Analysing Nifty and Bank Nifty: Prediction for November 8, 2023
Indian equity benchmarks pared intraday losses and ended with minor cuts on Tuesday. The domestic markets traded negatively throughout the session in a tight range following negative cues from other Asian markets. Heavy selling was witnessed in the Realty space followed by Media, and Auto while Pharma, Oil and Gas, and Banking stocks were in demand.
The market breadth was slightly on the positive side. On the NSE, 1310 shares were in advance while 1134 shares declined today.
The broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes gained 0.28% and 0.75% respectively. At the close, Sensex and Nifty finished slightly lower by 0.03% each. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (30 Nov expiry)
The Nifty futures price opened at 19461.10, making a negative opening of 25.4 points on Tuesday. It has touched an intraday high of 19493.90 and a day’s low of 19415
The Nifty futures price has given a movement of 78.9 points. In the end, Nifty futures closed slightly lower by 4.50 points or 0.02 percent and ended at 19482 levels.
The Bank Nifty futures opened at 43855.30. It made a positive opening of 15.5 points. The Bank Nifty futures touched an intraday high at 43979 and a day’s low at 43517.35.
During the day, the Bank Nifty futures have given a movement of 461.65 points. In the end, Bank Nifty Futures closed higher by 99 points or 0.23 percent and closed at 43938.80 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 8 Nov 2023
Nifty Futures Prediction for Tomorrow, 8 Nov 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 19570 whereas All Down Moves can Initiate Short Covering @ 19440
If Nifty futures for the November Series move above 19505 and sustain. Then it can touch 19535 during the day with a Stop Loss of 19480. In a day it could trade in a range of 19535- 19570- 19605 levels.
If the Nifty futures for the November Series share price move below 19440 and are sustained. Then it can touch 19415 levels for the day with a Stop Loss of 19460. In a day it could trade for the target of 19415 – 19385- 19358 level.
If you want Live Market Updates, Views for Nifty & Bank Nifty, Stocks, and Global/Domestic market happenings then join our WhatsApp Channel here or our Telegram Channel – https://t.me/nifty50stocks1
Bank Nifty Futures Prediction for Tomorrow, 8 Nov 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44250 whereas All Down Moves can Initiate Short Covering @ 43900
Suppose the November series Bank Nifty futures move above 43985 and sustain, then it can touch 44070 levels during the day with a Stop Loss of 43915. During the day the index can trade in the range of 44070- 44175- 44280 levels
If the Bank Nifty futures (Nov Series) move below 43790 and sustain, then the index can touch 43720 levels in a day with a Stop Loss of 43855. During the day Bank Nifty futures could trade in the range of 43720- 43665- 43550 levels.
With Upstox Options Strategy Builder, you can create an option strategy. You can also try the ready-made options strategy Free at Upstox. Click here to Open a Free Trading and Demat Account and get a lifetime Demat AMC Free and Rs 20 flat Brokerage.
Global Stock Market Updates
The other Asian stock market indexes ended lower on Tuesday as optimism over an end to high interest rates faded after investors booked profit due to China’s weak trade data and interest rate hike by the Reserve Bank of Australia.
The trade data released in China showed that imports increased surprisingly in October, while exports fell lower than expected. Investors across the region sold stocks to book profits after a sharp rally last week, as the US Treasury yields bounced back overnight. You can read more updates about the Asian Stock Markets here.
European markets are trading flat, as the weak economic data from China and Germany dampen the market sentiments. The latest data from Germany showed Industrial Production fell for the fourth straight month in September.
The US Dow Jones and Nasdaq futures are trading slightly lower, indicating a negative opening for the US markets today. You can also follow our US markets Report at 10 PM IST.
Conclusion
The domestic markets took a pause on Tuesday after a three-day rally. Profit booking was witnessed at the higher levels. Investors are advised to accumulate quality stocks during market downturns. You can follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Stock Market Prediction Next Week (6 – 10 Nov 2023)
Tradingview India Review 2022- You Must Read
If you like the post “Analysing Nifty and Bank Nifty: Prediction for November 8, 2023” please share it with others
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution in compiling the data for its Website. The views and investment tips expressed here are by third-party experts and are for educational purposes. Nifty50Stocks.com is not SEBI registered Advisors. Nifty50stocks.com advises its users to check with certified and SEBI-registered experts before making any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
