Nifty and Bank Nifty Prediction for Tomorrow 21 Oct 2022
Nifty and Bank Nifty Prediction for Tomorrow 21 Oct 2022: Indian equity benchmarks ended with minor gains on Thursday amid volatility. The domestic market gains for the fifth consecutive session. The market sentiments were negative in the first half due to weak global cues. The pvt banks and financial services witnessed selling pressure today. However, in the second half markets erased all early losses on the back of buying in PSU Banks, Oil & Gas, and IT stocks and closed marginally higher today.
The broader markets closed mixed today, as the Nifty midcap index fell 0.20 percent, and smallcap index closed higher by 0.14 percent. At the close, Sensex and Nifty ended slightly higher by 0.16 percent and 0.36 percent respectively. You can read detailed market updates here
Nifty and Bank Nifty futures price movement for 20 Oct (Oct Expiry)
The Nifty futures price opened at 17408, making a negative opening of 86.65 points today. It has touched an intraday high of 17560 and a day’s low of 17385.30
The Nifty futures price has given a movement of 174.7 points today. In the end, it closed higher by 50.25 points or 0.29 percent and ended at 17544.90 levels.
The Bank Nifty futures opened at 40198.15 It made a negative opening of 203.6 points. The Bank Nifty futures has touched an intraday high at 40259 and a day’s low at 39903.25
During the day, the Bank Nifty futures has given a movement of 355.75 points. In the end, it closed lower by 181.25 points or 0.45 percent and closed at 40220.50 levels.
Nifty & Bank Nifty Prediction for Tomorrow 21 Oct 2022 (Oct Expiry)
Nifty Futures Prediction for Tomorrow 21 Oct 2022
Primary Nifty Trend in futures: Mild Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17600 whereas All Down Moves Initiates Short Covering (Buy) @ 17350
If the Nifty futures share price Moves Above 17586 and sustain. Then you should Buy with 1st Target of 17610 during the day with a Stop Loss of 17527 FOR the Target of 17610- 17658- 17700- 17742
If the Nifty futures share price Moves Below 17454 and is sustained. Then you should Sell with the 1st Target of 17427 for the day with a Stop Loss of 17490. For the Target of 17427- 17390- 17355- 17295
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Bank Nifty Futures Prediction for Tomorrow 21 Oct 2022
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 40400 whereas All Down Moves Initiates Short Covering (Buy) @ 39800
Suppose the Bank Nifty futures Moves Above 40415 and sustain, then you should Buy with the 1st Target of 40505 during the day with a Stop Loss of 40270 and the Target of 40505- 40585- 40720 – 40870
If the Bank Nifty futures Moves Below 40040 and sustain, then you should Sell with the 1st Target of 39950 the day with a Stop Loss of 40220. For the Target of 39950- 39880 -39740- 39630
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Global Stock Markets Today
On the global front, the other Asian stock market indexes mostly ended in the red on Thursday following negative cues from the US markets overnight and on fear of a global slowdown. Hang Seng fell to a 13-year low at one point today after hopes of more stimulus promises were raised. Investor’s fear returned after the UK reported accelerated inflation on Wednesday, while treasury yields rose on expectations that the fed will remain aggressive in November’s meeting.
Shanghai trimmed early losses and closed lower after a report said China is likely to ease Covid-19 rules for visitors. Japan’s Nikkei index closed lower on Thursday.
European equity benchmark indexes erased most of their early losses and are trading marginally higher at this moment ( at 5.15 PM IST). The US future index, Dow future is trading higher while Nasdaq future is training almost flat at this moment.
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Conclusion
Indian markets bounced back in the last hour and ended higher for the fifth straight session. The domestic markets gained despite bearish sentiments in other global markets, which is positive for the local markets. Going ahead, any dips in quality stocks should be considered buying opportunities for investors.
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