Nifty and Bank Nifty Prediction for November 15, 2023 : Insights Unveiled
Nifty and Bank Nifty Prediction for Wednesday, 15 Nov 2023: Indian equity benchmarks ended with modest losses on Monday following weakness in the Asian markets. The domestic markets opened lower and traded sideways negative throughout the session, on the back of selling in the IT, Financial Services, and Media sectors. Meanwhile, some buying was witnessed in the PSU Banking, Energy, and Metal space on Monday.
The market breadth was negative. On the NSE, 976 shares gained while 1470 shares were declined. The NSE’s volatility index “India VIX” declined 1.41% to 11.19.
The broader markets outperformed the equity benchmarks, as the Nifty mid and small-cap indexes closed higher by 0.07% and 0.68% respectively. At the close, Sensex and Nifty ended lower by 0.50% and 0.42% respectively on Monday. You can read the details market updates here.
Nifty and Nifty Bank Futures Price Movement on Monday, 13 November
On Monday, November 13, the Nifty futures (November Series) opened at the 19521.15 level. The index made a negative opening of 16.95 points from the previous close. It touched an intraday high at 19535.10 and a day’s low at 19469.65.
The Nifty future traded sideways negative throughout the day and made a movement of 65.45 points on Monday. In the end, it closed lower by 50.10 points or 0.26 percent and ended at 19488 levels.
The Bank Nifty futures (November Series) opened at 44019.90 levels on Monday. It made a negative opening of 32 points. It has touched an intraday high at 44085 and a day’s low at 43801
On Friday, the Bank Nifty futures gave a movement of 284 points. At the close, Bank Nifty Future finished lower by 46.80 points or 0.11 percent and ended at 44005.10 levels.
Nifty & Bank Nifty Prediction for Wednesday, 15 Nov 2023
Nifty Futures Prediction for Wednesday, 15 Nov 2023
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 19570 whereas All Down Moves can initiate Short Covering @ 19410
If the Nifty futures share price moves above 19535 and sustains. Then it can touch 19570 during the day with a Stop Loss of 19506. During the day it can trade in the range of 19570- 19594- 19618
If the Nifty futures share price moves below 19470 and is sustained. Then it can touch 19446 during the day with a Stop Loss of 19492. During the day it can trade in the range of 19446- 19408- 19380.
Bank Nifty Futures Prediction for Wednesday, 15 Nov 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 44220, whereas All Down Moves can Initiate Short Covering @ 43800
Suppose the Bank Nifty futures move above 44085 and sustain, then it can touch 44160 with a Stop Loss of 44020. During the day it can trade in a range of 44160- 44225- 44310
If the Bank Nifty futures move below 43910 and sustain, then the index can touch 43830 with a Stop Loss of 43980. During the day it can trade in the range of 43830- 43750- 43680
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Conclusion
Indian stock markets started the week on a subdued note and lost almost half a percent, following weakness in Asian markets. The market sentiments were also hit as the country’s IIP data came below expectations. Investors remained sidelined ahead of India’s CPI inflation reading which is due later in the day.
Going ahead, Indian stock markets will be closed on Tuesday 14 Nov on account of Balipratipada. On Wednesday, Indian markets will first react to the October inflation reading and will trade as per global cues.
The trends mentioned above may change based on economic data and global cues on Wednesday. You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
Also, read- Stock Market Prediction Next Week (13 – 17 Nov 2023)
Tradingview India Review- You Must Read
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