Today’s Market updates: Nifty and Bank Nifty futures prediction for the expiry day 26 Nov 2020

 

Nifty & Bank Nifty futures prediction for the expiry day 26 Nov: Indian stock market opened gap up today and touched a record high in the morning. In the second half profit books were seen at the higher levels across all major sectors and the market closed in the negative. In the end, there were 10 stocks in advances and 40 stocks in declines in the Nifty50 index.

The market sentiments were impacted as a senior finance ministry official said that India’s score on the protection of minority investors compiled by the World Bank as part of the Ease of doing business ranking has slipped recently and there is a need for stakeholders to improve on this aspect. Traders ignored  Nilesh Shah’s (part-time member of the economic advisory council to the Prime Minister) report that the GDP contraction will improve to higher single digits in the September quarter, and the economy will be back to positive growth by the March-end quarter. 

On the global front, Asian markets were closed mixed due to the profit booking after the rally on the positive development of Coronavirus vaccine news. The European markets are trading flat amid relaxation on coronavirus restriction in some parts of the region. The US markets are trading flat at this moment.

 

Today’s Market Updates: Sensex, Nifty, and Bank Nifty 

 

At the close, Nifty fell 196.80 points or 1.51% and at 12858.40 levels while Sensex slipped 694.92 points or 1.56% and at 43828.10 levels. The Bank Nifty on the spot levels down 540.90 points or 1.82% and ended at 29196.40 levels.

The Nifty midcap and smallcap 100 indices closed lower today. The Nifty midcap index down 319.65 points or 1.65% and at 19032.60 levels. The smallcap index fell 56.80 points or 0.89% and closed at 6323.20 levels.

The top five gainers in the Nifty50 index for the day are ONGC, GAIL, Adani Ports, SBI Life insurance, and Coal India. The top five losers in the Nifty50 index for the day are Eicher Motor, Kotak Mahindra, Axis Bank, Sun Pharma, and Bajaj Finance. Reliance, Bajaj Finance, and Axis Bank were the most active stocks in the NSE today.

Except for Insurance, Manufacturing, and Electricals, all other major sectors closed in the red today. Automobiles, Banks, Capital goods, Healthcare, IT & Software sectors were the major losers today.

 

Nifty & Bank Nifty futures price today

 

The Nifty futures share price opened at 13130.15, it made a gap up opening of 67.70 points. It has touched an intraday high at 13137.75 and a day’s low at 12844.25

The Nifty futures share price has given a movement of 293.5 points. In the end, it declined 205.75 points or 1.58% and closed at 12856.70 levels.

The Bank Nifty futures share price opened at 29953. It made a gap up opening of 223.10 points today. It has touched an intraday high at 30190 and a day’s low at 29148.20

During the day, the Bank Nifty futures share price has given a movement of 1041.8 points. In the end, it fell 544.9 points or 1.83% and closed at 29185 levels.

 

Nifty and Bank Nifty futures prediction for 26 Nov ( Nov Expiry)

 

 

Nifty futures prediction for 26 Nov 2020

Primary Nifty Trend in futures: Mild Negative

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 12920 whereas All Down Moves Initiates Short Covering (Buy) @ 12700

If the Nifty futures share price Moves Above 12956 and sustain. Then you should Buy with 1st Target of 12995 during the day with a Stop Loss of 12790 FOR the Target of 12995- 13032- 13068

If the Nifty futures share price  Moves Below 12790 and sustain. Then you should Sell with the 1st Target of 12750 during the day with a Stop Loss of 12956. FOR the Target of 12750- 12702 -12670

 

 

Bank Nifty futures prediction, 26 Nov  2020

Primary Trend of  Bank Nifty Futures: Mild Negative

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 29510 and sustain. Then you should Buy with the 1st Target of 29680 during the day with a Stop Loss of  28970. FOR the Target of 29680 – 29870- 30208

If the Bank Nifty futures share price Moves Below 28970 and sustained. Then you should Sell with the 1st Target of 28825 during the day with a Stop Loss of 29995. FOR the Target of 28825 – 28650- 28460

 

Conclusions:

Indian markets took a pause after a sharp rally on the effectiveness of coronavirus vaccine trial news. Profit booking at higher levels dragged down the Nifty and Sensex today. Traders were cautious ahead of the monthly F&O expiry on the overbought market today. The market may see some healthy correction in the coming days.

Traders can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures prediction for tomorrow 26 Nov.2020.

 

Also read, Coronavirus impact on various sectors & Indian economic growth

                 Algo Trading Definition: Pros and Cons of Algorithmic trading  

               

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Editor’s Desk

 

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