Nifty & Bank Nifty Support and Resistance for 9 Nov 2021
Nifty & Bank Nifty Support and Resistance for 9 Nov 2021: Indian stock markets opened higher in the morning amid mixed cues from the Asian markets. The market turned negative immediately after a few minutes of trading on the back of selling in the pharma and banking space. Later in the afternoon session markets reversed their intraday losses and traded positively. The broader markets also closed positively in line with their larger peers today. The sectors that took the led in today’s market rally were IT, Realty, and Media. You can read the complete market updates here
Nifty and Nifty Bank futures price movement for 8 November (Nov Expiry)
The Nifty futures price opened at 17947.85, making a positive opening of 31.15 points higher. It has touched an intraday high at 18153 and a day’s low at 17852
The Nifty futures price has given a movement of 301 points today. In the end, it gained 221.30 points or 1.24 percent and ended at 18138 levels.
The Bank Nifty futures opened at 39615.05. It made a negative opening of 17.6 points today. It has touched an intraday high at 39750.95 and a day’s low at 39051
During the day, the Bank Nifty in futures has given a movement of 699.95 points. In the end, it closed higher by 73.25 points or 0.18 percent and closed at 39705.90 levels.
Nifty & Bank Nifty support and resistance for 9 Nov 2021 (Nov Expiry)
Nifty futures support and resistance for 9 Nov 2021
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18220 whereas All Down Moves Initiates Short Covering (Buy) @ 18090
If the Nifty futures share price Moves Above 18155 and sustain. Then you should Buy with 1st Target of 18186 during the day with a Stop Loss of 18125 FOR the Target of 18186-18215- 18242
If the Nifty futures share price Moves Below 18088 and is sustained. Then you should Sell with the 1st Target of 18042 during the day with a Stop Loss of 18115. FOR the Target of 18042- 18008- 17985
Bank Nifty futures support and resistance for 9 Nov 2021
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 39900, whereas All Down Moves Initiates Short Covering (Buy) @ 39650
Suppose the Bank Nifty futures Moves Above 39780 and sustain, then you should Buy with the 1st Target of 39845 during the day with a Stop Loss of 39668. FOR the Target of 39845 – 39970 – 40070
If the Bank Nifty futures Moves Below 39370 and sustain, then you should Sell with the 1st Target of 39280 during the day with a Stop Loss of 39875. FOR the Target of 39280 – 39175 – 39040
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Global markets today
On the global front, Asian markets closed mixed on Monday. Shanghai closed higher as investors were optimistic about the strong export data in the month of October that beat the forecasts. The Hang Seng closed lower as Tech and Pharma stocks dragged down the markets. The European markets are trading near their neutral lines following mixed cues from the Asian markets. In the US futures indexes, Dow future is trading higher whereas Nasdaq future is trading almost flat to the negative at this time (4.30 pm).
Conclusions
Indian stock markets made a decent gain after initial volatility. The Nifty bounced back from its support levels and closed above 18k today is a positive sign. Heavy buying witnessed in the PSU Banking space whereas private banks have seen a correction today. The broader markets also closed higher in line with their larger peers. Tomorrow. Indian markets will open as per global cues in absence of any domestic events.
Also read, Best Options Trading Books in India-Must Read 2021
Share Market Books in Hindi | शेयर मार्किट हिन्दी बुक्स
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