Today’s market updates: Nifty, Bank Nifty futures prediction for 2nd Dec

 

Nifty & Bank Nifty futures prediction 2nd Dec: Indian markets started marginally higher on Tuesday tracking gains in Asian peers. Sensex and Nifty traded above their crucial levels of 44300 and 13000 respectively. In the end, the benchmark indices closed above 1% from their previous close.

 

Today’s market updates: Nifty, Sensex, and Bank Nifty

 

At the close, Nifty gained 140.10 points or 1.09% and ended at 13109.05 levels while Sensex jumped 505.72 points or 1.15% and closed at 44655.44 levels. The Bank Nifty on the spot levels also closed higher by 208.80 points or 0.71% and at 29817.85 levels.

The Nifty midcap and smallcap indices were closed in the green today. The midcap index gained 188.80 points or 0.96% and closed at 19903.90 levels. The smallcap index was up by 59.75 points or 0.91% and ended at 6633.05 levels.

The top five gainers in the Nifty50 index for the day were GAIL, Sun Pharma, IndusInd Bank, ONGC, UPL. The top losers in the Nifty50 index for the day were Nestle, Kotak Mahindra Bank, Titan Company, NTPC, and Bajaj Finance. The most active stocks for the day in NSE were Bajaj Finance, Reliance, and HDFC.

On a sectoral basis, almost all major sectors closed in the green today. Manufacturing, IT & Software, Capital Goods, Oil & Gas, Healthcare, and Metals were the top gainers.

 

Stock market news today

 

The market sentiments were positive as India’s economy recovered faster than expected in the September quarter. This is due to the strong performance by the manufacturing sector which helped GDP clock a lower contraction of 7.5%. The better than expected GDP held out hopes for further improvement in consumer demand bouncing back.

Markets added more optimism after the data shared by the Department for promotion of industry and Internal Trade that the FDI inflow rose 15% during the April-September period to $30 billion (Rs 2.2 trillion) as compared to inflows of $26 billion during the same period last year.

The market upside remained capped as the Union government’s fiscal deficit further widened to Rs 9.53 lakh crore which is nearly 120% of the annual budget estimates at the end of October FY21. The deficit mainly occurred due to the poor revenue realization. India’s PMI Manufacturing dropped to 56.3 in November from 58.9 in October. It is at three months low 

On the global front, the Asian markets were closed in the green. The European and US futures indices are also trading in the green today.

 

Nifty & Bank Nifty futures price today

 

The Nifty futures share price opened at 13031, it made a positive opening of 13.6 points. It has touched an intraday high at 13168.35 and a day’s low at 12992.85

The Nifty futures share price has given a movement of 175.5 points. In the end, it gained 118.6 points or 0.91% and closed at the 13136 levels.

The Bank Nifty futures share price opened at 29785.15. It made a gap up opening of 117.95 points today. It has touched an intraday high at 29990 and a day’s low at 29525.95

During the day, the Bank Nifty futures share price has given a movement of 464.05 points. In the end, it gained 195.15 points or 0.66% and closed at 29862.35 levels.

 

Nifty and Bank Nifty futures prediction for 2nd Dec ( Dec Expiry)

 

 

Nifty futures prediction for 2nd Dec 2020

Primary Nifty Trend in futures: Positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 13230 whereas All Down Moves Initiates Short Covering (Buy) @ 13100

If the Nifty futures share price Moves Above 13156 and sustain. Then you should Buy with 1st Target of 13194 during the day with a Stop Loss of 13095 FOR the Target of 13194- 13208- 13236

If the Nifty futures share price  Moves Below 13095 and sustain. Then you should Sell with the 1st Target of 13064 during the day with a Stop Loss of 13156. FOR the Target of 13064- 13028 -13002

 

 

Bank Nifty futures prediction, 2nd Dec  2020

Primary Trend of  Bank Nifty Futures: Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 30250, whereas All Down Moves Initiates Short  Covering (Buy) @ 29700

Suppose Bank Nifty futures share price Moves Above 29950 and sustain. Then you should Buy with the 1st Target of 30060 during the day with a Stop Loss of  29680. FOR the Target of 30060 – 30160- 30255

If the Bank Nifty futures share price Moves Below 29680 and sustained. Then you should Sell with the 1st Target of 29585 during the day with a Stop Loss of 29950. FOR the Target of 29585 – 29460- 29330

Conclusions:

Indian stock markets gained today due to positive cues from the Asian peers, better than expected GDP numbers, and strong auto sales numbers. FIIs are continuously buying in the cash market is another positive sign for the markets. Investors have ignored the drop in the PMI Manufacturing numbers.

Traders can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures prediction for tomorrow 2nd Dec. 2020.

 

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

                    Nifty, Bank Nifty futures prediction for (1st-4th Dec) week 

          

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Editor’s Desk

 

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