Nifty and Bank Nifty Prediction for Tomorrow 24 Nov 2022
Nifty and Bank Nifty Prediction for Tomorrow 24 Nov 2022: Indian equity market indexes ended slightly higher on Wednesday amid positive global cues. The upside of the market was capped due to the depreciation in the Indian rupee and FIIs outflow, as foreign investors were net sellers on Tuesday. Investors were cautious ahead of the US Federal Reserve’s last meeting minutes. Among sectors, PSU Bank, Banking, and Financial stocks were in demand while selling pressure was witnessed in Metals, IT, and Consumer Durables.
The market breadth was positive today. The broader markets outperformed their larger peers as Nifty mid and smallcap indexes gained 0.26 percent and 0.54 percent respectively. At the close, Nifty and Sensex gained 0.13 percent and 0.15 percent respectively on Wednesday. You can read detailed market updates here.
Nifty and Bank Nifty futures price movement for Nov 23 (Nov Expiry)
The Nifty futures price opened at 18355 making a positive opening of 74 points today. It has touched an intraday high of 18358 and a day’s low of 18264.90
The Nifty futures price has given a movement of 93.1 points today. In the end, it closed slightly lower by 12 points or 0.07 percent and ended at 18269 levels.
The Bank Nifty futures opened at 42555.55 It made a positive opening of 76.8 points. The Bank Nifty futures touched an intraday high at 42866 and a day’s low at 42552.40
During the day, the Bank Nifty futures have given a movement of 313.6 points. In the end, it closed higher by 236.05 points or 0.56 percent and closed at 42714.80 levels.
Nifty & Bank Nifty Prediction for Tomorrow 24 Nov 2022 (Nov Expiry)
Nifty Futures Prediction for Tomorrow 24 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) @ 18150
If the Nifty futures (Nov Series) share price Moves Above 18298 and sustains. Then you should Buy with 1st Target of 18328 during the day with a Stop Loss of 18262 FOR the Target of 18328- 18360- 18415- 18446
If the Nifty futures (Nov Series) share price Moves Below 18204 and is sustained. Then you should Sell with the 1st Target of 18165 for the day with a Stop Loss of 18242. For the Target of 18165- 18138- 18110- 18065
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Bank Nifty Futures Prediction for Tomorrow 24 Nov 2022
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 43000 whereas All Down Moves Initiates Short Covering (Buy) @ 42400
Suppose the Bank Nifty futures (Nov Series) Moves Above 42870 and sustain, then you should Buy with the 1st Target of 42950 during the day with a Stop Loss of 42690 and the Target of 42950- 43040 – 43185- 43300
If the Bank Nifty futures (Nov Series) Moves Below 42525 and sustain, then you should Sell with the 1st Target of 42465 the day with a Stop Loss of 42640. For the Target of 42465- 42375- 42285- 42220
Global Stock Market Updates
On the global front, the major Asian stock market indexes closed in the green on Wednesday following positive cues from Wall Street overnight, but the gloomy global picture and China’s persistent Covid infection remained a concern among investors over the trading floor today. Japan’s market was closed due to a holiday today, elsewhere investors remained cautious ahead of the release of FOMC minutes later on Wednesday. Hang Seng and Shanghai closed marginally higher today.
The major European stock market indexes are trading almost flat as investors eyed FOMC minutes for any discussion related to the pace of the Federal Reserve interest rate hike and the eurozone Flash PMI data. The US futures, Dow, and Nasdaq futures are trading flat to the positive at 5 pm IST
Conclusion
Indian stock markets traded above their neutral lines today and closed with minor gains. The markets traded in a tight range on Wednesday, tomorrow we may see some volatility in the market, as the market will first react to the FOMC minutes and secondly the monthly F&O expiry. Traders should remain cautious and trade with strict stop loss tomorrow. You can also follow our Daily Morning Report at 7.30 am to know the market direction.
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