Nifty and Bank Nifty Prediction for Tomorrow, 16 Nov
Nifty and Bank Nifty Prediction for Tomorrow, 16 Nov: The Indian equity markets opened higher on Monday amid positive cues from the global markets. The SGX Nifty was also indicating a gap-up opening for the domestic markets in the morning. Later the markets erased their early gains in the late morning deal and traded almost flat today. The broader markets also traded flat in line with their larger peers. Market sentiments got hit after the release of WPI data, which stood at 12.54% in October as compared to 10.66 in September and 11.64% in August 2021. You can read the complete market updates here
Nifty and Nifty Bank futures price movement for 15 November (Nov Expiry)
The Nifty futures price opened at 18239.90, making a positive opening of 106.45 points. It has touched an intraday high at 18410 and a day’s low at 18082 ( pls note Nifty futures high 18410 was a freak trade)
The Nifty futures price has given a movement of 328 points today. In the end, it fell 2.45 points or 0.01 percent and ended at 18131 levels.
The Bank Nifty futures opened at 38950. It made a positive opening of 78.65 points today. It has touched an intraday high at 39179.70 and a day’s low at 38712.05
During the day, the Bank Nifty in futures has given a movement of 467.65 points. In the end, it closed lower by 48.35 points or 0.12 percent and closed at 38823 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 16 Nov 2021 (Nov Expiry)
Nifty Futures prediction for Tomorrow, 16 Nov 2021
Primary Nifty Trend in futures: Mild Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18200 whereas All Down Moves Initiates Short Covering (Buy) @ 18000
If the Nifty futures share price Moves Above 18158 and sustain. Then you should Buy with 1st Target of 18180 during the day with a Stop Loss of 18122 FOR the Target of 18180- 18209- 18238
If the Nifty futures share price Moves Below 18070 and is sustained. Then you should Sell with the 1st Target of 18045 during the day with a Stop Loss of 18110. FOR the Target of 18045- 18006- 17985
Bank Nifty Futures prediction for Tomorrow, 16 Nov 2021
Primary Trend of Bank Nifty Futures: Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 39000, whereas All Down Moves Initiates Short Covering (Buy) @ 38500
Suppose the Bank Nifty futures Moves Above 38955 and sustain, then you should Buy with the 1st Target of 39035 during the day with a Stop Loss of 38870. FOR the Target of 39035 – 39175 – 39345
If the Bank Nifty futures Moves Below 38700 and sustain, then you should Sell with the 1st Target of 38590 during the day with a Stop Loss of 38820. FOR the Target of 38590 – 38470 – 38380
Global markets today
On the global front, Asian markets closed mixed today despite Chinese retail sales numbers for October improving from 4.4% in September to 4.9%. Shanghai closed marginally lower even after China’s industrial production was up by 3.5 percent in October, exceeding estimates for 3.0 percent and as against 3.1 percent in September.
European markets started with a cautious note due to the rise in covid-19 cases in the region and in anticipation of further lockdown. The major indexes are now trading above their neutral lines due to upbeat economic data released in China. The US future indexes, Dow and Nasdaq futures are trading in the green at this time 4.30 pm IST
Conclusions
Indian stock stocks managed to close in the green today. After opening a gap up today morning markets erased all gains due to profit booking in metals and PSU banking space. The sentiment has got hit due to a spike in WPI inflation that was released during the market hours today. Going ahead, Indian markets will trade as per the global cues.
Also read, Best stocks to buy in India for the short term in November 2021
Indian Stock Market Prediction Next Week (15 to 18 Nov)
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