Nifty and Bank Nifty Prediction for Monday, 20 Nov 2023
Nifty and Bank Nifty Prediction for Monday, 20 Nov 2023:The domestic equity benchmarks closed lower on Friday due to a profit booking in banking and financial stocks. Earlier in the morning, markets recovered immediately after opening in the red and traded volatile mainly into the banking and financial counter. This was due to RBI’s implementation of stricter norms for personal loans and credit cards.
Among the sectors, the Pharma, FMCG, and Auto sectors gained the most while the Banking, Financial, and Energy sectors fell the most. The market breadth was positive with the advance decline indicating a ratio of 3:2 at the close.
The broader markets outperformed the benchmarks on Friday, as the Nifty mid and smallcap indexes gained 0.20% and 0.09% respectively. At the close, Sensex and Nifty finished lower by 0.28% and 0.17% respectively.
Nifty and Nifty Bank Futures Price Movement on Friday, 17 November
On Friday, November 17, the Nifty futures (November Series) opened at the 19871.10 level. The index made a positive opening of 41.4 points from the previous close. It touched an intraday high at 19871.10 and a day’s low at 19750.55.
The Nifty future index moved to 120.55 points on Friday. In the end, it closed lower by 26.70 points or 0.13 percent and ended at 19803 levels.
The Bank Nifty futures (November Series) opened at 43894.80 levels on Friday. It made a negative opening of 399.1 points. It has touched an intraday high at 44066.20 and a day’s low at 43649.85
On Friday, the Bank Nifty futures gave a movement of 416.35 points. At the close, Bank Nifty Future finished lower by 605.65 points or 1.37 percent and ended at 43688.25 levels.
Nifty & Bank Nifty Prediction for Monday, 20 Nov 2023
Nifty Futures Prediction for Monday, 20 Nov 2023
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 19870 whereas All Down Moves can initiate Short Covering @ 19750
If the Nifty futures share price moves above 19836 and sustains. Then it can trade in the range of 19871- 19894- 19925 during the day with the stop loss of 19815 level.
If the Nifty futures share price moves below 19750 and is sustained. Then it can trade in the range of 19727- 19700- 19680 during the day with the stoploss of 19770 levels.
Bank Nifty Futures Prediction for Monday, 20 Nov 2023
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 43900, whereas Down Moves can Initiate Short Covering @ 43500
Suppose the Bank Nifty futures move above 43835 and sustain, then it can trade in a range of 43925- 43990- 44060 during the day with the stop loss of 43750.
If the Bank Nifty futures move below 43650 and sustain, then the index can trade in the range of 43550- 43470- 43380 levels during the day with the stop loss of 43715.
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Conclusions
After two days of surge, Indian stock markets took a pause on Friday. The market sentiments were dampened by the underperformance of the banking and financial space, although the defensive sectors supported the markets from heavy damage. Globally, European markets closed higher, while Wall Street ended flat to positive on Friday.
Looking forward, the Indian stock markets will continue the positive momentum in the upcoming session but remain cautious in the banking and financial space. You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
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