What makes Nifty and Banknifty to fall near about 4% from days high. Reason might be a faceoff between India and China at LAC border or for margin pledge new rules for equity market in cash segment or we can say a pure profit booking took place. A healthy correction was awaited to take place from any means as it has been rallied 15% in last couple of days.
Nifty Futures previous close was 11675.25, today it opens in style at 11764.99 almost 100 points up and made high 11794.45 from there market started falling and was unable to sustain at higher levels and made intraday low 11350.50. From day high it fell 400 points, after June 11th we saw a big downfall on nifty index in a single day.
Banknifty Futures previous close 24539.35, today opens at 24900.05, touched 25270 intraday high but profit booking soon we came to see in banknifty which brings down banknifty at 23371. A huge downside rally was seen after a long time, volatile was too high intraday. Now the matter is how much downside is still pending for both index nifty and Banknifty.
Nifty Futures Prediction for 1st September 2020, Nifty might touch 11300 followed by 11200, for upside swing 11500 and 11600. If worst news comes against the market in coming few days, then Nifty can correct till 10000. This is a big target levels for Nifty for downside and for upside 11999 to cross 12000 it might take some additional days or months to over cross.
Banknifty Futures Prediction for 1st September 2020, Banknifty crucial level for tomorrow is 23000 followed by 22500, for upside swing 24000 followed by 24200. For September series target for banknifty 21000 can retouch if any bad news come against bank in coming few days and for upside swing maximum for current month series 26000.