Nifty and Bank Nifty Prediction for Wednesday 9 Nov 2022
Nifty and Bank Nifty Prediction for Wednesday 9 Nov 2022: Indian equity markets made decent gains after a volatile session on Monday. The positive cues from the global markets supported the domestic indices today. Sensex and Nifty both closed above their psychological levels (Sensex above 61K and Nifty above 18200). The broader markets outperformed the benchmark indices today.
Among sectors, barring pharma and consumer durables all other sectoral indices closed in the green today. The market breadth was quite positive today. Tomorrow markets will remain closed on account of Gurunanak Jayanti. You can read detailed market updates here
Nifty and Bank Nifty futures price movement for Nov 7 (Nov Expiry)
The Nifty futures price opened at 18294.90 making a higher opening of 100.9 points today. It has touched an intraday high of 18308.50 and a day’s low of 18119.50
The Nifty futures price has given a movement of 189 points today. In the end, it closed higher by 68.25 points or 0.38 percent and ended at 18262.25 levels.
The Bank Nifty futures opened at 41869 It made a strong opening of 450 points. The Bank Nifty futures has touched an intraday high at 41900 and a day’s low at 41489.65
During the day, the Bank Nifty futures have given a movement of 410.35 points. In the end, it closed higher by 466 points or 1.13 percent and closed at 41885 levels.
Nifty & Bank Nifty Prediction for Wednesday 9 Nov 2022 (Nov Expiry)
Nifty Futures Prediction for Wednesday 9 Nov 2022
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18350 whereas All Down Moves Initiates Short Covering (Buy) @ 18150
If the Nifty futures (Nov Series) share price Moves Above 18314 and sustains. Then you should Buy with 1st Target of 18350 during the day with a Stop Loss of 18260 FOR the Target of 18350- 18390- 18450- 18515
If the Nifty futures (Nov Series) share price Moves Below 18195 and is sustained. Then you should Sell with the 1st Target of 18150 for the day with a Stop Loss of 18230. For the Target of 18150- 18110- 18065- 18038
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Bank Nifty Futures Prediction for Wednesday 9 Nov 2022
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42300 whereas All Down Moves Initiates Short Covering (Buy) @ 41700
Suppose the Bank Nifty futures (Nov Series) Moves Above 42040 and sustain, then you should Buy with the 1st Target of 42180 during the day with a Stop Loss of 41820 and the Target of 42180- 42315- 42400 – 42465
If the Bank Nifty futures (Nov Series) Moves Below 41640 and sustain, then you should Sell with the 1st Target of 41520 the day with a Stop Loss of 41750. For the Target of 41520- 41415- 41340- 41250
Global Stock Markets Today
The other Asian stock markets closed higher on Monday despite China`s exports declining unexpectedly in October on weak global growth. Last two days global markets rallied due to speculation of China’s relaxation in the Zero-Covid19 policy. However, on Saturday Beijing said the People’s Republic would continue with its “dynamic clearing” approach to the virus, responding more precisely as soon as new cases emerge. All three major Asian market indexes, Shanghai, Nikkei, and Hang Seng closed higher today.
After a sharp rally last week, European markets are trading sideways today. FTSE is trading lower after Chinese health officials poured cold water in hopes that China will relax its Zero-Covid restrictions. The US future indexes, Dow and Nasdaq futures are trading higher at 5.30 pm IST, indicating the US markets would extend their Friday’s gain.
Conclusion
Indian equity markets closed higher after a volatile session. The market sentiments were strong due to positive global cues, appreciation in the Indian rupee, and the FIIs buying spree. Tuesday, 8 November, markets will be closed on account of Gurunanak Jayanti. You can read our Morning Report on Wednesday at 7.30 am to know the market direction
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