Nifty | Bank Nifty Prediction for Tomorrow, 1 Sept 2021
Nifty and Bank Nifty Prediction for Tomorrow, 1 Sept 2021: Indian equity markets opened higher and continued to trade strongly on Tuesday amid mixed global cues. The benchmark indices, Nifty and Sensex closed at a new record high today ahead of the official announcement of first-quarter GDP data due later in the day.
The markets were optimistic with the private report that stated that the economic growth to be in the range of 14 percent to 23 percent for the first quarter of the current financial year due to the low base effect. Some support also came with another private report stating that the overall hiring activity in India has touched pre-pandemic levels and going ahead consumption will play an important role in driving job growth further.
Adding to the optimism, a private report stated that the business resumption activity continued its upward journey and reached a new high, much above the pre-pandemic levels. The Nomura India Business resumption Index rose to 102.7 for the week ending 29 August from 101.3 in the prior week.
Today’s Market- Sensex, Nifty, and Bank Nifty spot price
At the close, Nifty gained by 201.15 points or 1.19 percent and closed at 17132.20 while Sensex was up by 662.63 points or 1.17 percent and finished at 57552.39 levels. The Bank Nifty spot price also gained 76.95 points or 0.22 percent and ended at 36424.60 levels.
The midcap and smallcap indexes also closed higher today. The Nifty midcap index gained 179 points or 0.65 percent and closed at 27595 levels. The Nifty smallcap index was up by 80.40 points or 0.81 percent and ended at 10043.45 levels.
The top five gainers in the Nifty50 index were Bharti Airtel, Bajaj Finance, Hindalco, Eicher Motors, and Shree Cement. The top five Nifty50 losers were Tata Motors, Nestle India, IndusInd Bank, Reliance, and BPCL. The most active stocks in terms of value were Bharti Airtel, Tata Steel, and Reliance. The most active stocks in terms of volume were Bharti Airtel, Tata Motors, and Power Grid.
On a sectoral front, barring Oil & Gas and Media other major sectors closed in the green today. The sectors that closed higher today were Telecom, Finance, Power, IT & Software, Healthcare, Infrastructure, and FMCG
Nifty and Nifty Bank futures price movement for 31 August (Aug Expiry)
The Nifty futures price opened at 16892 and made a positive opening of 50.4 points. It has touched an intraday high at 17143.90 and a day’s low at 16892
The Nifty futures price has given a movement of 251.9 points today. In the end, it gained 187.8 points or 1.11 percent and ended at 17130.20 levels.
The Bank Nifty futures opened at 36498. It made a positive opening of 19.15 points today. It has touched an intraday high at 36690 and a day’s low at 36321.85
During the day, the Bank Nifty in futures has given a movement of 368.15 points. In the end, it closed higher by 11.3 points or 0.03 points and closed at 36490.15 levels
Nifty & Bank Nifty Prediction for Tomorrow, 1 Sept 2021 (Sept Expiry)
Nifty Futures Prediction for Tomorrow, 1 Sept 2021
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17200 whereas All Down Moves Initiates Short Covering (Buy) @ 17050
If the Nifty futures share price Moves Above 17152 and sustain. Then you should Buy with 1st Target of 17185 during the day with a Stop Loss of 17072 FOR the Target of 17185-17208- 17234
If the Nifty futures share price Moves Below 17072 and is sustained. Then you should Sell with the 1st Target of 17029 during the day with a Stop Loss of 17152. FOR the Target of 17029- 16974-16930
Bank Nifty Futures Prediction for Tomorrow, 1 Sept 2021
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35800, whereas All Down Moves Initiates Short Covering (Buy) @ 35300
Suppose the Bank Nifty futures Moves Above 36595 and sustain, then you should Buy with the 1st Target of 36680 during the day with a Stop Loss of 36370. FOR the Target of 36680 – 36775 – 36865
If the Bank Nifty futures Moves Below 36370 and sustain, then you should Sell with the 1st Target of 36280 during the day with a Stop Loss of 36595. FOR the Target of 36280 – 36140 – 36040
Global markets today
On the global front, Asian markets closed mixed on Tuesday as worries about China’s slowing economic growth and regulatory changes weighed on investors’ sentiments. European markets are mostly trading higher on Tuesday as investors digested data from China showing factory activity grew at a slower pace in August. The future indexes, Dow and Nasdaq futures are trading almost flat at this moment at 4.30 pm IST
Conclusions
Indian stock markets closed at record high levels for the second consecutive day on Tuesday. The benchmark indices Sensex and Nifty closed higher on the back of buying in all major sectors, led by Financial, IT, and Healthcare. Going ahead, tomorrow’s market will first react to the GDP data and then the manufacturing PMI and auto sales numbers. Traders should remain cautious tomorrow and trade with strict stop loss.
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