Market Prediction: Nifty and Bank Nifty for 8 June 2023: Ahead of the RBI policy meeting outcome, Indian benchmarks closed higher today. Factors like strong global cues and buying interests from local and foreign institutions flavored the Indian market. Despite a lackluster session in the Bank Nifty (44,275.30), the Nifty surged 127.40 points, or a gain of 0.68 percent, with all sectors in green on the NSE today.
Despite Nifty 50 surging over 0.5 percent, Bank Nifty appeared to be very slow-moving and volatile throughout the day. Probably due to the RBI MPC meeting, which will be scheduled on Thursday, buyers were a bit cautious. Today, Bank Nifty struggled the whole day to maintain positive momentum. ICICI and Kotak were the two culprits that dragged the index down against the Nifty.
Luckily, with the help of Nifty, Bank Nifty managed to close in the green with gains of 110.75 points, or 0.25 percent.
Realty, metals, FMCG, and energy were the top contributors to Nifty’s surge on the NSE, where all four sectors surged over 1 percent. Nifty Realty was the top sectoral mover of the day with impressive gains of 1.59 percent.
The party still continues in the broader market for straight 11 sessions. Nifty midcap 100 and Nifty small-cap 100 gained 1.04 percent and 1.35 percent, respectively.
Market Prediction: Nifty and Bank Nifty for 8 June 2023
Tomorrow Nifty Prediction(8th June 2023)
The Nifty is currently exhibiting a positive trend, with the index at 18,726. Traders holding long positions might consider maintaining them and setting an intraday loss at 18,660 for their own risk management. For one who wants to take a small risk then 18700 will be a stop loss. The targets will be 18780-18820-18900.
However, it is worth noting that if the Nifty trades and sustains below the 18,660 level, it could potentially provide a signal for traders to explore the possibility of initiating fresh short positions. Then the targets will be 18590-18550-18500
Nifty Support and Resistance
| Pivot Levels | Nifty 50 Price |
| Pivot | 18700.45 |
| Resistance 1 | 18764.90 |
| Resistance 2 | 18803.40 |
| Resistance 3 | 18867.85 |
| Support 1 | 18661.95 |
| Support 2 | 18597.50 |
| Support 3 | 18559.00 |
Tomorrow Bank Nifty Prediction(8th June 2023)
The Bank Nifty is currently displaying a bearish trend in contrast to the Nifty, with its index at 44,275. Traders with existing short positions may choose to retain them. The stop loss should be at 44,370 or at today’s high of 44346.3 for their own risk management purposes. The downside target will be 44150-44000-43900.
It is worth noting that if the Bank Nifty surpasses the 44,370 level, it could potentially present an opportunity for traders to explore fresh long positions. Then the upside target will be beyond 44500 or a new lifetime high tomorrow.
As per the chart, a triangular pattern is formed in the hourly chart of Bank Nifty so the breakout above 44400 will open an upside potential of another 1000 points.
Bank Nifty Support and Resistance
| Pivot Levels | Nifty Bank |
| Pivot | 44255.03 |
| Resistance 1 | 44366.57 |
| Resistance 2 | 44457.83 |
| Resistance 3 | 44569.37 |
| Support 1 | 44163.77 |
| Support 2 | 44052.23 |
| Support 3 | 43960.97 |
Global Market Update
On Wednesday, Asian stock markets closed mixed. Optimism was tempered by discouraging trade data from China, which revealed a significant decline in exports for May. Despite this setback, major indexes remained relatively stable as investors held onto hopes of substantial stimulus measures being implemented by Beijing.
Shanghai initially witnessed gains but later relinquished most of them, closing marginally higher. Hang Seng, on the other hand, ended the day with a 0.79 percent increase. Meanwhile, the Nikkei experienced a notable decline of around 2 percent as investors opted to secure profits following a recent rally. Kospi, after an initial upward trend, concluded the day with marginal changes.
In Europe, stock market indexes struggled to find a clear direction, with major indexes trading flat to negative. The U.S. indexes, Dow, and S&P 500 are trading almost flat. But Nasdaq Composite declined nearly 0.5 percent at 8.30 p.m IST.
Conclusion
The Indian market showed strong momentum today, and there is a possibility that it will continue tomorrow if RBI Governor Shaktikanta Das adopts a more accommodative policy stance. If interest rates are eased, it could act as a catalyst for a market rally. Tomorrow, the Indian equity market will follow domestic developments rather than global factors.
Assuming there are no negative outcomes from the RBI MPC meeting, the Indian market has the potential to reach new record highs.
Tomorrow, the Bank Nifty is expected to experience increased volatility, leading to significant intraday swings. So, traders should be cautious, and proactive, and use hedging strategies to take advantage of market volatility.
