Indian Market closed marginally higher today, Nifty and Bank Nifty futures prediction for 3 Nov

 

Nifty & Bank Nifty Futures Prediction for 3 Nov: Indian benchmark indices opened in the green amid positive Asian market cues in the morning. The key benchmarks remained sluggish in the morning session. Nifty and Sensex were trading below their neutral line in the morning. The market recovered all losses and gained in the second half after the announcement of positive PMI data.

Traders were seen in selling energy, oil & gas, and IT stocks. Heavy selling pressure was seen in Reliance Industries after the announcement of its Q2FY21 earnings on Friday post-market. The market sentiment remained cautious with the private report that the pandemic induced growth contraction and additional spending to support the needy amounting to a little over 2% of the economy are likely to push the combined fiscal deficit to 13% of the GDP this fiscal, nearly double of the previous year.

However, the downside remained capped as India’s manufacturing sector activity improved for the third straight month in October.  The IHS Markit India  Manufacturing PMI rose to 58.9 in October. This is as compared to 56.8% in September 20202.

On the global front, Asian markets were closed higher today with optimism in global economic recovery and positive signs in manufacturing sectors in both India and China. The European markets are trading positive due to strong factory data in Eurozone and China. The US markets Dow and Nasdaq futures are also trading higher today.

 

Indian Market today- Sensex, Nifty, and Bank Nifty on spot levels

 

At the close, Nifty gained 26.75 points or 0.23% and at 11669.15 while Sensex was up by 143.15 points or 0.37% and at 39757.58 levels. The Bank Nifty on the spot level gained 991.60 points or 4.15% and closed at 24892.50 levels.

The Nifty midcap 100 index closed in the green whereas the smallcap index ended in the red today. The midcap index gained 68.70 points or 0.40% and at 17135.20 levels. The smallcap index declined 90.45 points or 1.55% and closed at 5728.60 levels.

The top five gainers in the Nifty index for the day are IndusInd Bank, ICICI Bank, Axis Bank, HDFC, and Bharti Airtel. The top losers in the Nifty index for today are Reliance, Divis Lab, Eicher Motors, HCL Tech, and BPCL. The most active stocks in NSE today were Reliance, ICICI Bank, and IndusInd Bank.

On a sectoral basis, Banking & Finance, Capital Goods, Telecom, Real Estate, and Power sectors gained the most. On the other hand, Oil & Gas, IT & Software, Infrastructure, Healthcare, and Metals sectors were closed in the red today.

 

Nifty & Bank Nifty futures price today

 

The Nifty futures share price opened at 11683.15, it made a positive opening of 44.75 points. It has touched an intraday high at 11734.95 and a day’s low at 11560.10

The Nifty futures share price has given a movement of 174.85 points. In the end, it gained 34.4 points or 0.30% and closed at 11672.80 levels.

The Bank Nifty futures share price opened at 24245.20. It made a gap up opening of 320.65 points today. It has touched an intraday high at 25163.45 and a day’s low at 24100.50 

During the day, the Bank Nifty futures share price has given a movement of 1062.95 points. In the end, it gained by 975.4 points or 4.08% and closed at 24899.95 levels.

 

Nifty and Bank Nifty futures prediction for 3 Nov ( Nov Expiry)

 

 

Nifty futures prediction for 3 Nov 2020

Primary Nifty Trend in futures: Mild Negative

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11700 whereas All Down Moves Initiates Short Covering (Buy) @ 11520

If the Nifty futures share price Moves Above 11708 and sustain. Then you should Buy with 1st Target of 11749 during the day with a Stop Loss of 11630. FOR the Target of 11749- 11774- 11808

If the Nifty futures share price  Moves Below 11630 and sustain. Then you should Sell with the 1st Target of 11594 during the day with a Stop Loss of 11708. FOR the Target of 11594- 11560 -11518

 

 

Bank Nifty futures prediction, 3 Nov  2020

Primary Trend of  Bank Nifty Futures: Mild Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 25300, whereas All Down Moves Initiates Short  Covering (Buy) @ 24750

Suppose Bank Nifty futures share price Moves Above 25090 and sustain. Then you should Buy with the 1st Target of 25340 during the day with a Stop Loss of  24700. FOR the Target of 25340 – 25560- 25780

If the Bank Nifty futures share price Moves Below 24700 and sustained. Then you should Sell with the 1st Target of 24500 during the day with a Stop Loss of 25090. FOR the Target of 24500 – 24280- 23970

Conclusions:

Indian market closed another volatile session today. The quarterly results of Reliance, ICICI Bank, and IndusInd Bank dominated the market today. Reliance tanks 9% due to profit-booking while ICICI and IndusInd Bank closed as the top gainer in the Nifty Index. The positive manufacturing PMI data helped the benchmark indices to recover the intraday losses and closed marginally higher. 

The market would remain volatile in the coming days due to the US election, rising coronavirus cases, and quarterly earnings.   Traders can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures prediction for tomorrow 3 Nov.2020.

 

Also read, Nifty & Bank Nifty futures for next week, 2-6 Nov 2020 

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