Nifty and Bank Nifty Prediction Tomorrow – 17 October 2023
Nifty and Bank Nifty Prediction Tomorrow – 17 October 2023: Indian equity benchmarks ended the volatile session with minor cuts on Monday, declining for the third consecutive day. The markets started the week in the red, following negative global cues. Among the sectors, Metal, Consumer Durables, and PSU Bank gained the most while Pharma, Realty, and FMCG witnessed selling pressure.
The market breadth was slightly positive today. The broader markets outperformed the benchmarks, as the Nifty mid and smallcap index gained 0.21 percent and 0.37 percent respectively. At the close, Sensex and Nifty declined 0.17 percent and 0.10 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (26 October expiry)
The Nifty futures price opened at 19731.61, making a negative opening of 10.4 points on Monday. It has touched an intraday high of 19794 and a day’s low of 19693.05
The Nifty futures price has given a movement of 100.95 points. In the end, Nifty futures closed lower by 9.20 points or 0.05 percent and ended at 19732.85 levels.
The Bank Nifty futures opened at 44299.75. It made a negative opening of 94.3 points. The Bank Nifty futures touched an intraday high at 44455 and a day’s low at 44150.
During the day, the Bank Nifty futures have given a movement of 305 points. In the end, Bank Nifty Futures closed lower by 36.20 points or 0.08 percent and closed at 44357.85 levels.
Nifty & Bank Nifty Prediction for Tomorrow – 17 October 2023
Nifty Futures Prediction for Tomorrow, 17 October 2023
Primary Trend in Nifty Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate profit Booking @ 19800 whereas All Down Moves can Initiate Short Covering @ 19680
If Nifty futures for the October Series move above 19774 and sustain. Then Nifty futures can touch 19794 during the day with a Stop Loss of 19756. In a day it could trade in a range of 19794- 19828- 19854 levels.
If the Nifty futures for the October Series share price move below 19724 and are sustained. Then Nifty futures can touch 19702 levels for the day with a Stop Loss of 19746 In a day it could trade for the target of 19702- 19680 – 19652 level.
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Bank Nifty Futures Prediction for Tomorrow, 17 October 2023
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44500 whereas All Down Moves can Initiate Short Covering @ 44100
Suppose the October series Bank Nifty futures move above 44460 and sustain, then Banknifty can touch 44525 levels during the day with a Stop Loss of 44415. During the day Bank Nifty futures could trade in the range of 44525- 44600- 44680 levels
If the Bank Nifty futures (Oct Series) move below 44315 and sustain, then Banknifty can touch 44260 levels in a day with a Stop Loss of 44370. During the day Bank Nifty futures could trade in the range of 44260- 44175- 44110 levels.
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Global Stock Market Updates
The other Asian stock market indexes closed in the red on Monday due to the intensified situation in the Middle East. Investors worried that the prospect of conflict could spread beyond between Israel and Hamas and this has spiked the crude oil prices above $90 per barrel, equities slipped and investors preferred safe haven assets. Investors also remain cautious ahead of key economic data from China and Japan later this week.
European stock markets erased the intraday losses and turned green at 5.15 pm IST with mining stocks leading the gains. The US futures are trading higher, indicating a positive opening for the US markets. You can also follow our US markets Report at 10 PM IST.
Conclusion
Indian stock markets started the week on a muted note. After opening flat to negative markets tarded in a tight range and finished marginally lower. Going ahead the domestic markets will focus on the quarterly earnings and we may see stock-specific action. Investors can follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Stock Market Prediction Next Week (16- 20 Oct 2023)
Options Trading Books: Your Ultimate 2023 Guide to Winning Big
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