Nifty | Bank Nifty Prediction for Tomorrow, 1 Dec 2021
Nifty and Bank Nifty Prediction for Tomorrow, 1 Dec 2021: Indian equity markets opened flat today and extended their previous day’s gain amid mixed Asian market cues. Markets gained more than a percent in the morning session with the support of all sectors barring healthcare. In the late morning, the domestic market erased all intraday gains due to the weakness in the global markets.
Investors were concerned about the Covid Omicron variant and its impact on the economic recovery. Traders remain cautious and prefer to book profit at the higher levels ahead of the Q2GDP data, to be released later today. You can read the complete market updates here
Nifty and Nifty Bank futures price movement for 30 November (Dec Expiry)
The Nifty futures price opened at 17089.75, making a negative opening of 5.15 points. It has touched an intraday high at 17347 and a day’s low at 17000
The Nifty futures price has given a movement of 347 points today. In the end, it declined 57.95 points or 0.34 percent and ended at 17036.95 levels.
The Bank Nifty futures opened at 36144.75. It made a positive opening of 44.3 points today. It has touched an intraday high at 36849 and a day’s low at 35645.70
During the day, the Bank Nifty futures has given a movement of 1203.3 points. In the end, it closed lower by points 389.45 points or 1.08 percent and closed at 35711 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 1 Dec 2021 (Dec Expiry)
Nifty Futures prediction for Tomorrow, 1 Dec 2021
Primary Nifty Trend in futures: Range-Bound
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17120 whereas All Down Moves Initiates Short Covering (Buy) @ 16900
If the Nifty futures share price Moves Above 17060 and sustain. Then you should Buy with 1st Target of 17094 during the day with a Stop Loss of 17006 FOR the Target of 17094- 17124- 17170
If the Nifty futures share price Moves Below 16985 and is sustained. Then you should Sell with the 1st Target of 16950 during the day with a Stop Loss of 17000. FOR the Target of 16950- 16912- 16880
Bank Nifty Futures prediction for Tomorrow, 1 Dec 2021
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35900 whereas All Down Moves Initiates Short Covering (Buy) @ 35450
Suppose the Bank Nifty futures Moves Above 35850 and sustain, then you should Buy with the 1st Target of 35974 during the day with a Stop Loss of 35790. FOR the Target of 35974 – 36055 – 36140
If the Bank Nifty futures Moves Below 35650 and sustain, then you should Sell with the 1st Target of 35470 during the day with a Stop Loss of 35750. FOR the Target of 35470 – 35320 – 35240
Global markets today
On the global front, Asian markets closed mixed on Tuesday as fresh data out of China during the session showed unanticipated growth for the country’s factories output. The official manufacturing purchasing manager’s index (PMI) data in China beats forecasts.
European markets are trading in the red after Moderna cast its doubt on the efficacy of vaccines on the Omicron Covid variant. The US futures indexes, Dow and Nasdaq futures are trading in the red at 5.30 pm IST, indicating a gap-down opening for the US markets today.
Conclusions
Indian benchmark equity indexes closed in the red today amid volatility. The domestic markets traded in an optimistic mood in the morning deals but global weakness dragged the markets. Investors preferred to book profit at higher levels due to the concern about the Covid Omicron Variant vaccine efficacy.
As the government data showed on Tuesday, the Indian economy grew at 8.4% in the July-September quarter. The Q2FY22 GDP number came in line with the analyst’s expectation. The eight-core industries’ output has surged by 7.5% in October 2021, as compared to the same period last year. This number recorded in September 2021 was 4.4 percent.
Going ahead market will first react to the GDP data tomorrow and later will take direction as per global cues.
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