Nifty and Bank Nifty Prediction for Tomorrow 17 Nov 2022
Nifty and Bank Nifty Prediction for Tomorrow 17 Nov 2022: Indian equity markets closed with a minor gain after a volatile session on Wednesday. The market upside was capped as investors were concerned about the fresh geopolitical tension. However, Nifty managed to close above 18400 levels for the second consecutive day. Among the sectors, some buying was witnessed in Banking, Financial, and IT stocks whereas selling pressure was seen in Metals, Oil & Gas, Media, and Healthcare stocks.
The market breadth was positive today. The broader markets underperformed their larger peers today, as Nifty mid and smallcap indexes closed lower by 0.65 percent and 0.83 percent respectively. At the closed, Sensex and Nifty advanced 0.17 percent and 0.03 percent respectively on the third day of the week. You can read detailed market updates here
Nifty and Bank Nifty futures price movement for Nov 16 (Nov Expiry)
The Nifty futures price opened at 18462, making a flat opening today. It has touched an intraday high of 18493.15 and a day’s low of 18387.50
The Nifty futures price has given a movement of 105.65 points today. In the end, it closed lower by 16.05 points or 0.09 percent and ended at 18446 levels.
The Bank Nifty futures opened at 42465.05 It made a higher opening of 18.65 points. The Bank Nifty futures has touched an intraday high at 42666 and a day’s low at 42421
During the day, the Bank Nifty futures have given a movement of 245 points. In the end, it closed higher by 80.15 points or 0.19 percent and closed at 42563.85 levels.
Nifty & Bank Nifty Prediction for Tomorrow 17 Nov 2022 (Nov Expiry)
Nifty Futures Prediction for Tomorrow 17 Nov 2022
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18550 whereas All Down Moves Initiates Short Covering (Buy) @ 18350
If the Nifty futures (Nov Series) share price Moves Above 18466 and sustains. Then you should Buy with 1st Target of 18494 during the day with a Stop Loss of 18440 FOR the Target of 18494- 18521- 18554- 18588
If the Nifty futures (Nov Series) share price Moves Below 18405 and is sustained. Then you should Sell with the 1st Target of 18382 for the day with a Stop Loss of 18427. For the Target of 18382- 18340- 18295- 17258
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Bank Nifty Futures Prediction for Tomorrow 17 Nov 2022
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42800 whereas All Down Moves Initiates Short Covering (Buy) @ 42400
Suppose the Bank Nifty futures (Nov Series) Moves Above 42670 and sustain, then you should Buy with the 1st Target of 42750 during the day with a Stop Loss of 42550 and the Target of 42750- 42885- 42950 – 43030
If the Bank Nifty futures (Nov Series) Moves Below 42380 and sustain, then you should Sell with the 1st Target of 42275 the day with a Stop Loss of 42470. For the Target of 42275- 42140- 42060- 41980
Global Stock Markets Today
Asian stock market indexes mostly closed lower on Wednesday due to the news of the missile attack on NATO member Poland that killed 2 people overnight. However, Japan erased early losses and closed marginally higher after US president Joe Biden said the explosion may not have been caused by a missile fired from Russia.
Investors got relieved by the US President’s statement and Nikkei closed slightly higher. China’s house prices fell faster in October. Both Hang Seng and Shanghai closed in the red today.
European stock markets are trading lower on Wednesday due to the geopolitical tension and hotter-than-expected consumer price inflation in the UK. The data released by the Office for National Statistics showed that consumer price inflation in the UK hit a 41-year high of 11.1% in October as against 10.1% in September, due to soaring energy bills and food prices. The US future, Dow, and Nasdaq futures are trading flat at this moment.
Conclusion
Indian equity markets traded sideways in absence of any major trigger. The upside remained capped due to geopolitical tension, which triggered selling pressure in other Asian markets today. However, the domestic benchmarks closed in the green at the close. For market direction, you can read our Daily Morning Report at 7.30 am IST
Also read, Best Options Trading Books in India-Must Read 2022
Tradingview India Review 2022- You Must Read
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