Indian Market Updates, Nifty and Bank Nifty futures prediction for 6 Nov 2020

 

Market Updates- Nifty & Bank Nifty futures prediction for 6 Nov: Indian market made a strong start amid positive global cues. The domestic market remained under the grip of bulls throughout the day. Positive cues from other Asian markets helped the market close on a strong note today.

On the domestic front news, the Indian stock market sentiments were positive as banks have started refunding borrowers the compound interest charged on up to 2 Cr loan accounts during the moratorium period. Meanwhile, the traders have overlooked the rating agency ICRA statement that the commercial vehicles (CV) volumes are expected to shrink 25-28% this fiscal (FY21) amid multiple headwinds along with the pandemic impact.  As per ICRA the outlook for the  Commercial Vehicle sector would remain negative 

On the global front, Asian markets closed higher even after the rising coronavirus pandemic and the news of recession in Indonesia for the first time since 1998. The European markets are trading higher due to strong earnings reports, more stimulus for Britain’s economy, and tracking Wall Streel. The US market Nasdaq and Dow futures are trading higher today

 

Stock Market Today: Sensex, Nifty, and Bank Nifty on the spot.

 

At the close, Nifty gained 211.80 points or 1.78% and at 12120.30 while Sensex closed higher by 724.02 points or 1.78% and at 41340.16 levels. The Bank Nifty on the spot levels also jumped 541.50 points or 2.10% and at 26313.10 levels.

The Nifty midcap and smallcap 100 indices also closed higher today. The midcap index gained 309.85 points or 1.78% and at 17676.90 levels. The smallcap index was up by 98.60 points or 1.72% and at 5824.55 levels.

The top five gainers in the nifty index for the day are Hindalco, SBI, IndusInd Bank, Tata Steel, and BPCL. On the losing side, the top losers in the Nifty 50 Index are Hero Motorcop and HDFC life. Reliance, SBI, and Bajaj Finance were the most active stocks in the NSE today.

On a sectoral basis, all major sectors closed in the green today. Oil & Gas, Metals & Minings, Banking, and Finance are closed as the top gaining sector today.

 

Nifty & Bank Nifty futures price today

 

The Nifty futures share price opened at 12089.65, made a gap up opening of 166.8 points. It has touched an intraday high at 12155.90 and a day’s low at 12031.35

The Nifty futures share price has given a movement of 124.55 points. In the end, it gained 229.15 points or 1.92% and closed at 12152 levels.

The Bank Nifty futures share price opened at 26177.15. It made a gap up opening of 382.15 points today. It has touched an intraday high at 26363.15 and a day’s low at 26001 

During the day, the Bank Nifty futures share price has given a movement of 362.15 points. In the end, it gained only 511.8 points or 1.98% and closed at 26306.80 levels.

 

Nifty and Bank Nifty futures prediction for 6 Nov ( Nov Expiry)

 

 

Nifty futures prediction for 6 Nov 2020

Primary Nifty Trend in futures: Positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 12240 whereas All Down Moves Initiates Short Covering (Buy) @ 12050

If the Nifty futures share price Moves Above 12195 and sustain. Then you should Buy with 1st Target of 12216 during the day with a Stop Loss of 12090 FOR the Target of 12216- 12238- 12290

If the Nifty futures share price  Moves Below 12090 and sustain. Then you should Sell with the 1st Target of 12056 during the day with a Stop Loss of 12090. FOR the Target of 12056- 12020 -11990

 

 

Bank Nifty futures prediction, 6 Nov  2020

Primary Trend of  Bank Nifty Futures: Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 26800, whereas All Down Moves Initiates Short  Covering (Buy) @ 26100

Suppose Bank Nifty futures share price Moves Above 26455 and sustain. Then you should Buy with the 1st Target of 26520 during the day with a Stop Loss of  26220. FOR the Target of 26520 – 26580- 26790

If the Bank Nifty futures share price Moves Below 26220 and sustained. Then you should Sell with the 1st Target of 26130 during the day with a Stop Loss of 26455. FOR the Target of 26130 – 26065- 25970

 

Conclusions:

Indian market gained for the fourth consecutive days in the month of November. The trend in Nifty will continue to remain positive in the short term. Nifty is just 310 points away from an all-time high, trader should remain cautious at the higher levels.

Going ahead, the domestic market will track the global market cues to find the trend. Traders can follow our Daily  Morning market views and can follow our Nifty and Bank Nifty futures prediction for tomorrow 6 Nov.2020.

 

Also read,  Nifty50 Stocks list | Index | Share price

                  Nifty & Bank Nifty futures for next week, 2-6 Nov 2020 

                 Quarterly Results of Nifty50 Stocks- Read Analysis    

               

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Editor’s Desk

 

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