Nifty and Bank Nifty Prediction for Tomorrow, 17 November 2023

 

Nifty and Bank Nifty Prediction for Tomorrow, 17 November 2023: The equity benchmarks ended with moderate gains on Thursday, rising for the second consecutive day. The domestic markets opened flat amid tracking negative cues from Asian markets. However, after initial volatility markets marched northwards, as the session progressed.

Among the sectors IT, Realty, and Pharma sectors gained the most, while PSU Bank, FMCG, and Banking sectors ended in the red. The NSE volatility index “India VIX” jumped 4.60% to 11.65. The market breadth was positive, on the NSE 1299 shares advanced while 1168 shares declined.

At the close, Sensex gained 306.55 points or 0.47% and ended at 65982.48, while Nifty advanced 89.75 points or 0.46% and settled at 19765.20.  In the broader markets, Nifty midcap and smallcap indexes gained 0.78% and 0.58% respectively.

 

Nifty and Bank Nifty Futures Price Movement for (30 Nov expiry)

 

The Nifty futures price opened at 19738, making a positive opening of 14.7 points on Thursday. It has touched an intraday high of 19934 and a day’s low of 19695.85

The Nifty futures price has given a movement of 238.15 points. In the end, Nifty futures closed higher by 111.70 points or 0.57 percent and ended at 19835 levels.

The Bank Nifty futures opened at 44390.85. It made a positive opening of 3.6 points. The Bank Nifty futures touched an intraday high at 44552.95 and a day’s low at 44205

During the day, the Bank Nifty futures have given a movement of 347.95 points. In the end, Bank Nifty Futures closed lower by 114.25 points or  0.26 percent and closed at 44273 levels.

 

Nifty & Bank Nifty Prediction for Tomorrow, 17 Nov 2023

 

Nifty Futures Prediction for Tomorrow, 17 Nov 2023

Primary Trend in Nifty Futures: Positive

Range-Bound Trend: All up Moves can initiate profit Booking @ 19950 whereas All Down Moves can Initiate Short Covering @ 19750

If Nifty futures for the November Series move above 19870 and sustain. Then it can touch 19902 during the day with a Stop Loss of 19850. It could trade in a range of 19902- 19932- 19965 levels in a day.

If the Nifty futures for the November Series share price move below 19780 and are sustained. Then it can touch 19740 levels for the day with a Stop Loss of 19805. It could trade in a range of 19740 – 19710- 19680 levels in a day.

 

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Bank Nifty Futures Prediction for Tomorrow, 17 Nov 2023

Primary Trend in  Bank Nifty Futures- Positive 

Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44600 whereas All Down Moves can Initiate Short Covering @ 44100

Suppose the November series Bank Nifty futures move above 44470 and sustain, then it can touch 44550 levels during the day with a Stop Loss of 44415. During the day the index can trade in the range of 44550- 44620- 44700 levels

If the Bank Nifty futures (Nov Series) move below 44200 and sustain, then the index can touch 44130 levels in a day with a Stop Loss of 44265. During the day Bank Nifty futures could trade in the range of 44130- 44060- 43980 levels.

 

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Conclusion

 

The domestic market ended higher for the second straight day. After an initial volatility market traded on a positive note, however, indices trimmed some intraday gains in the last hour. Going ahead, the positive momentum will continue, you can follow our Daily Morning Report at 7:30 a.m. for market direction.

 

Also, read   Stock Market Prediction Next Week (13 – 17 Nov 2023)

                     Tradingview India Review 2022- You Must Read

                  

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Editor’s Desk

 

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