Nifty prediction today – Feb 08, 2024: Shows bearish bias, but short futures only below 21,920

Nifty 50 opened today’s session higher at 22,010 versus yesterday’s close of 21,931. It is now hovering around 21,950, up 0.1 per cent.

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While the benchmark Nifty 50 is now flat after beginning the session higher, the mid- and small-cap indices are in the green. Power Grid, up 5.2 per cent, is the top gainer in Nifty 50 whereas Britannia, down 2 per cent, is the top loser.

Nifty PSU Bank, up 3.3 per cent, is the top sector index whereas Nifty FMCG, down 0.8 per cent, is the top loser.

Nifty 50 futures

The February futures of Nifty 50 opened today’s session higher at 22,055 as against yesterday’s close of 22,003. It is now trading around 21,970, down 0.2 per cent.

Although the intraday price action hints at the presence of sellers, the contract has a support at 21,920, which can arrest the fall.

If Nifty futures falls below 21,920, it can extend the fall to 21,800. On the other hand, if there is a rebound, it will face resistance at 22,100. Subsequent resistance is at 22,200.

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So, broadly, to get a clue on the next leg of trend in Nifty futures, it should breach either 22,100 or 21,920.

Trading strategy

Stay out for now and initiate trade along the direction of the range 21,920-22,100.

Supports: 21,920 and 21,800

Resistance: 22,100 and 22,200

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