Nifty and Bank Nifty Prediction for Tomorrow, 11 Oct 2023
Nifty and Bank Nifty Prediction for Tomorrow, 11 Oct 2023: Indian equity benchmarks ended with significant gains on Tuesday amid positive global cues. The domestic markets opened higher and gradually moved northwards as the session progressed. The sentiments were positive, as the crude oil prices eased after a rally on Monday. All the major sectoral indices on the NSE closed higher, with Realty, PSU Bank, and Metal gaining the most.
The market breadth was quite positive, on the NSE, 1843 shares were advanced while 592 shares declined. The broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes gained 1.36 percent and 1.20 percent respectively.
At the close, Sensex gained 566.67 points or 0.87 percent and ended at 66079.36, while Nifty jumped 177.50 points or 0.91 percent and settled at 19689.85. You can read the detailed market updates here
Nifty and Bank Nifty Futures Price Movement for (26 Oct expiry)
The Nifty futures price opened at 19599.90, making a positive opening of 60.75 points on Tuesday. It has touched an intraday high of 19749 and a day’s low of 19585.10
The Nifty futures price has given a movement of 163.9 points. In the end, Nifty futures closed higher by 206.85 points or 1.06 percent and ended at 19746 levels.
The Bank Nifty futures opened at 44210.05. It made a gap-up opening of 199.6 points. The Bank Nifty futures touched an intraday high at 44620 and a day’s low at 44080.
During the day, the Bank Nifty futures have given a movement of 540 points. In the end, Bank Nifty Futures closed higher by 535.55 points or 1.22 percent and closed at 44546 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 11 Oct 2023
Nifty Futures Prediction for Tomorrow, 11 Oct 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate profit Booking @ 19830 whereas All Down Moves can Initiate Short Covering @ 19700
If Nifty futures for the Oct Series move above 19785 and sustain. Then Nifty futures can touch 19821 during the day with a Stop Loss of 19758. In a day it could trade in a range of 19821- 19849- 19885 levels.
If the Nifty futures for the Oct Series share price moves below 19708 and is sustained. Then Nifty futures can touch 19674 levels for the day with a Stop Loss of 19736 In a day it could trade for the target of 19674- 19632 – 19600 level.
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Bank Nifty Futures Prediction for Tomorrow, 11 Oct 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44800 whereas All Down Moves can Initiate Short Covering @ 44450
Suppose the Oct series Bank Nifty futures move above 44635 and sustain, then Banknifty can touch 44730 levels during the day with a Stop Loss of 44570. During the day Bank Nifty futures could trade in the range of 44730- 44810- 44880 levels
If the Bank Nifty futures (Oct Series) move below 44480 and sustain, then Banknifty can touch 44415 levels in a day with a Stop Loss of 44535. During the day Bank Nifty futures could trade in the range of 44415- 44330- 44270 levels.
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Global Stock Market Updates
The other Asian stock markets bounced back on Tuesday, following the positive cues from Wall Street, as US Fed officials dovish remarks boosted the market sentiments. Meanwhile, ease in crude oil prices also reduced the inflationary pressure and supported the markets. Investors shrugged off pressures from the Hamas attack on Israel and bet on the recent beaten-down stocks.
European stock market indexes are trading sharply higher on Tuesday following the positive cues from Wall Street and Asian markets despite the global fear of Middle East conflict. You can read the global stock market updates here
The US Future indexes, Dow, and Nasdaq futures are trading marginally higher on Monday, indicating a positive opening for the US markets. You can also follow our US markets Report at 10 PM IST.
Conclusion
Indian stock markets made a strong comeback after the previous session’s selloff. The market sentiments were positive due to the Fed’s official dovish remark, a dip in oil prices, and an appreciation in the Indian rupee. Going ahead, the global cues will drive the Indian markets. You can follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Stock Market Prediction Next Week (9- 13 Oct 2023)
Options Trading Books: Your Ultimate 2023 Guide to Winning Big
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