Nifty and Bank Nifty Prediction for Tomorrow, 12 Oct 2023
Nifty and Bank Nifty Prediction for Tomorrow, 12 Oct 2023: Indian equity benchmarks ended higher for the second consecutive day on Wednesday. The key indexes traded above their neutral lines throughout the day and ended with significant gains. The positive global cues lifted the domestic market sentiments on Wednesday.
Among the sectors, the Auto FMCG and Media sectors gained the most, while selling pressure was witnessed in the PSU Bank, and IT space. The market breadth was strong, on the NSE, 1604 shares advanced while 832 shares declined at the close.
The broader markets gained in line with their larger peers, as Nifty mid and smallcap indexes were up 0.50 percent and 0.84 percent respectively. At the close, Sensex gained 393.69 points or 0.60 percent and ended at 66473.05, while Nifty advanced 121.50 points or 0.62 percent and settled at 19811.35 levels. You can read the detailed market updates here
Nifty and Bank Nifty Futures Price Movement for (26 Oct expiry)
The Nifty futures price opened at 19780, making a positive opening of 41.9 points on Wednesday. It has touched an intraday high of 19874.9 and a day’s low of 19780
The Nifty futures price has given a movement of 94.9 points. In the end, Nifty futures closed higher by 113.70 points or 0.58 percent and ended at 19851.80 levels.
The Bank Nifty futures opened at 44683.40. It made a positive opening of 153.10 points. The Bank Nifty futures touched an intraday high at 44808 and a day’s low at 44550.10.
During the day, the Bank Nifty futures have given a movement of 257.9 points. In the end, Bank Nifty Futures closed higher by 172.65 points or 0.39 percent and closed at 44702.95 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 12 Oct 2023
Nifty Futures Prediction for Tomorrow, 12 Oct 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate profit Booking @ 19950 whereas All Down Moves can Initiate Short Covering @ 19820
If Nifty futures for the Oct Series move above 19880 and sustain. Then Nifty futures can touch 19914 during the day with a Stop Loss of 19856. In a day it could trade in a range of 19914- 19940- 19975 levels.
If the Nifty futures for the Oct Series share price moves below 19818 and is sustained. Then Nifty futures can touch 19785 levels for the day with a Stop Loss of 19840 In a day it could trade for the target of 19785- 19746 – 19708 level.
If you want Live Market Views for Nifty, Bank Nifty, Stocks Futures & Options, and Global/Domestic market happenings then join our WhatsApp Channel here or Telegram Channel – https://t.me/nifty50stocks1
Bank Nifty Futures Prediction for Tomorrow, 12 Oct 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 45000 whereas All Down Moves can Initiate Short Covering @ 44600
Suppose the Oct series Bank Nifty futures move above 44815 and sustain, then Banknifty can touch 44890 levels during the day with a Stop Loss of 44740. During the day Bank Nifty futures could trade in the range of 44890- 44980- 45110 levels
If the Bank Nifty futures (Oct Series) move below 44535 and sustain, then Banknifty can touch 44450 levels in a day with a Stop Loss of 44620. During the day Bank Nifty futures could trade in the range of 44450- 44380- 44310 levels.
Note:- With Upstox Options Strategy Builder, you can create an option strategy. You can also try the ready-made options strategy Free at Upstox. Click here to Open Free Trading and Demat Account and get Life-Time Demat AMC Free and Rs 20 flat Brokerage.
Global Stock Market Updates
The other Asian stock markets ended higher on Wednesday. Investors were encouraged by more positive signals from the US on rate easing, while hints of economic stimulus from Beijing also lifted the Asian investors.
The decline in US Treasury yields also aided market sentiments in the region. Strong earnings in South Korea had an impact across the region, Kospi gained the most in the region, up 1.94 percent. You can read the Asian stock market updates here
European stock market indexes are trading mixed on Wednesday after a sharp rally in the previous session, as investors are cautious ahead of the US PPI inflation data later in the day.
The US Future indexes, Dow, and Nasdaq futures are trading higher on Wednesday, indicating a positive opening for the US markets. You can also follow our US markets Report at 10 PM IST.
Conclusion
Indian markets ended higher for the second straight session amid positive global cues. The focus will now be shifted back to the macroeconomic data and quarterly earnings.
Going ahead, the inflation readings expected from India, the US, and China later this week will drive the markets. Investors should remain cautious and can follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Stock Market Prediction Next Week (9- 13 Oct 2023)
Options Trading Books: Your Ultimate 2023 Guide to Winning Big
If you like the post “Nifty and Bank Nifty Prediction for Tomorrow, 12 Oct 2023” please share it with others
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution in compiling the data for its Website. The views and investment tips expressed here are by third-party experts and are for educational purposes. Nifty50Stocks.com is not SEBI registered Advisors. Nifty50stocks.com advises its users to check with certified and SEBI-registered experts before making any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
