Nifty & Bank Nifty Prediction for Tomorrow, 16 Sept 2021
Nifty and Bank Nifty Prediction for Tomorrow, 16 Sept 2021: Indian stock markets made a positive start despite weak cues from the global markets. The benchmark indices traded above their neutral lines and extended their early gains on the back of buying in PSU Banking, Automobiles, IT, and Energy stocks. In the end, markets touched a new high and closed on a strong note.
The market sentiments got boosted as India’s exports rose by 45.76 percent to $ 33.28 billion in August, as against $ 22.83 billion in the same month last year, according to commerce ministry data released. Further, some support also came in with the report that the Finance Ministry has permitted 11 states to borrow an additional amount of Rs 15721 crore after these states achieved the capital expenditure target set for the June quarter.
Today’s market updates: Sensex, Nifty, and Bank Nifty on spot levels
At the close, Sensex gained 476.11 points or 0.82 percent and closed at 58723.20 while Nifty was up by 139.45 points or 0.80 percent and finished at 17519.45 levels. The Bank Nifty on spot levels also jumped 239.20 points or 0.65 percent.
The broader markets also gained in line with benchmark indices. The Nifty midcap index gained 30395 points or 1.02 percent and closed at 30175.60 levels. The Nifty smallcap index was up by 69.60 points or 0.65 percent and ended at 10845.50 levels.
The top five gainers in the Nifty50 index were NTPC, Bharti Airtel, Coal India, ONGC, and Titan. The top five losers in the Nifty50 index were Tata Consumer, Nestle, Grasim, BPCL, Asain Paints. The most active stocks in terms of value were Bharti Airtel, HDFC Bank, and Reliance. The most active stocks in terms of volume were Bharti Airtel, NTPC, and ONGC
On a sectoral front, Automobiles, IT, Banking, Infrastructure, Energy, Telecom and Metals sectors closed higher. The sectors that closed in the red were Media and Real Estate. The Telecom sector was in focus today as Cabinet approves moratorium of four years for telcos to pay AGR dues.
Agri stocks were in focus today as the Agricultural Ministry signed five MoUs with CISCO, Ninjacart, Jio Platforms, ITC, and NCDEX e-markets (NeML) to conduct pilot projects for the promotion of digital technology and other best practices in the farm sector. The idea is to infusing new technologies so that framers can increase their income.
Nifty and Nifty Bank futures price movement for 15 Sept (Sept Expiry)
The Nifty futures price opened at 17405.10 and made a positive opening of 20.15 points. It has touched an intraday high at 17545.35 and a day’s low at 17380.90
The Nifty futures price has given a movement of 164.45 points today. In the end, it gained by 150.15 points or 0.86 percent and ended at 17535.10 levels.
The Bank Nifty futures opened at 36761.10. It made a positive opening of 46.65 points today. It has touched an intraday high at 37064.75 and a day’s low at 36590.35
During the day, the Bank Nifty in futures has given a movement of 474.4 points. In the end, it closed higher by 257.55 points or 0.70 points and closed at 36972 levels
Nifty & Bank Nifty Prediction for Tomorrow, 16 Sept 2021 (Sept Expiry)
Nifty Futures Prediction for Tomorrow, 16 Sept 2021
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17570 whereas All Down Moves Initiates Short Covering (Buy) @ 17460
If the Nifty futures share price Moves Above 17555 and sustain. Then you should Buy with 1st Target of 17572 during the day with a Stop Loss of 17487 FOR the Target of 17572-17594- 17622
If the Nifty futures share price Moves Below 17487 and is sustained. Then you should Sell with the 1st Target of 17458 during the day with a Stop Loss of 17555. FOR the Target of 17458- 17428-17405
Bank Nifty Futures Prediction for Tomorrow, 16 Sept 2021
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 37200, whereas All Down Moves Initiates Short Covering (Buy) @ 36800
Suppose the Bank Nifty futures Moves Above 37080 and sustain, then you should Buy with the 1st Target of 37175 during the day with a Stop Loss of 36820. FOR the Target of 37175 – 37280 – 37435
If the Bank Nifty futures Moves Below 36820 and sustain, then you should Sell with the 1st Target of 36760 during the day with a Stop Loss of 37080. FOR the Target of 36760 – 36680 – 36595
Global markets today
On the global front, Asian markets were closed mostly into the red on Wednesday, following the broadly negative cues overnight from Wall Street. Traders were weighing the likely impact of the spread of the delta variant of Covid-19 in the region and US, on the pace of economic recovery from the pandemic. European markets are trading marginally lower on Wednesday after the disappointing Chinese data and the latest UK inflation rate. The US future indexes Dow and Nasdaq futures are trading marginally higher at this moment at 4.30 pm IST.
Conclusions
India markets closed at a new record high on Wednesday. Markets got support from across the board buying. Nifty closed above 17500 and now the next target would be 17600-17700 with immediate support 17400-17300. Investors can buy good-quality stocks on dips.
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