Nifty and Bank Nifty Prediction for Tomorrow (November 9, 2023)
Nifty and Bank Nifty Prediction for Tomorrow (November 9, 2023): Indian equity benchmarks ended with minor gains on Wednesday amid mixed global cues. The domestic markets opened higher following gains from Wall Street and traded in a tight range throughout the day.
Among the sectors, Realty, Pharma, and Metal shares were in demand while Financial Services, IT, and Banks were under pressure. Market breadth was positive today. On the NSE, 1381 shares were in advance while 1046 shares declined at the close.
The broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes gained 0.99% and 0.70% respectively. At the close, Sensex and Nifty ended higher by 0.05% and 0.19% respectively. 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 19512.60, making a positive opening of 35.7 points on Wednesday. It has touched an intraday high of 19524.35 and a day’s low of 19467
The Nifty futures price has given a movement of 57.35 points. In the end, Nifty futures closed slightly higher by 11.10 points or 0.06 percent and ended at 19488 levels.
The Bank Nifty futures opened at 43901. It made a positive opening of 15.5 points. The Bank Nifty futures touched an intraday high at 43996.15 and a day’s low at 43751
During the day, the Bank Nifty futures have given a movement of 245.15 points. In the end, Bank Nifty Futures closed lower by 101.30 points or 0.23 percent and closed at 43825.55 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 9 Nov 2023
Nifty Futures Prediction for Tomorrow, 9 Nov 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 19570 whereas All Down Moves can Initiate Short Covering @ 19400
If Nifty futures for the November Series move above 19532 and sustain. Then it can touch 19568 during the day with a Stop Loss of 19508. In a day it could trade in a range of 19568- 19592- 19628 levels.
If the Nifty futures share price moves below 19442 and is sustained. Then it can touch 19418 levels for the day with a Stop Loss of 19462. In a day it could trade in a range of 19418 – 19380- 19356 level.
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Bank Nifty Futures Prediction for Tomorrow, 9 Nov 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44100 whereas All Down Moves can Initiate Short Covering @ 43800
Suppose the November series Bank Nifty futures move above 43915 and sustain, then it can touch 43990 levels during the day with a Stop Loss of 43840. During the day the index can trade in the range of 43990- 44070- 44165 levels
If the Bank Nifty futures move below 43740 and sustain, then the index can touch 43670 levels in a day with a Stop Loss of 43815. During the day Bank Nifty futures could trade in the range of 43670- 43600- 43525 levels.
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Global Stock Market Updates
Asian stock markets traded lower on Wednesday as the optimism of ending the interest rate-hiking cycle, spurred by the Federal Reserve’s dovish monetary policy was dashed by remarks from a US Fed official overnight.
Investors will be looking forward to Fed Chair Jerome Powell’s speech later in the day for further monetary policy tightening trajectory. You can read more updates about the Asian Stock Markets here.
European markets are trading marginally lower on Wednesday as energy stocks fell sharply due to a fall in crude oil prices. The latest data released on Wednesday showed that Eurozone retail sales edged down by 0.2% MoM in September, slightly lower than economist’s expectations.
The US Dow Jones and Nasdaq futures are trading almost flat, indicating a flat opening for the US markets today. You can also follow our US markets Report at 10 PM IST.
Conclusion
The domestic markets traded in range-bound and closed slightly higher. All eyes are now on US Fed Chair Jerome Powell’s speech which is scheduled later in the day. Tomorrow, Indian markets will open as the global cues. You can follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Stock Market Prediction Next Week (6 – 10 Nov 2023)
Tradingview India Review 2022- You Must Read
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