Nifty & Bank Nifty Prediction for Tomorrow, 17 Sept 2021
Nifty and Bank Nifty Prediction for Tomorrow 17 Sept 2021: Indian stock markets made a positive opening on Thursday amid negative cues from other Asian markets. The equity benchmarks managed to trade above their neutral lines throughout the day and extended their yesterday’s gain. In the end, markets closed at a new high today.
The market sentiments were positive as Niti Aayog Chairman Rajiv Kumar said that the global economic recovery is strengthening and this is the opportune moment for a change in the world order. He emphasized that a new world order will usher in if the global economy remains open. Meanwhile, Finance Minister Nirmala Sitharaman asked Indian Bank’s Association (IBA) to play an important role in the resurgence of the economy in the 75th year of India’s Independence.
Today’s market: Sensex, Nifty, and Bank Nifty on the spot levels
At the close, Sensex gained 417.96 points 0.71 percent and closed at 59141.16 while Nifty was up by 110.05 points or 0.63 percent and finished at 17629.50 levels. The Bank Nifty on the spot price touched a new high and jumped 816.35 points or 2.22 percent and closed at 37668.60 levels.
The broader markets underperformed the benchmark indices today. The Nifty midcap index gained 107.50 points or 0.36 percent and closed at 30283.10 levels. The Nifty smallcap index was up only 21.70 points or 0.20 percent and finished at 10867.20 levels.
The top five gainers in the Nifty index were IndusInd Bank, ITC, SBI, Reliance, and IOC. The top five losing stocks in the Nifty index were Grasim, Bharti Airtel, TCS, Shree Cement, Tata Steel. The most active stocks in the Nifty 50 index in terms of value were ITC, Bharti Airtel, and IndusInd Bank. The most active stocks in terms of volume were ITC, Bharti Airtel, and SBI.
On a sectoral front, Banking, Oil & Gas, FMCG, Insurance, and Telecom sectors closed higher today. The sectors that closed in the red were IT, Metals, Healthcare, and Capital goods.
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Nifty and Nifty Bank futures price movement for 16 Sept (Sept Expiry)
The Nifty futures price opened at 17541 and made a positive opening of 5.55 points. It has touched an intraday high at 17635 and a day’s low at 17501
The Nifty futures price has given a movement of 134 points today. In the end, it gained by 75.55 points or 0.43 percent and ended at 17611 levels.
The Bank Nifty futures opened at 37020. It made a positive opening of 51.75 points today. It has touched an intraday high at 37855.65 and a day’s low at 36984.10
During the day, the Bank Nifty in futures has given a movement of 871.55 points. In the end, it closed higher by 840.15 points or 2.27 percent and closed at 37808.40 levels
Nifty & Bank Nifty Prediction for Tomorrow, 17 Sept 2021 (Sept Expiry)
Nifty Futures Prediction for Tomorrow, 17 Sept 2021
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17650 whereas All Down Moves Initiates Short Covering (Buy) @ 17570
If the Nifty futures share price Moves Above 17633 and sustain. Then you should Buy with 1st Target of 17654 during the day with a Stop Loss of 17570 FOR the Target of 17654-17680- 17706
If the Nifty futures share price Moves Below 17570 and is sustained. Then you should Sell with the 1st Target of 17556 during the day with a Stop Loss of 17633. FOR the Target of 17556- 17529-17502
Bank Nifty Futures Prediction for Tomorrow, 17 Sept 2021
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 38100, whereas All Down Moves Initiates Short Covering (Buy) @ 37740
Suppose the Bank Nifty futures Moves Above 37865 and sustain, then you should Buy with the 1st Target of 38110 during the day with a Stop Loss of 37549. FOR the Target of 38110 – 38255 – 38420
If the Bank Nifty futures Moves Below 37549 and sustain, then you should Sell with the 1st Target of 37396 during the day with a Stop Loss of 37865. FOR the Target of 37396 – 37240 – 37075
Global markets today
On the global front, Asian markets were closed mostly into the red on Thursday as China’s banking and real estate counter slide on fears that debt-ridden developer China Evergrande Group’s financial troubles would trigger a broad contagion. European markets are trading higher after yesterday’s fall due to positive cues from Wall Street and ahead of US retail sales data expected later today. The US future index, Dow, and Nasdaq futures are trading marginally lower at this moment at 5 pm IST
Conclusions
Indian benchmark indexes Sensex and Nifty closed at a new high today. Indian markets rallied with the support of the Banking index today. The Nifty PSU Banks jumped 5.43 percent while the Bank Nifty index gained 2.22 percent and touched a new record high.
The Indian markets are gaining as various indicators are showing positive indications of economic growth, various reforms by the government, declining Covid-19 infections, and acceleration of the Covid vaccine. Markets are at all times high, traders should remain cautious and trade with stop loss.
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Editor’s Desk
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