Nifty & Bank Nifty futures for next week, 2-6 Nov 2020
Key factors that may impact Nifty and Bank Nifty futures next week 2-6 Nov.
Nifty & Bank Nifty futures prediction, for the week 2-6 Nov: The Indian stock market closed negative last week. Technically the market is looking slightly bearish but the market depends on other factors also. Next week on Monday, the market will first react to the second quarterly result of Reliance, ICICI Bank, and the GST numbers that crossed 1 lakh crores for the first time in FY21.
The other key factors that may impact the Nifty & Bank Nifty futures for the next week, 2-6 Nov are
US Presidential Election
The U.S presidential election on 3rd November will create volatility in the market next week. Though several media houses and polls have indicated a clear victory for Democratic candidate Joe Biden over Donald Trump but earlier this prediction proved wrong. The outcome of the election results will take days to come.
Next week the Stock market volatility is certain until the result comes out. Even after the result if a new party comes into power the stock market gains will become slow in the US. When the same president gets re-elected and the party retains the control of the White House, market returns will be slightly higher.
Auto Sales-
A gradual recovery was seen in the sales of the automobile sector in the past few months after hitting a low in April. The auto sales in October 2020 are likely to be stronger due to the festive season and normalization or relaxation in lockdown. The demand for automobiles has also seen increases in the recent past.
The four-wheeler retail sales have been increased by 20% during the festive season while the demand for commercial vehicles is still growing at a slower pace. The automobile manufacturing company focused on retail sales will report higher sales than the commercial vehicles manufacturers. Traders need to focus on the sales number on Monday next week.
Quarterly earnings-
There are a total of eight Nifty50 companies will announce their second quarterly results in the coming week. Indian stock market will react to the earnings of those Nifty50 companies.
| Q2 Results dates for Nifty50 Stocks | |
| 2nd Nov | HDFC |
| NTPC | |
| 3rd Nov | Adani Ports |
| Sun Pharma | |
| 4th Nov | SBI |
| 6th Nov | Cipla |
| ITC | |
| 7th Nov | Divis Lab |
Technical levels: Nifty & Bank Nifty futures prediction for next week, 2-6 Nov
Nifty futures prediction for next week
Primary Trend of Nifty futures next week: Negative
Range-Bound Trend of Nifty futures: All up Moves Initiates Profit Booking (Sale) @ 11750 whereas All Down Moves Initiates Short Covering (Buy) @ 11400
If Nifty share price in futures Moves Above 11694 and sustain. Then you should Buy with 1st Target of 11748 during the day or week with a Stop Loss of 11570 FOR the Target of 11748- 11804- 11854- 11903
Suppose Nifty share price in futures Moves Below 11570 and sustain. Then you should Sell with 1st Target of 11525 during the day or week with a Stop Loss of 11694. FOR the Target of 11525- 11490- 11456-11403
Bank Nifty futures prediction for next week
Primary Trend of Bank Nifty future for next week: Negative
Range-Bound Trend of Bank Nifty share price in future: All up Moves Initiates Profit Booking (Sale) @ 24500, whereas All Down Moves Initiates Short Covering (Buy) @ 22900
Bank Nifty share price in the future Moves Above 24110 and sustain. Then you should Buy with the 1st Target of 24290 during the day with a Stop Loss of 23750. FOR the Target of 24290 – 24460- 24640- 24780
If Bank Nifty shares price in the future Moves Below 23750 and sustained. Then you should Sell with the 1st Target of 23580 during the day with a Stop Loss of 24110. FOR the Target of 23580- 23430- 23220 – 22860
Coronavirus updates-
One of the main reasons that impacted the Indian stock market last week was the resurgence of Coronavirus cases in Europe and the U.S. In Europe, a partial lockdown was imposed in various countries. In the US on Friday 99000 fresh cases were registered. Though in Indian coronavirus infection is in the declining stage, experts feel that infection may increase after Diwali.
On the vaccine front, many companies are preparing to lunch their much-awaited coronavirus vaccine at the end of this year. In India, the government has asked states to make a committee for co-ordination and overseeing COVID-19 vaccination drive while ensuring minimal disruptions in other routine healthcare services. Any good news on this front will cheer the market.
Global market cues-
The biggest global event in the coming week is the U.S Presidential election, followed by Fed and BOE interest rate decision meetings, and PMI data. The global market will react to these data and events and accordingly set the market direction for the domestic market next week. The important schedule for global macroeconomic data for the next week is given below.
| Important Global Macro Data Next Week | ||
| 2 Nov | Jibun Manufacturing PMI | Japan |
| Caixin Manufacturing PMI | China | |
| Manufacturing PMI | GB | |
| Manufacturing PMI | US | |
| 4Nov | Service PMI | China, GB,US |
| 5 Nov | Service PMI | Japan |
| BOE Interest rate Decision | GB | |
| Inflation rate | GB | |
| Fed Interest rate decision | US | |
Domestic Macro-Economic data
The Indian macroeconomic data to be released next week are given below. Traders should note these important dates and trade carefully.
| Macro Data Next Week | |
| 2nd Nov | Markit Manufacturing PMI |
| 4th Nov | Markit Service PMI |
| 6th Nov | ForeignExchange Reserve |
FII & DIIs investment
The Foreign Institutional Investors (FIIs) were buyers in the cash market whereas the Domestic Institutional Investors (DIIs) were the sellers in the month of October. The FIIs bought Rs 14537.40 crores while DIIs Rs 17318.44 crores in the cash market segment in October month. As long as FIIs are buying, the domestic stock market may not see any sharp correction.
You may also like to read, Indian Stock Market Weekly News & Updates
Quarterly Results of Nifty50 Stocks- Read Analysis
Happy Investing!!
Editor’s Desk
Disclaimer-
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