Nifty closed below 11900 levels, Nifty and Bank Nifty futures prediction for tomorrow 23 Oct

 

Market updates and Nifty & Bank Nifty futures Prediction for 23 Oct: Indian markets started with weak notes on Thursday. The Nifty and Sensex were trading below their neutral lines throughout the day. Negative cues from the Asian markets impacted the domestic market sentiments today. In the end, the market closed marginally lower today.

The market sentiment was dampened as traders got worried after export growth declined in India in the third quarter of 2020 in comparison to the same quarter last year. The exports have picked up pace in September compared to the previous month according to a global trade update by the UN.

Meanwhile, RBI has announced an ‘on tap’ Targeted Long-Term Repor Operations (TLTRO) scheme of up to Rs 1 trillion. This is to provide liquidity support to a host of sectors, including agricultural, retail, drugs, pharma, and MSMEs. It said the investment made by banks under this facility will be classified as held to maturity (HTM)  even in excess of 25% of the total investment permitted to be included in the HTM portfolio.

On the global front, other Asian markets closed mixed today. European markets are trading lower on Thursday as a fall in German consumer morale and worries about increasing coronavirus cases in the continent. The U.S market Dow and Nasdaq futures are trading marginally lower today.

 

Market Updates: Sensex, Nifty, and Bank Nifty today

 

At the close, Nifty fell 41.20 points or 0.34% and at 11896.45 while Sensex declined 148.82 points or 0.36% and at 40558.49 levels. The Bank Nifty on the spot levels also declined 150.90 points or 0.61% and ended at 24484.15 levels.

The Nifty midcap and smallcap indices outperformed the benchmark indices today.  The midcap index gained 105.85 points or 0.62% and at 17171.30 levels. The smallcap index also up by 59.70 points or 1.01% and closed at 5957.40 levels.

The top five gainers in the Nifty index for the day are NTPC, Bharti Airtel, Bajaj Finance, Tata Motors, and IOC. The top losers in the Nifty index for the day are IndusInd Bank, Hero Motorcorp, ICICI Bank, Infosys, and Cipla. The most active stocks in NSE were Reliance, Dr. Reddy, and Bajaj Finance.

On a sectoral basis, Capital Goods, Infrastructure, Metals, Power, and Telecom sectors gained for the day. The losing sectors for the day are IT & Software, Healthcare, Oil & Gas, Banks, and Manufacturing.

 

Nifty & Bank Nifty futures price today

 

The Nifty futures share price opened at 11889.40, it made a negative opening of 38.05 points. It has touched an intraday high at 11935 and a day’s low at 11827.60

The Nifty futures share price has given a movement of 107.4 points. In the end, it fell 62.4 points or 0.24% and closed at 11898.85 levels.

The Bank Nifty futures share price opened at 24500. It was made a negative opening of 164.95 points today. It has touched an intraday high at 24740 and a day’s low at 24307.85

During the day, the Bank Nifty futures share price has given a movement of 432.15 points. In the end, it closed lower by 112.4  points or 0.46% and closed at 24552.55 levels.

 

Nifty and Bank Nifty futures prediction for 23 Oct ( Oct Expiry)

 

 

Nifty futures prediction for 23 Oct 2020

Primary Nifty Trend in futures: Range-Bound

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11948 whereas All Down Moves Initiates Short Covering (Buy) @ 11860

If the Nifty futures share price Moves Above 11918 and sustain. Then you should Buy with 1st Target of 11936 during the day with a Stop Loss of 11860. FOR the Target of 11936- 11974- 12006

If the Nifty futures share price  Moves Below 11860 and sustain. Then you should Sell with 1st Target of 11832 during the day with a Stop Loss of 11918. FOR the Target of 11832- 11809 -11780

 

 

Bank Nifty futures prediction, 23 Oct  2020

Primary Trend of  Bank Nifty Futures: Mild Negative

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 24850, whereas All Down Moves Initiates Short  Covering (Buy) @ 24430

If Bank Nifty futures share price Moves Above 24650 and sustain. Then you should Buy with 1st Target of 24760 during the day with a Stop Loss of  24430. FOR the Target of 24760 – 24870- 24965

If the Bank Nifty futures share price Moves Below 24430 and sustained. Then you should Sell with 1st Target of 24325 during the day with a Stop Loss of 24650. FOR the Target of 24325 – 24214- 24104

 

Conclusions:

 

Indian markets took a pause after four positive trading sessions. It was a  range-bound session today amid mixed global cues. The Nifty closed below 11900 levels today. The midcap and smallcap sectors outperformed the Nifty and Sensex today. In the absence of any major trigger, the market may move sideways but we can see some stock-specific action due to quarterly earnings.

Traders can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures prediction for tomorrow 23 Oct.2020

 

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Editor’s Desk

 

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