Nifty and Bank Nifty Prediction for Tomorrow 12 Oct 2022
Nifty and Bank Nifty Prediction for Tomorrow 12 Oct 2022: Indian equity market indexes ended with a deep cut on Tuesday amid negative cues from the global markets. The sentiments were weak due to fear of an aggressive rate hike by the Fed in November, Russia-Ukraine fresh tension, and export restrictions by the US. The domestic equity market indexes fell sharply in the second half today and closed near the day’s low.
All sectoral indices were closed lower today in NSE with realty, metals, media, and IT falling the most. The market breadth was weak today. The broader markets underperformed compared to benchmark indices, as Nifty mid and Small-cap indexes fell 1.74 percent and 1.70 percent respectively. At the close, Nifty and Sensex ended lower by 1.46 percent and 1.49 percent respectively on Tuesday. You can read detailed market updates here
Nifty and Bank Nifty futures price movement for 11 Oct (Oct Expiry)
The Nifty futures price opened at 17220, making a negative opening of 7.45 points today. It has touched an intraday high of 17239 and a day’s low of 16951
The Nifty futures price has given a movement of 288 points today. In the end, it closed lower by 266.80 points or 1.55 percent and ended at 16960.65 levels.
The Bank Nifty futures opened at 39188 It made a negative opening of 28.6 points. The Bank Nifty futures has touched an intraday high at 39271.70 and a day’s low at 38733.30
During the day, the Bank Nifty futures has given a movement of 538.4 points. In the end, it closed lower by 458.45 points or 1.17 percent and closed at 38758.15 levels.
Nifty & Bank Nifty Prediction for Tomorrow 12 Oct 2022 (Oct Expiry)
Nifty Futures Prediction for Tomorrow 12 Oct 2022
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17050 whereas All Down Moves Initiates Short Covering (Buy) @ 16800
If the Nifty futures share price Moves Above 17018 and sustain. Then you should Buy with 1st Target of 17047 during the day with a Stop Loss of 16980 FOR the Target of 17047- 17085- 17120- 17149
If the Nifty futures share price Moves Below 16928 and is sustained. Then you should Sell with the 1st Target of 16885 for the day with a Stop Loss of 16956. For the Target of 16885- 16852- 16809- 16780
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Bank Nifty Futures Prediction for Tomorrow 12 Oct 2022
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 39200 whereas All Down Moves Initiates Short Covering (Buy) @ 38500
Suppose the Bank Nifty futures Moves Above 39020 and sustain, then you should Buy with the 1st Target of 39130 during the day with a Stop Loss of 38850 and the Target of 39130- 39235- 39345 – 39515
If the Bank Nifty futures Moves Below 38692 and sustain, then you should Sell with the 1st Target of 38610 the day with a Stop Loss of 38808. For the Target of 38610- 38505 -38396- 38280
Global Stock Markets Today
On the global front, the other Asian market indexes closed mostly lower on Tuesday following the negative cues from Wall Street overnight. Hang Seng hit 11 year low today, dragged down by the chipmakers after US President Biden announced a new set of export controls last week.
Japan’s Nikkei plunged 2.64% today due to the selloff seen in tech shares, although the travel-related shares were firm as japan re-opened its border for regular visitors. Fresh data in Japan showed that the country’s current account surplus narrowed down in August. China’s Shanghai ended in the green today.
European key indexes are trading in the red as the geopolitical tension between Russia-Ukraine has escalated further. The Bank of England stepped in again to head off another sell-off of UK government bonds in response to Finance Minister Kwasi Kwarteng’s poorly-received mini-budget. The US future indexes, Dow and Nasdaq futures are trading lower at 5.30 pm IST indicating a negative opening for the US markets today.
Conclusion
Indian markets were under pressure and lost nearly 1.5 percent in the late sell-off today amid weak global cues. The global sentiments are weak due to geopolitical tension, and Fed rate hike worries. Traders should remain cautious ahead of FOMC minutes and inflation data.
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