Nifty and Bank Nifty Prediction for Tomorrow, 29 Oct 2021
Nifty and Bank Nifty Prediction for Tomorrow, 29 Oct 2021: Indian equity markets opened in the red on Thursday amid negative cues from the global markets. The domestic markets traded below their neutral lines throughout the day. The selling pressure in heavyweight stocks like ICICI Bank, ITC, and Tata Steel dragged the market indices today. The broader markets also declined in line with their larger peers. In the end, markets closed below their crucial levels in the negative territory on the monthly F&O expiry day. You can read the complete market updates here
Nifty and Nifty Bank futures price movement for 28 October (Oct Expiry)
The Nifty futures price opened at 18194.70, making a negative opening of 20.55 points on Thursday. It has touched an intraday high at 18205.90 and a day’s low at 17849.30
The Nifty futures price has given a movement of 356.6 points today. In the end, it declined 357.25 points or 1.96 percent and ended at 17858 levels.
The Bank Nifty futures opened at 40877. It made a negative opening of 82.95 points today. It has touched an intraday high at 40949 and a day’s low at 39476
During the day, the Bank Nifty in futures has given a movement of 1473 points. In the end, it closed lower by 1444.55 points or 3.53 percent and closed at 39515.40 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 29 Oct 2021 (Nov Expiry)
Nifty Futures Prediction for Tomorrow, 29 Oct 2021
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17950 whereas All Down Moves Initiates Short Covering (Buy) @ 17800
If the Nifty futures share price Moves Above 17954 and sustain. Then you should Buy with 1st Target of 17976 during the day with a Stop Loss of 17930 FOR the Target of 17976-18002- 18035
If the Nifty futures share price Moves Below 17860 and is sustained. Then you should Sell with the 1st Target of 17829 during the day with a Stop Loss of 17900. FOR the Target of 17829- 17800- 17758
Bank Nifty Futures Predictions for Tomorrow, 29 Oct 2021
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 41200, whereas All Down Moves Initiates Short Covering (Buy) @ 40700
Suppose the Bank Nifty futures Moves Above 39835 and sustain, then you should Buy with the 1st Target of 39918 during the day with a Stop Loss of 39730. FOR the Target of 39918 – 40049 – 40165
If the Bank Nifty futures Moves Below 39550 and sustain, then you should Sell with the 1st Target of 39440 during the day with a Stop Loss of 39710. FOR the Target of 39440 – 39205 – 39060
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Global markets today
On the global front, the other Asian markets closed in the red today tracking the negative cues from the US markets overnight. Traders were also concerned, that the recovery from the pandemic will slow as elevated inflation forces tighter monetary policy. Other than an economic slowdown due to the energy crunch, investors are also worried about the crisis in property sectors and the fresh Covid outbreak in China.
European markets are trading mixed ahead of European Central Bank Policy which is expected later today. The US future indexes, Dow and Nasdaq futures are trading in the green at this time. It indicates a positive opening for the US markets today.
Conclusions
A heavy sell-off was witnessed in the market today due to weak global cues. Indian markets have seen a sharp decline of almost 2 percent on the F&O expiry day. The benchmark indices slipped below their crucial levels, Sensex ends below 61K, and Nifty closed below 18K. Going ahead, the US economic data and ECB’s monetary policy decision will set the market direction tomorrow.
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