Nifty and Bank Nifty Prediction for Tomorrow, 30 November 2023
Nifty and Bank Nifty Prediction for Tomorrow, 30 November 2023: Indian equity benchmarks ended with solid gains on Wednesday and closed near the day high. The domestic markets opened higher following positive cues from Wall Street overnight and gradually marched northwards as the session progressed. Investors were encouraged as FIIs turned buyers in the last few sessions and DIIs also continued their buying spree.
Auto stocks gained the most as the auto industry body FADA said vehicle retail sales increased to a record high during this festive season. Banks and IT stocks were also in demand on Wednesday, while Realty and Media stocks witnessed some selling pressure.
The market breadth was positive. The broader markets also ended higher following their larger peers, as Nifty mid and smallcap indexes gained 0.81% and 1.03% respectively. At the close, Sensex and Nifty finished higher by 1.10% and 1.04% respectively, and settled at 66901.91 and 20096.60 levels respectively. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (30 Nov expiry)
The Nifty futures price opened at 20000.70, making a positive opening of 64 points on Wednesday. It has touched an intraday high of 20144 and a day’s low of 19980.20
The Nifty futures price has given a movement of 163.8 points. In the end, the Nifty futures closed higher by 206.30 points or 1.03 percent and ended at 20143 levels.
The Bank Nifty futures opened at 44100. It made a positive opening of 115.7 points on Wednesday. The Bank Nifty futures touched an intraday high at 44721.60 and a day’s low at 44022.10
During the day, the Bank Nifty futures have given a movement of 699.5 points. In the end, Bank Nifty Futures closed higher by 733.65 points or 1.67 percent and closed at 44717.95 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 30 Nov 2023
Nifty Futures Prediction for Tomorrow, 30 Nov 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 20230 whereas All Down Moves can Initiate Short Covering @ 20100
If the Nifty futures for the November Series move above 20172 and sustain. Then the index can trade in a range of 20203- 20232- 20270 levels during the day.
If the Nifty futures share price moves below 20105 and is sustained. Then the index futures can trade in a range of 20075- 20035- 20007 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 30 Nov 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 44950 whereas All down moves can Initiate Short Covering @ 44500.
Suppose the November series Bank Nifty futures move above 44765 and sustain, then the index can trade in the range of 44870- 44935- 45050 levels during the day.
If the Bank Nifty futures (Nov Series) move below 44515 and sustain, then the index can trade in the range of 44395- 44285- 44175 levels during the day.
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Conclusion
Indian stock markets gained strongly just ahead of the monthly F&O expiry as funds have started flowing back to the secondary markets after FIIs turned buyers and the recent IPO rush. The dovish comments from US Fed officials, ease in geopolitical tension, and decline in US Treasury yields and crude prices all favored the market sentiments.
Looking forward, we maintain our positive view of the domestic markets and suggest investors continue with a “buy on dips” approach. You can also follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Stock Market Prediction Next Week ( 28 Nov-1 Dec 2023)
Options Trading Books: Your Ultimate 2023 Guide to Winning Big
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