Nifty and Bank Nifty Prediction for Tomorrow (1 November 2023)
Nifty and Bank Nifty Prediction for Tomorrow (1 November 2023): Indian equity benchmarks ended lower on Tuesday following negative cues from Asian markets. The domestic markets opened higher and immediately turned negative due to profit booking at the higher levels. Among the sectors Realty, Media, and Consumer Durable sectors gained, while the Auto, Pharma, and Healthcare sectors declined.
The market breadth was slightly positive. On the NSE, 1271 shares were advanced while 1144 shares declined at the close. The NSE’s volatility index “India VIX” gained 2.91% to 11.83.
The broader markets ended mixed today, as the Nifty midcap closed higher by 0.37% while the smallcap index ended lower by 0.06%. At the close, #Sensex and #Nifty declined to 0.37% and 0.32% respectively. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (30 Nov expiry)
The Nifty futures price opened at 19275, making a positive opening of 54.1 points on Tuesday. It has touched an intraday high of 19279 and a day’s low of 19120
The Nifty futures price has given a movement of 159 points. In the end, Nifty futures closed lower by 55.90 points or 0.29 percent and ended at 19165 levels.
The Bank Nifty futures opened at 43603.05. It made a gap-up opening of 307.35 points. The Bank Nifty futures touched an intraday high at 43603.05 and a day’s low at 43020.40.
During the day, the Bank Nifty futures have given a movement of 582.65 points. In the end, Bank Nifty Futures closed lower by 240.70 points or 0.56 percent and closed at 43055 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 1 November 2023
Nifty Futures Prediction for Tomorrow, 1 Nov 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 19250 whereas All Down Moves can Initiate Short Covering @ 19070
If Nifty futures for the November Series move above 19192 and sustain. Then it can touch 19224 during the day with a Stop Loss of 19170. In a day it could trade in a range of 19224- 19251- 19284 levels.
If the Nifty futures for the November Series share price move below 19134 and are sustained. Then it can touch 19110 levels for the day with a Stop Loss of 19155. In a day it could trade for the target of 19110- 19070 – 19030 level.
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Bank Nifty Futures Prediction for Tomorrow, 1 Nov 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 43300 whereas All Down Moves can Initiate Short Covering @ 42900
Suppose the November series Bank Nifty futures move above 43225 and sustain, then it can touch 43315 levels during the day with a Stop Loss of 43150. During the day the index can trade in the range of 43315- 43380- 43450 levels
If the Bank Nifty futures (Nov Series) move below 43020 and sustain, then the index can touch 42930 levels in a day with a Stop Loss of 43110. During the day Bank Nifty futures could trade in the range of 42930- 42835- 42730 levels.
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Global Stock Market Updates
The other Asian stock markets closed mixed on Tuesday, as weak manufacturing PMI data out of China dampened the investors’ mood, reviving questions over the world’s second-largest economy. Meanwhile, Japan’s Nikkei pared early losses and ended higher as the Bank of Japan added more flexibility to yield curve control and kept the rates unchanged.
The European stock market indexes are trading higher on Tuesday, as investors are optimistic about the key economic growth and inflation reading of the eurozone later in the day.
Dow and Nasdaq futures pared early losses and are trading higher, indicating a positive opening for the US markets today. You can also follow our US markets Report at 10 PM IST.
Conclusion
Indian stock markets snapped a two-day winning streak on Tuesday, as profit booking was witnessed at higher levels. Investors remain cautious ahead of the US Fed interest rate decision which is due on Wednesday.
Though it is widely expected that the Fed will keep the interest rate the same, Fed Chair Powell’s commentary would be crucial and likely to influence the markets. You can follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Stock Market Prediction Next Week (30 Oct – 3 Nov 2023)
Tradingview India Review 2022- You Must Read
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