Nifty & Bank Nifty prediction for Monday, 8 Nov
Nifty and Bank Nifty prediction for Monday, 8 Nov: Indian stock markets gained during the truncated week ended 4 Nov. The domestic markets finished higher last week, after two straight weeks of decline. The markets gained on the back of robust economic data, better than expected quarterly results, and positive global cues during the week.
On the Muhurat Trading day, the key benchmark indices, Sensex and Nifty gained 0.49 percent each. FIIs were the sellers and DIIs were the buyers in the cash segment. The market sentiments were positive due to the Diwali festival and as dovish Fed taper announcement on Wednesday.
Nifty & Nifty Bank futures price movement on Thursday 4 Nov (Nov Expiry)
On Thursday 4 Nov, Nifty futures opened at 17900 levels, up by 52.85 points. It has touched an intraday high at 17942 and a day’s low at 17900
The Nifty future has given a movement of 42 points on Thursday. In the end, it gained 77.85 points or 0.44 percent and ended at 17925 levels.
The Bank Nifty futures opened at 39600.55 levels on the mahurat trading day. It made a positive opening of 103.95 points on Thursday. It has touched an intraday high at 39780 and a day’s low at 39574
On Thursday, the Bank Nifty future gave a movement of 206 points. In the end, it gained by 124.50 points or 0.32 percent and closed at 39621.10 levels
Nifty & Bank Nifty Prediction for Monday, 8 Nov 2021 (Nov Expiry)
Nifty Futures Prediction for Monday, 8 Nov 2021
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18020 whereas All Down Moves Initiates Short Covering (Buy) @ 17900
If the Nifty futures share price Moves Above 17952 and sustain. Then you should Buy with 1st Target of 17976 during the day with a Stop Loss of 17918 FOR the Target of 17976-18015- 18040
If the Nifty futures share price Moves Below 17860 and is sustained. Then you should Sell with the 1st Target of 17842 during the day with a Stop Loss of 17904. FOR the Target of 17842- 17815- 17787
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Bank Nifty Futures Predictions for Monday, 8 Nov 2021
Primary Trend of Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 39900, whereas All Down Moves Initiates Short Covering (Buy) @ 39400
Suppose the Bank Nifty futures Moves Above 39745 and sustain, then you should Buy with the 1st Target of 39820 during the day with a Stop Loss of 39640. FOR the Target of 39820 – 39910 – 40040
If the Bank Nifty futures Moves Below 39512 and sustain, then you should Sell with the 1st Target of 39487 during the day with a Stop Loss of 39580. FOR the Target of 39487 – 39446 – 39347
Global market indexes
European markets finished higher on Friday as investors cheered due to robust US job market data and less hawkish than expected signals from the Central bankers earlier during the week. However, the concerns about the Chinese property market and debt-ridden developers capped the market upside on the last day of the week.
The US stocks finished at a record high as Labour Department data showed that the job growth rebounded in October after a slowdown in summer.
Conclusions
Indian stock markets closed the week ended 4 November on a positive note. The cues from the global markets are positive for the Indian markets at this moment for Monday. However, the domestic market mood will depend on Asian markets opening on Monday.
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