Nifty and Bank Nifty Prediction for Tomorrow 23 Nov 2022
Nifty and Bank Nifty Prediction for Tomorrow 23 Nov 2022: Indian equity benchmark indices ended higher and snapped a three-day losing streak. The domestic markets got support from the Asian and European markets today. Barring Realty all other sectoral indices closed higher today, PSU Bank, Metals, and IT gained the most today.
The broader markets also closed higher today, the Nifty midcap index gained in line with their larger peers, up by 0.55 percent while smallcap index closed flat to positive today. At the close, Sensex and Nifty gained 0.45 percent and 0.46 percent respectively. You can read detailed market updates here.
Nifty and Bank Nifty futures price movement for Nov 22 (Nov Expiry)
The Nifty futures price opened at 18221.30 making a positive opening of 29.1 points today. It has touched an intraday high of 18293.90 and a day’s low of 18171.55
The Nifty futures price has given a movement of 122.35 points today. In the end, it closed higher by 101.65 points or 0.56 percent and ended at 18293.85 levels.
The Bank Nifty futures opened at 42449 It made a positive opening of 83 points. The Bank Nifty futures touched an intraday high at 42516.55 and a day’s low at 42380
During the day, the Bank Nifty futures have given a movement of 136.55 points. In the end, it closed higher by 145.25 points or 0.34 percent and closed at 42511.25 levels.
Nifty & Bank Nifty Prediction for Tomorrow 23 Nov 2022 (Nov Expiry)
Nifty Futures Prediction for Tomorrow 23 Nov 2022
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18400 whereas All Down Moves Initiates Short Covering (Buy) @ 18160
If the Nifty futures (Nov Series) share price Moves Above 18330 and sustains. Then you should Buy with 1st Target of 18358 during the day with a Stop Loss of 18290 FOR the Target of 18358- 18390- 18417- 18448
If the Nifty futures (Nov Series) share price Moves Below 18246 and is sustained. Then you should Sell with the 1st Target of 18205 for the day with a Stop Loss of 18275. For the Target of 18205- 18175- 18152- 18118
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Bank Nifty Futures Prediction for Tomorrow 23 Nov 2022
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42750 whereas All Down Moves Initiates Short Covering (Buy) @ 42300
Suppose the Bank Nifty futures (Nov Series) Moves Above 42640 and sustain, then you should Buy with the 1st Target of 42735 during the day with a Stop Loss of 42515 and the Target of 42725- 42800 – 42880- 42970
If the Bank Nifty futures (Nov Series) Moves Below 42380 and sustain, then you should Sell with the 1st Target of 42285 the day with a Stop Loss of 42475. For the Target of 42285- 42220- 42160- 42090
Global Stock Market Updates
The other Asian stock market indices were closed mixed on Tuesday, as investors are worried about a resurgence of China’s covid-19 infection and the gloomy global picture. Some indexes managed to erase early losses and closed in the green but concerns linger that Bejing may be set to reimpose strict covid restrictions that could cause even more supply chain disruptions.
Shanghai closed in the green as China’s central bank assured on Monday that it will provide loans to six commercial banks for housing completion. Nikkei closed in the green as investors were in a holiday mood and stayed sidelined ahead of the holiday on 23 November. Hang Seng closed lower by over 1 percent on Tuesday.
European stock market indexes are trading higher on Tuesday as energy stocks lead the gains as oil prices recovered. The US futures, Dow, and Nasdaq futures are trading flat to the positive at 5 pm IST.
Conclusion
Despite a flat opening, the domestic markets managed to close with decent gains. The market was supported by European and Asian markets. going ahead, being an expiry week, we may see short covering in the coming two days. You can follow our Daily Morning report at 7.30 am IST to know the market direction.
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