Nifty and Bank Nifty Prediction for Monday 7 Nov 2022
Nifty and Bank Nifty Prediction for Monday 7 Nov 2022: The Indian equity market indices closed with decent gains on Friday amid positive cues from Asian markets. The market sentiments were boosted due to continues buying from FIIs and appreciation in the Indian rupee against the US dollar. Markets witnessed some buying in metals, PSU Banks, and Media shares while some selling pressure was seen in Pharma, IT, and FMCG stocks.
The market breadth was quite strong with the advance decline indicating a ratio of 2:1 at the close. The broader markets were closed mixed on Friday, as the Nifty midcap index fell 0.25 percent while smallcap index gained on Friday. FIIs were the buyers, they bought Rs 1436.25 crore while DIIs sold Rs 548.59 crore in the equity cash segment on Friday
Nifty and Nifty Bank futures price movement on Friday, 4 Nov (Nov Expiry)
On Friday, Nov 4, the Nifty futures (Nov Series) opened at 18135 levels, it made a slightly positive opening of 16.2 points. It has touched an intraday high at 18220.80 and a day’s low at 18069.85
The Nifty future has given a movement of 150.95 points on Friday. In the end, it gained 101.95 points or 0.56 percent and ended at 18220.75 levels.
The Bank Nifty futures (Nov. Series) opened at 41505 levels on the last day of the week. It made a positive opening of 46.35 points on Friday. It has touched an intraday high at 41646 and a day’s low at 41203.90
On Friday, the Bank Nifty future gave a movement of 442.10 points. At the close, it ended slightly high by 6.35 points or 0.002 percent and closed at 41465 levels.
Nifty & Bank Nifty Prediction for Monday 7 Nov 2022 (Nov Expiry)
Nifty Futures Prediction for Monday 7 Nov 2022
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18350 whereas All Down Moves Initiates Short Covering (Buy) @ 18100
If the Nifty futures share price Moves Above 18252 and sustain. Then you should Buy with 1st Target of 18284 during the day with a Stop Loss of 18225 FOR the Target of 18284-18313- 18348- 18390
If the Nifty futures share price Moves Below 18175 and is sustained. Then you should Sell with the 1st Target of 18155 during the day with a Stop Loss of 18205. For the Target of 18155- 18128- 18090- 18058
Bank Nifty Futures Prediction for Monday 7 Nov 2022
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 41600, whereas All Down Moves Initiates Short Covering (Buy) @ 40850
Suppose the Bank Nifty futures Moves Above 41400 and sustain, then you should Buy with the 1st Target of 41515 during the day with a Stop Loss of 41285. For the Target of 41515- 41640- 41750- 41825
If the Bank Nifty futures Moves Below 41115 and sustain, then you should Sell with the 1st Target of 41000 during the day with a Stop Loss of 41230. For the Target of 41000- 40920- 40840- 40700
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Global stock market Friday updates
The US stock markets finished higher on Friday after the job reports. The October month’s job report painted a mixed picture. The employers added 261000 jobs, which is above estimates, while the unemployment rate rose more than expected at 3.7% in October from 3.5%. The market sentiments were also upbeat after the speculation that China may relax Zero Tolerance Covid-19 policies soon.
European stock market sharply rallied on Friday after US jobs data indicates that the US Fed would deliver small rate hikes in the next meeting. The market sentiments were also positive with hopes of easing Covi-19 restrictions in China, boosting mining and luxury stocks.
Conclusions
Indian equity benchmark ended with decent gains after a volatile session on Friday. The support from the European and Asian markets also helped the domestic markets to recover their intraday losses and close positive on Friday. You can also follow our “Daily Morning Market Report” on Monday morning for the stock market direction.
Also read, Global Stock Market-Weekly Updates (31 Oct – 4 Nov)
Learn the Best Options Buying Strategy for Bank Nifty Stocks
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