Today’s Market updates: Nifty, Bank Nifty futures prediction for 24 Nov 2020

Market Updates-Nifty & Bank Nifty futures prediction for 24 Nov: Indian stocks markets opened in the green as indicated by the Asian peers in the morning. The benchmark indices manage to keep their heads in positive terrain in most of the trading session after a slight dip in the morning. In the end, the markets closed higher and Bank Nifty closed in the red today.

The market sentiments were positive after the Fitch Ratings stated that the government’s coronavirus pandemic-driven renewed reform agenda has the potential to raise India’s medium-term growth rate. It also noted that raising medium-term growth rates under these circumstances will require reforms to support investment and boost productivity and it will take time to assess whether the reforms are implemented effectively.

However, the market gains are capped as some concern came with the report that as many as 437 infrastructure projects each worth Rs 150 cr or more have been hit by cost overruns of over 4.37 lakh crore. 

On the global front, Asian markets were closed in the green on the hopes of coronavirus vaccine and offset the concerns over fresh lockdown and restrictions in several countries. The European markets and US futures markets are also trading higher on vaccine hopes.

 

Today’s Market Updates- Nifty, Sensex, and Bank Nifty

 

At the close, Nifty gained 67.40 points or 0.53% and at 12926.45 levels while Sensex jumped 194.90 points or 0.45% and at 44077.15 levels. The Bank Nifty on the spot levels declined 211.80 points or 0.72% and ended at 29024.20 levels.

The Nifty midcap and smallcap 100 indices outperformed the benchmark indices today. The Nifty midcap gained 248.85 points or 1.31% and at 19211.40 levels. The smallcap index jumped 127.40 points or 2.06% and closed at 6309.65 levels.

The top five gainers in the Nifty50 index for the day are ONGC, IndusInd Bank, GAIL, Dr. Reddy’s lab, and tech Mahindra. The top five losers in the Nifty50 Index for the day are HDFC, ICICI Bank, Axis Bank, SBI, and SBI Life Insurance. The most active stocks for the day in the NSE were Reliance, Bajaj Finance, and IndusInd bank.

On a sectoral basis, Energy, IT & Software, Pharma, Metal, and Realty sectors closed in the green. The sectors that closed in the red are Banking & Finance, Insurance, Manufacturing, and Hospitality sectors.

 

Nifty & Bank Nifty futures price today

 

The Nifty futures share price opened at 12935.95, it made a gap up opening of 64.65 points. It has touched an intraday high at 12978.40 and a day’s low at 12825

The Nifty futures share price has given a movement of 153.4 points. In the end, it gained 69.7 points or 0.54% and closed at 12941 levels.

The Bank Nifty futures share price opened at 29430. It made a gap up opening of 185.10 points today. It has touched an intraday high at 29641 and a day’s low at 28802.20

During the day, the Bank Nifty futures share price has given a movement of 838.8 points. In the end, it declined 229.9 points or 0.79% and closed at 29015 levels.

 

Nifty and Bank Nifty futures prediction for 24 Nov ( Nov Expiry)

 

 

Nifty futures prediction for 24 Nov 2020

Primary Nifty Trend in futures: Mild Positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 13030 whereas All Down Moves Initiates Short Covering (Buy) @ 12900

If the Nifty futures share price Moves Above 12970 and sustain. Then you should Buy with 1st Target of 13004 during the day with a Stop Loss of 12908 FOR the Target of 13004- 13036- 13068

If the Nifty futures share price  Moves Below 12908 and sustain. Then you should Sell with the 1st Target of 12883 during the day with a Stop Loss of 12970. FOR the Target of 12883- 12850 -12806

 

Bank Nifty futures prediction, 24 Nov  2020

Primary Trend of  Bank Nifty Futures: Mild Negative

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 29300, whereas All Down Moves Initiates Short  Covering (Buy) @ 28500

Suppose Bank Nifty futures share price Moves Above 29295 and sustain. Then you should Buy with the 1st Target of 29475 during the day with a Stop Loss of  28910. FOR the Target of 29470 – 29540- 29750

If the Bank Nifty futures share price Moves Below 28910 and sustained. Then you should Sell with the 1st Target of 28670 during the day with a Stop Loss of 29295. FOR the Target of 28670 – 28490- 28310

 

Conclusions:

Indian markets closed on a positive note on the first day of the week. The global markets traded higher on coronavirus vaccine hopes and helped the domestic markets to close marginally higher today. The midcap and smallcap stocks outperformed the benchmark indices today. 

Indian markets would remain volatile during the week, traders should trade with a strict stop loss on the remaining days of the week. Traders can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures prediction for tomorrow 24 Nov.2020.

 

Also read, Coronavirus impact on various sectors & Indian economic growth

                 Algo Trading Definition: Pros and Cons of Algorithmic trading  

               

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Editor’s Desk

 

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