Markets took a pause after a strong rally, Nifty and Bank Nifty futures predictions for 11 Dec

 

Nifty & Bank Nifty Futures Prediction for 11 Dec: Indian stocks market opened on a weak note while tracking global peers today. Both the benchmark indices Sensex and Nifty traded below their neutral line today. In the end, markets recovered from the lower levels but closed in the red.

The markets remained in the negative zone even after the reports that the Asain Development Bank (ADB) raised the growth forecast for India. The ADB has revised the growth forecast in the current fiscal to 8% contraction from minus 9 projected in September while keeping the outlook for the next fiscal year at 8%. At the same time, it said economic activity in developing Asia is forecast to contract by 0.4% this year before picking up to 6.8% in 2021 as the region moves toward recovery from the effect of the coronavirus pandemic.

On the global front, the Asian markets mostly closed in the red after China’s consumer prices declined in November for the first time in more than a decade. The European stock markets are trading marginally higher ahead of the European Central Bank’s decision which is expected later in the evening today. Us futures Dow and Nasdaq futures are trading flat at this moment.

 

Stock Market Today: Sensex, Nifty, and Bank Nifty

 

At the close, Nifty declined 50.80 points or 0.37% and at 13478.30 levels while the Sensex was down by 143.62 points or 0.31% and at 45959.88 levels. The Bank Nifty on the spot levels also declined by 199.05 points or 0.64% and ended at 30510.35 levels.

The midcap and smallcap 100 indices also closed in the red today. The midcap index declined by 170.75 points or 0.83% and closed at the 20392.70 level. The smallcap index closed lower by 35.90 points or 0.53% and at 6781.35 levels. 

The top five Nifty50 gainers for the day were Nestle, ITC, Britannia, HUL, and Adani Ports. On the losing side UPL, Ultractech Cement, Tata Motors, Shree Cements, & M&M were closed as the top loser today. UPL, Reliance, and  ITC were closed as the most active stocks in the NSE today.

On a sectoral basis, FMCG, Infrastructure, Insurance, Manufacturing, and Logistic were closed in the green whereas Capital Goods, Banking & Finance, Automobiles, Oil & Gas, and IT & Software closed in the red today.

 

Nifty & Bank Nifty futures price today

 

The Nifty futures share price opened at 13504.20, it made a gap down opening of 63.5 points. It has touched an intraday high at 13544 and a day’s low at 13425

The Nifty futures share price has given a movement of 119 points. In the end, it declined 45.95 points or 0.34% and closed at 13521.75 levels.

The Bank Nifty futures share price opened at 30580 It made a gap down opening of 183.65 points today. It has touched an intraday high at 30690 and a day’s low at 30255

During the day, the Bank Nifty futures share price has given a movement of 435 points. In the end, it ended lower by 148.7 points or 0.48% and closed at 30614.95 levels.

 

Nifty and Bank Nifty futures prediction for 11 Dec ( Dec Expiry)

 

Nifty futures prediction for 11 Dec 2020

Primary Nifty Trend in futures: Positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 13610 whereas All Down Moves Initiates Short Covering (Buy) @ 13500

If the Nifty futures share price Moves Above 13535 and sustain. Then you should Buy with 1st Target of 13568 during the day with a Stop Loss of 13490  FOR the Target of 13568-13592- 13615

If the Nifty futures share price  Moves Below 13490 and sustain. Then you should Sell with the 1st Target of 13470 during the day with a Stop Loss of 13535. FOR the Target of 13470- 13448 -13414

 

Bank Nifty futures prediction, 11 Dec  2020

Primary Trend of  Bank Nifty Futures: Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 30950, whereas All Down Moves Initiates Short  Covering (Buy) @ 30450

Suppose Bank Nifty futures share price Moves Above 30790 and sustain. Then you should Buy with the 1st Target of 30870 during the day with a Stop Loss of  30510. FOR the Target of 30870 – 30950- 31170

If the Bank Nifty futures share price Moves Below 30510 and sustained. Then you should Sell with the 1st Target of 30430 during the day with a Stop Loss of 30790. FOR the Target of 30430 – 30350- 30315

 

Conclusions:

Indian stock market took a pause after a strong rally amid negative cues from the global markets. A profit booking was seen in the markets in Automobiles, Financials, PSU Banks, sectors whereas FMCG sector gained more than 2% today. In the last hour, markets trimmed their losses but closed in the red.

The market outlook is positive in the coming days and investors should accumulate some good stocks on the dip. Traders/investors can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures prediction for tomorrow 11 Dec. 2020.

 

Also read,     The Best Stock market book to read to make money 

                  Nifty & Bank Nifty futures for the week (7-11 Dec)

          

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Editor’s Desk

 

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