Nifty and Bank Nifty futures prediction for the weekly expiry, 12 Nov

 

Nifty & Bank Nifty futures prediction 12 Nov:  Indian markets continued to trade in the green zone for the eighth consecutive days while tracking Asian peers. The investors continued to ride the positive sentiments from the breakthrough of a highly successful vaccine trial and Joe Biden‘s US election victory.  Today, in the end, the markets extended their early gains and closed at a new high.

The market sentiments remained positive with Crisil Ratings in its latest report stated that revenue of the agrochemical sector is likely to grow 12-14% in the current financial year on the back of a sharp recovery in offtake from the domestic agriculture sector and continuing healthy exports.

However, the upper side remained capped as some cautiousness came with Rating agency ICRA’s report that states are likely to cut capital outlay on infrastructure by up to 40%. The  additional expenditure towards healthcare and public welfare will also cut as the state’s revenue got severely impacted due to the coronavirus pandemic 

On the global front, Asian markets were mostly closed in the green after following the global rally due to the hopes that a Covid-19 vaccine will help the global economy return to normal. Europen markets are also trading higher on vaccine hopes and ignored the concern about the economic damage caused due to the second wave of coronavirus.

 

Stock market today: Sensex, Nifty, and Bank Nifty on spot levels

 

At the close, Nifty gained 118.05 points or 0.94% and at 12749.15 levels while Sensex up by 316.02 points or 0.74% and at 43593.67 levels. The Bank Nifty on the spot levels also closed higher by 239 points or 0.84% and at 28845 levels.

Nifty midcap and smallcap 100 indices also closed in the green today. The midcap index gained 67.05 points or 0.37% and at 18075 levels. The smallcap index up by 42.30 points or 0.72% and closed at 5917.20 levels.

The top five gainers in the Nifty index for the day are Tata Steel, Hindalco, Axis Bank, Eicher Motors, and Dr. Reddy’s lab. The top losers in the Nifty index for the day are IndusInd Bank, Reliance, Titan Company, Asian Paints, and Britannia. Bajaj Finance, Reliance, and IndusInd Bank were the most active stocks in the NSE today.

On a sectoral basis, Healthcare, Metals, IT & Software, Infrastructure, and Automobiles were closed as a top gaining sector. On the losing side, Oil & Gas, Capital Goods, Chemicals, Hospitality, and Footwear sectors closed in the red.

 

Nifty & Bank Nifty futures price today

 

The Nifty futures share price opened at 12692, it made a gap up opening of 32.9 points. It has touched an intraday high at 12774.75 and a day’s low at 12577.75

The Nifty futures share price has given a movement of 197 points. In the end, it gained 106.9 points or 0.84% and closed at 12766 levels.

The Bank Nifty futures share price opened at 28698.25. It made a gap up opening of 58.2 points today. It has touched an intraday high at 28999 and a day’s low at 28165

During the day, the Bank Nifty futures share price has given a movement of 834 points. In the end, it gained 206.85 points or 0.72% and closed at 28846.90 levels.

 

Nifty and Bank Nifty futures prediction for 12 Nov ( Nov Expiry)

 

 

Nifty futures prediction for 12 Nov 2020

Primary Nifty Trend in futures: Positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 12830 whereas All Down Moves Initiates Short Covering (Buy) @ 11700

If the Nifty futures share price Moves Above 12780 and sustain. Then you should Buy with 1st Target of 12828 during the day with a Stop Loss of 12704 FOR the Target of 12828- 12868- 12902

If the Nifty futures share price  Moves Below 12704 and sustain. Then you should Sell with the 1st Target of 12672 during the day with a Stop Loss of 12780. FOR the Target of 12672- 12638 -12580

 

 

Bank Nifty futures prediction, 12 Nov  2020

Primary Trend of  Bank Nifty Futures: Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 29300, whereas All Down Moves Initiates Short  Covering (Buy) @ 28500

Suppose Bank Nifty futures share price Moves Above 28950 and sustain. Then you should Buy with the 1st Target of 29020 during the day with a Stop Loss of  28670. FOR the Target of 29020 – 29175- 29340

If the Bank Nifty futures share price Moves Below 28670 and sustained. Then you should Sell with the 1st Target of 28510 during the day with a Stop Loss of 28950. FOR the Target of 28510 – 28340- 28090

 

Conclusions:

Traders used the “buy on dips” strategy today in the Indian markets due to positive global cues and hopes of the Covid-19 vaccine. The Indian stock market opened higher and later fell below their neutral lines, in the second half it bounced back and closed positive. Buying on Healthcare, Metals and IT stock lifted the market sentiments. Indian market is looking bullish, traders should put trailing stop loss and trade in the market. 

Traders can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures prediction for tomorrow 12 Nov.2020.

 

Also read, Nifty & Bank Nifty futures prediction for next week 9-13 Nov

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Editor’s Desk

 

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