Nifty and Bank Nifty Prediction for Tomorrow 20 Oct 2022
Nifty and Bank Nifty Prediction for Tomorrow 20 Oct 2022: Indian equity markets ended with minor gains on Wednesday amid mixed global cues. The domestic markets pared most of the intraday gains as the Indian rupee hit an all-time low of 82.96 against the US dollar. The key indices managed to closed in the green on the back of buying in Oil & Gas, FMCG, and Financial secrets while some profit booking was seen in IT, Metals, and PSU Banks.
The market breadth was quite negative today. At the close, Sensex and Nifty ended higher by 0.25 percent and 0.14 percent respectively. The broader markets also closed at par with their larger peers, as Nifty mid and smallcap indexes gained 0.25 percent and 0.23 percent respectively. You can read detailed market updates here
Nifty and Bank Nifty futures price movement for 19 Oct (Oct Expiry)
The Nifty futures price opened at 17535.10, making a positive opening of 33.1 points today. It has touched an intraday high of 17599.35 and a day’s low of 17457
The Nifty futures price has given a movement of 142.35 points today. In the end, it closed higher by 4.10 points or 0.02 percent and ended at 17506.10 levels.
The Bank Nifty futures opened at 40500.30 It made a positive opening of 120.2 points. The Bank Nifty futures has touched an intraday high at 40668.40 and a day’s low at 40245.15
During the day, the Bank Nifty futures has given a movement of 423.25 points. In the end, it closed higher by 41.90 points or 0.10 percent and closed at 40422 levels.
Nifty & Bank Nifty Prediction for Tomorrow 20 Oct 2022 (Oct Expiry)
Nifty Futures Prediction for Tomorrow 20 Oct 2022
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17600 whereas All Down Moves Initiates Short Covering (Buy) @ 17400
If the Nifty futures share price Moves Above 17556 and sustain. Then you should Buy with 1st Target of 17585 during the day with a Stop Loss of 17522 FOR the Target of 17585- 17612- 17662- 17702
If the Nifty futures share price Moves Below 17445 and is sustained. Then you should Sell with the 1st Target of 17409 for the day with a Stop Loss of 17490. For the Target of 17409- 17372- 17347- 17290
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Bank Nifty Futures Prediction for Tomorrow 20 Oct 2022
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 40600 whereas All Down Moves Initiates Short Covering (Buy) @ 39950
Suppose the Bank Nifty futures Moves Above 40550 and sustain, then you should Buy with the 1st Target of 40670 during the day with a Stop Loss of 40400 and the Target of 40670- 40750- 40830 – 40975
If the Bank Nifty futures Moves Below 40185 and sustain, then you should Sell with the 1st Target of 40090 the day with a Stop Loss of 40330. For the Target of 40090- 39965 -39825- 39695
Global Stock Markets Today
On the global front, the other Asian stock market indexes ended mixed on Wednesday despite positive cues from the US markets overnight. The better-than-expected quarterly earnings from the US markets lifted the sentiments in most of the markets in the region. Nikkei closed higher while Hang Seng closed in the red today. Shanghai index dropped over 1 percent as investors were cautious amid uncertainties during the Communist Party congress.
European stock market indexes erased early gains and are trading almost flat on Wednesday, as UK inflation pushed beyond 10% again due to higher food prices. The UK’s consumer price index rose to 10.1% in September as compared to 9.9% in August. The US future indexes, Dow and Nasdaq futures are trading marginally lower at 5 pm, indicating a lower opening for the US market today.
Conclusion
Indian stock market ended higher for the 4th straight session today. Though markets managed to close in the green, it was looking nervous in the second half of today’s session. Going ahead, a small profit booking is expected soon, on Thursday market may remain slightly volatile due to the weekly expiry.
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