Nifty and Bank Nifty Prediction for Diwali Muhurat Trading 2023
Nifty and Bank Nifty Prediction for Diwali Muhurat Trading 2023: Indian equity benchmarks pared all the losses and ended slightly higher on Friday. The domestic market opened lower following the negative cues from Wall Street. The sentiments were dented as the US Treasury yield climbed after Fed Chair Jerome Powell’s speech.
Among the sectors, Metal, Oil & Gas, and Financial Services gained while the Media, Auto, and IT sectors were under pressure. The market breadth was positive on Friday. On the NSE, 1346 shares advanced while 1105 shares declined.
The broader markets outperformed the benchmarks, as the Nifty mid and small-cap indexes gained 0.48% and 0.47% respectively. In the end, Sensex gained 72.48 points or 0.11% and closed at 64904.68 level, while Nifty advanced 30.05 points or 0.15% and settled at 19425.35.
Nifty and Nifty Bank Futures Price Movement on Friday, 10 November
On Friday, November 10, the Nifty futures (November Series) opened at the 19424 level. The index made a negative opening of 60.6 points from the previous close. It touched an intraday high at 19506 and a day’s low at 19375.
The Nifty future has made a movement of 131 points on Friday. In the end, it closed slightly higher by 15.60 points or 0.08 percent and ended at 19500.20 levels.
The Bank Nifty futures (November Series) opened at 43741.20 levels on Friday. It made a negative opening of 175.4 points. It has touched an intraday high at 44017 and a day’s low at 43355.55
On Friday, the Bank Nifty futures gave a movement of 661.45 points. At the close, Bank Nifty Future finished higher by 98.40 points or 0.22 percent and ended at 44015 levels.
Nifty & Bank Nifty Prediction for Diwali Muhurat Trading 2023
Nifty Futures Prediction for Sunday, 12 Nov 2023
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 19600 whereas All Down Moves can initiate Short Covering @ 19450
If the Nifty futures share price moves above 19528 and sustains. Then it can touch 19570 during the day with a Stop Loss of 19505. During the day it can trade in the range of 19570- 19595- 19618
If the Nifty futures share price moves below 19480 and is sustained. Then it can touch 19458 during the day with a Stop Loss of 19495. During the day it can trade in the range of 19458- 19435- 19410
Bank Nifty Futures Prediction for Sunday, 12 Nov 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 44200, whereas All Down Moves can Initiate Short Covering @ 43800
Suppose the Bank Nifty futures move above 44080 and sustain, then it can touch 44150 with a Stop Loss of 44020. During the day it can trade in a range of 44150- 44220- 44300
If the Bank Nifty futures move below 43915 and sustain, then the index can touch 43825 with a Stop Loss of 43980. During the day it can trade in the range of 43825- 43760- 43690
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Conclusion
Indian stock markets traded volatile and closed marginally higher near the day’s high on Friday. Sentiments turned positive ahead of Diwali Muhurat Trading 2023. The US markets also rallied on Friday, Gift Nifty closed above 19600 on Friday indicating a strong opening for the Indian markets on Sunday.
Going ahead Indian stock markets will open higher on Diwali Muhurat Trading Day 2023 on Sunday and trade positively.
Also, read- Indian Stock Market Review (6-10 Nov 2023) – Spotting the Top Gainers & Losers
Global Stock Market- A Comprehensive Weekly Overview (Nov 6-10, 2023)
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