Bulls are back? Nifty & Bank Nifty futures prediction 28 Oct

Nifty & Bank Nifty futures prediction 28 Oct: Indian stock market opened on a positive note despite negative cues from the global markets. The benchmark indices extended their early gains in the second half. The Bank Nifty was trading strong today and helped the market to close higher. In the end, the market closed in the positive zone and benchmark indices gained around 1% today.

The domestic market sentiments were positive as the Modi government is planning to announce a new stimulus package ahead of Diwali. The market sentiments got more optimistic after the Reserve Bank asked all lending institutions, including NBFCs to implement the waiver of interest on interest for loans up to Rs 2 crore for the six months moratorium period beginning March 1, 2020.  

The market sentiment got boosted in the second half after the MSCI news. The Morgan Stanley Capital Investment (MSCI) said that it will tweak the foreign ownership limits for Indian stocks in its global indexes from December 1 and this could inflow of $2.5 billion into the country as per moneycontrol.com.

On the global front, the Asian markets were closed mostly in red today even after China’s industrial profit increased for the fifth straight month in September. The data from the National Bureau of Statistics showed China’s industrial profits grew 10.1% on a yearly basis but it came slower than the 19.1% increased in August.

The European markets are trading lower today due to the concern about the economic fallout of tighter coronavirus restrictions in the region. The US futures market Dow and Nasdaq futures are trading marginally higher at this moment.

 

Market updates: Sensex, Nifty, and Bank Nifty today on spot levels

 

At the close, Nifty gained 121.65 points or 1.04% and at 11889.40 while Sensex was up by 376.60 points or 0.94% and at 40522.10. The Bank Nifty on the spot levels jumped 694.05 points or 2.89% and ended at 24769.50 levels.

The Nifty midcap and smallcap 100 indices also closed higher today. The Nifty midcap gained 207.40 points or 1.22% and at 17217.25 levels. The smallcap index gained 18.65 points or 0.31% and at 5951.35 levels.

The top five gainers in the Nifty index for the day are  Kotak Mahindra, Shree Cement, Nestle, Asian Paints, and Bajaj Finance. The top losers in the Nifty index for the day are TCS, ONGC, Infosys, Wipro, and HDFC. The most active stocks for the day in NSE were Kotak Mahindra, Reliance, and Bajaj Finance.

On a sectoral basis, Banking & Finance, Automobiles, FMCG, Healthcare, and Infrastructure sectors closed as top gainers. On the other side, IT & Software, Telecom, Metals, and Consumer Durables sectors closed in the red.

 

Nifty & Bank Nifty futures price today

 

The Nifty futures share price opened at 11810.90, it made a positive opening of 32.5 points. It has touched an intraday high at 11893.70 and a day’s low at 11723

The Nifty futures share price has given a movement of 170.7 points. In the end, it gained 96.6 points or 0.82% and closed at 11875 levels.

The Bank Nifty futures share price opened at 24311. It was made a gap up opening of 201.85 points today. It has touched an intraday high at 24797 and a day’s low at 23894.85

During the day, the Bank Nifty futures share price has given a movement of 902.15 points. In the end, it closed higher by 647.85 points or 2.69% and closed at 24757 levels.

 

Nifty and Bank Nifty futures prediction for 28 Oct ( Oct Expiry)

 

 

Nifty futures prediction for 28 Oct 2020

Primary Nifty Trend in futures: Range-Bound

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11920 whereas All Down Moves Initiates Short Covering (Buy) @ 11800

If the Nifty futures share price Moves Above 11916 and sustain. Then you should Buy with 1st Target of 11935 during the day with a Stop Loss of 11830. FOR the Target of 11935- 11974- 12004

If the Nifty futures share price  Moves Below 11830 and sustain. Then you should Sell with 1st Target of 11798 during the day with a Stop Loss of 11916. FOR the Target of 11798- 11765 -11722

 

 

Bank Nifty futures prediction, 28 Oct  2020

Primary Trend of  Bank Nifty Futures: Mild Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 25200, whereas All Down Moves Initiates Short  Covering (Buy) @ 24500

If Bank Nifty futures share price Moves Above 24870 and sustain. Then you should Buy with 1st Target of 25070 during the day with a Stop Loss of  24580. FOR the Target of 25070 – 25220- 25380

If the Bank Nifty futures share price Moves Below 24580 and sustained. Then you should Sell with 1st Target of 24502 during the day with a Stop Loss of 24870. FOR the Target of 24502 – 24350- 24170

Conclusions:

Indian markets gained today due to the positive news flow like MSCI, waiver on interest on interest on the loan, and a new stimulus package.  A healthy buying seen today in the Banking and financial stock in the last hour helped the market to close at higher today. Indian market may trade volatile in a narrow range in the coming two days. 

Traders should remain cautious and trade with strict stop loss. Traders can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures prediction for tomorrow 28 Oct.2020.

 

Also read, Algo Trading Definition: Pros and Cons of Algorithmic trading

               Stock Trading: Make money with these two Nifty 50 stocks

 

If you like the post please share with your friends and others

 

Happy Investing!

Editor’s Desk

 

Disclaimer-

Nifty50Stocks.com has taken due care and caution to compile the data for its Website. The views and investment tips expressed by investment experts on Nifty50Stocks.com are their own and not that of the website or its management. Nifty50Stocks.com is not SEBI registered Advisors and advises its users to check with certified and SEBI registered experts before taking any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.