Nifty and Bank Nifty Futures Prediction for Tomorrow, 18 Oct 2023
Nifty and Bank Nifty Futures Prediction for Tomorrow, 18 Oct 2023: Indian equity benchmarks ended with decent gains on Tuesday, snapping a three-day losing streak. The domestic markets opened higher amid positive global cues and trimmed some intraday gains in the second half but closed with moderate gains. All sectoral indices on the NSE closed in the green with Energy, Financial Services, and PSU Bank gaining the most.
The market breadth was strong. The broader markets ended higher, as Nifty mid and small-cap indexes gained 0.35 percent and 0.88 percent respectively. At the close, Sensex and Nifty finished higher by 0.39 percent and 0.40 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (26 Oct expiry)
The Nifty future price opened at 19834, making a positive opening of 93.6 points on Tuesday. It has touched an intraday high of 19852.95 and a day’s low of 19764.95
The Nifty future price has given a movement of 88 points. In the end, Nifty future closed higher by 68.60 points or 0.35 percent and ended at 19809 levels.
The Bank Nifty future opened at 44642.25. It made a positive opening of 299.2 points. The Bank Nifty future touched an intraday high at 44703.60 and a day’s low at 44410.
During the day, the Bank Nifty future has given a movement of 293.6 points. In the end, Bank Nifty Future closed higher by 151.95 points or 0.34 percent and closed at 44495 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 18 Oct 2023
Nifty Futures Prediction for Tomorrow, 18 Oct 2023
Primary Trend in Nifty Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate profit Booking @ 19850 whereas All Down Moves can Initiate Short Covering @ 19700
If Nifty futures for the Oct Series move above 19819 and sustain. Then Nifty futures can touch 19847 during the day with a Stop Loss of 19798. In a day it could trade in a range of 19847- 19871- 19907 levels.
If the Nifty futures for the Oct Series share price moves below 19770 and is sustained. Then Nifty futures can touch 19746 levels for the day with a Stop Loss of 19794 In a day it could trade for the target of 19746- 19718 – 19685 level.
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Bank Nifty Futures Prediction for Tomorrow, 18 Oct 2023
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44600 whereas All Down Moves can Initiate Short Covering @ 44250
Suppose the Oct series Bank Nifty future moves above 44530 and sustains, then Banknifty can touch 44610 levels during the day with a Stop Loss of 44470. During the day Bank Nifty future could trade in the range of 44610- 44690- 44760 levels
If the Bank Nifty future (Oct Series) moves below 44380 and sustains, then Banknifty can touch 44310 levels in a day with a Stop Loss of 44435. During the day Bank Nifty futures could trade in the range of 44310- 44250- 44175 levels.
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Global Stock Market Updates
Asian stock markets gained on Tuesday as investors’ mood was lifted by strong corporate earnings from prominent companies from the US, despite increasing tensions in the Middle East. Traders preferred to bet on strong companies after the quarterly results and sideline worries about the Isreal and Hamas war. Chinese stocks climbed as several companies announced plans to buy back shares to boost investor’s confidence.
European stock markets are mostly trading lower as investors are concerned about the Middle East conflicts. The US future indexes, Dow and Nasdaq futures are trading marginally lower indicating a cautious opening for the US markets. You can also follow our US markets Report at 10 PM IST.
Conclusion
Indian stock markets traded positively today, as the global cues are driving the domestic market sentiments. Going ahead the US retail sales data, which is due on Tuesday, and China’s economic data due on Wednesday will influence the domestic markets tomorrow. Investors can follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Stock Market Prediction Next Week (16- 20 Oct 2023)
Options Trading Books: Your Ultimate 2023 Guide to Winning Big
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