17927 and a day’s low at 17635.65
The Nifty future has given a movement of 291.35 points on Friday. In the end, it gained 191.75 points or 1.08 percent and ended at 17877 levels.
The Bank Nifty futures (Feb Series) opened at 41255 levels on the last day of the week. It made a positive opening of 317.2 points on Friday. It has touched an intraday high at 41684.80 and a day’s low at 40766
On Friday, the Bank Nifty future gave a movement of 918.8 points. At the close, it ended higher by 742.20 points or 1.81 percent and closed at 41680 levels.
Nifty & Bank Nifty Prediction for Monday 6 Feb 2023 ( Feb Expiry)
Nifty Futures Prediction for Monday 6 Feb 2023
Primary Nifty Trend in futures: Positive with Cautious bias
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18050 whereas All Down Moves Initiates Short Covering (Buy) @ 17800
If the Nifty futures share price Moves Above 17935 and sustains. Then you should Buy with 1st Target of 17980 during the day with a Stop Loss of 17890 FOR the Target of 17980- 18022- 18055- 18084
If the Nifty futures share price Moves Below 17835 and is sustained. Then you should Sell with the 1st Target of 17780 during the day with a Stop Loss of 17870. For the Target of 17780- 17738- 17708- 17665
Bank Nifty Futures Prediction for Monday 6 Feb 2023
Primary Trend of Bank Nifty Futures: Positive with cautious bias
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42200, whereas All Down Moves Initiates Short Covering (Buy) @ 41600
Suppose the Bank Nifty futures Moves Above 41860 and sustain, then you should Buy with the 1st Target of 41950 during the day with a Stop Loss of 41720. For the Target of 41950- 42040- 42165- 42330
If the Bank Nifty futures Moves Below 41450 and sustain, then you should Sell with the 1st Target of 41335 during the day with a Stop Loss of 41605. For the Target of 41335- 41165- 41030- 40950
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Global stock market updates
The US stock markets ended lower on Friday after data showed surprisingly strong job growth in January. Investors worried about the better-than-expected job report, Fed would continue to raise interest rates for a longer period. However, the downside was limited, as wage growth continued to soften. Technology stocks were under pressure due to disappointing quarterly results from Alphabet, Amazon and Apple, which were reported post-market hours on Thursday
European stock markets ended higher on Friday as investors digested the central bank’s interest rate decision, PMI data, and corporate earnings. The Eurozone composite PMI data showed business activity returned to growth in January for the first time in six months, raising hope that the region could avoid recession. The UK’s FTSE hits a record high as the pound dropped against the dollar following the US job report on Friday.
Conclusions
Indian stock markets rallied on the last day of the week as investors reacted positively after the foreign rating agencies showed faith in Adani Group stocks. Investors ignored slight ease in services PMI data released today during market hours.
The US markets closed negative on Friday due to disappointing quarterly earnings from tech giants and strong job data. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also read, Indian Stock Market Updates: Weekly Top Gainers and Losers
Global Stock Market Indexes Mostly Closed Higher This Week
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Editor’s Desk
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