Nifty and Bank Nifty Prediction for Tomorrow ( 31 October 2023)
Nifty and Bank Nifty Prediction for Tomorrow ( 31 October 2023): Indian equity benchmarks ended higher for the second consecutive day on Monday. After initial volatility, Indian markets surged on the back of buying in the Realty, Energy, and Banking sectors, however, some selling pressure was witnessed in Auto, FMCG, and Media sectors. Buying in heavyweight stock Reliance also supported the Indian markets.
The market breadth was quite positive, on the NSE, 1353 shares were in Advanced while 1111 shares Declined at the close. The NSE volatility index “India VIX” surged 5.36% to 11.49.
The broader markets also closed in the green, as the Nifty mid and smallcap indexes ended marginally higher by 0.09 percent and 0.15 percent respectively. At the close, Sensex and Nifty ended higher by 0.52 percent and 0.49 percent respectively (spot price). You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (30 Nov expiry)
The Nifty futures price opened at 19069.50, making a negative opening of 61.85 points on Monday. It has touched an intraday high of 19234.25 and a day’s low of 19014.60
The Nifty futures price has given a movement of 219.65 points. In the end, it closed higher by 102.90 points or 0.54 percent and ended at 19234.25 levels.
The Bank Nifty futures opened at 42994.35. It made a negative opening of 49.05 points. The Bank Nifty futures touched an intraday high at 43350 and a day’s low at 42623.
During the day, the Bank Nifty futures have given a movement of 727 points. In the end, it closed higher by 291.60 points or 0.68 percent and closed at 43335 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 31 Oct 2023
Nifty Futures Prediction for Tomorrow, 31 Oct 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 19300 whereas All Down Moves can Initiate Short Covering @ 19150
If Nifty futures for the November Series move above 19262 and sustain. Then it can touch 19290 during the day with a Stop Loss of 19240. In a day it could trade in a range of 19290- 19322- 19352 levels.
If the Nifty futures for the November Series share price move below 19204 and are sustained. Then it can touch 19170 levels for the day with a Stop Loss of 19228. In a day it could trade for the target of 19170- 19145 – 19110 level.
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Bank Nifty Futures Prediction for Tomorrow, 31 Oct 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 43700 whereas All Down Moves can Initiate Short Covering @ 43350
Suppose the November series Bank Nifty futures move above 43450 and sustain, then it can touch 43550 levels during the day with a Stop Loss of 43380. During the day the index can trade in the range of 43550- 43620- 43705 levels
If the Bank Nifty futures (Nov Series) move below 43150 and sustain, then the index can touch 43070 levels in a day with a Stop Loss of 43230. During the day Bank Nifty futures could trade in the range of 43070- 43000- 42915 levels.
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Global Stock Market Updates
On the global front, other Asian markets started the weak on a mixed note ahead of a busy week, as investors were cautious ahead of a series of key central bank meetings scheduled this week and crucial economic data. The ongoing geopolitical tension remained at the forefront of investor sentiment as fighting in Gaza escalated, threatening a wider Middle East conflict.
European stock market indexes are trading higher on Monday as investors bet on recently beaten-down stocks despite rising geopolitical tensions in the Middle East. The fresh data released on Monday revealed that the German economy shrunk less than expected in the third quarter. Investors are waiting for more economic data in the region.
The US future indexes, Dow and Nasdaq futures are trading higher, indicating a positive opening for the US markets today. You can also follow our US markets Report at 10 PM IST.
Conclusion
Indian stock market indexes gained for the second consecutive day and ended near the day’s high but on low volumes. Indian markets could see an upward trajectory, but it requires increased trading volume to maintain the upward trend. You can follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Stock Market Prediction Next Week (30 Oct – 3 Nov 2023)
Tradingview India Review 2022- You Must Read
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