Nifty and Bank Nifty Prediction for Tomorrow 4 Nov 2022
Nifty and Bank Nifty Prediction for Tomorrow 4 Nov 2022: Indian equity benchmarks ended with minor cuts on Thursday amid weak global cues. The market sentiments were dampened after US Fed hiked the interest rate by 75 bps and indicated a smaller rate hike is on the card to tame inflation. However, the downside was limited as the latest data showed that India’s Services PMI rose in October compared to last month.
Among the sectors, PSU Bank, Realty, and Banking sectors ended higher while selling pressure was witnessed in IT, Consumer Durables, and Auto stocks. The broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes closed higher today. At the close, Sensex and Nifty ended lower by 0.11 percent and 0.17 percent respectively. You can read detailed market updates here
Nifty and Bank Nifty futures price movement for Nov 3 (Nov Expiry)
The Nifty futures price opened at 18046 making a gap-down opening of 99.85 points today. It has touched an intraday high of 18158.85 and a day’s low of 18008
The Nifty futures price has given a movement of 150.85 points today. In the end, it closed lower by 25.75 points or 0.14 percent and ended at 18121 levels.
The Bank Nifty futures opened at 41000.10 It made a negative opening of 312.6 points. The Bank Nifty futures has touched an intraday high at 41600 and a day’s low at 40990
During the day, the Bank Nifty futures have given a movement of 610 points. In the end, it closed higher by 152.30 points or 0.37 percent and closed at 41465 levels.
Nifty & Bank Nifty Prediction for Tomorrow 4 Nov 2022 (Nov Expiry)
Nifty Futures Prediction for Tomorrow 4 Nov 2022
Primary Nifty Trend in futures: Mild Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18250 whereas All Down Moves Initiates Short Covering (Buy) @ 17950
If the Nifty futures (Nov Series) share price Moves Above 18160 and sustains. Then you should Buy with 1st Target of 18186 during the day with a Stop Loss of 18118 FOR the Target of 18186- 18214- 18246- 18280
If the Nifty futures (Nov Series) share price Moves Below 18050 and is sustained. Then you should Sell with the 1st Target of 18012 for the day with a Stop Loss of 18095. For the Target of 18012- 17980- 17955- 17930
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Bank Nifty Futures Prediction for Tomorrow 4 Nov 2022
Primary Trend of Bank Nifty Futures: Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 41700 whereas All Down Moves Initiates Short Covering (Buy) @ 41150
Suppose the Bank Nifty futures (Nov Series) Moves Above 41640 and sustain, then you should Buy with the 1st Target of 41750 during the day with a Stop Loss of 41500 and the Target of 41750- 41825- 41950 – 42040
If the Bank Nifty futures (Nov Series) Moves Below 41350 and sustain, then you should Sell with the 1st Target of 41230 the day with a Stop Loss of 41460. For the Target of 41230- 41160- 41040- 40900
Global Stock Markets Today
The other Asian stock markets mostly closed in the red on Thursday tracking negative cues from the US markets overnight. Nikkei was not trading today due to a holiday. Hang Seng fell more than 3 percent wiping out its previous session gains while Shanghai was down marginally on Thursday. The latest data showed that China’s services activity contracted again in October amid the fresh covid outbreak.
European markets are trading lower tracking negative cues from Asian markets and Wall Street overnight. Investors are cautious and prepared for another rate high from the Bank of England which is expected later in the day. The US futures, Dow Jones, and Nasdaq futures are trading lower at 5 pm IST indicating a lower opening for the US markets today.
Conclusion
The Indian equity benchmarks ended a volatile trading session with minor cuts. Trading was volatile due to weak global cues and the expiry of weekly index options on the NSE. You can follow our Daily Morning Report for market direction.
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