Today’s market updates, Nifty and Bank Nifty futures prediction for 30 Oct

 

Nifty and Bank Nifty futures prediction for 30 Oct: Indian benchmark indices opened a gap down today after getting negative cues from the global markets. The indices erased some of their early losses but continued to trade in the negative zone today. In the end, markets closed in the negative, and Nifty ends below 11700 in October expiry.

Investors were cautious ahead of the expiry of October derivative contracts. The market sentiments were subdued due to the rising coronavirus cases in Europe and the US. Traders overlooked the domestic credit rating agency’s CRISIL’s report that the financial conditions in India have staged a speedy recovery after hitting a low in April 2020 due to coronavirus pandemic. It has also stated that Reserve Bank’s measures also helped to mitigate the large and broad-based economic damage caused by the pandemic.

On the global front, Asian markets are mostly closed in the red amid continued concern about a recept spike in coronavirus cases in the Europe and US. The European markets are trading slightly higher on Thursday on the back of strong earning from Oil major Royal Dutch Shell and chip equipment supplier ASM. 

The global market sentiments remained cautious due to the fears of fresh lockdown in various European countries. The US futures market Dow and Nasdaq futures are trading higher today.

 

Market updates- Sensex, Nifty, and Bank Nifty today

 

At close, Nifty declined 58.80 points or 0.50% and at 11670.80 while Sensex fell 172.61 points or 0.43% and at 39749.85 levels. The Bank Nifty on the spot levels also declined 140.50 points or 0.57% and at 24092 levels.

The Nifty midcap and smallcap 100 indices also closed in the red today. The Nifty midcap fell 73.55 points or 0.43% and at 16974.05. The smallcap index closed lower by 54 points or 0.92% and at 5839.10 levels.

The top five gainers in the Nifty index for the day are Asian paints, Ultratech Cement, Sharee Cement, Kotak Mahindra, and Shree Cement. The top five losers are Larsen & Turbo, Titan Company, Adani Port, ONGC, and Tata Motors. The most active stocks in NSE for the day were Reliance, Axis Bank, and HDFC Bank.

On a sectoral front, Oil & Gas, IT & Software, Chemical, Retail, and Aviation sectors closed in the green today. On the losing side, Infrastructure, Metals, FMCG, Automobiles, and the Banking & Finance sectors are the top loser today.

 

Nifty & Bank Nifty futures price today

 

The Nifty futures share price opened at 11630, it made a gap down opening of 91.50 points. It has touched an intraday high at 11741.60 and a day’s low at 11597

The Nifty futures share price has given a movement of 144.6 points. In the end, it declined 49.50 points or 0.42% and closed at 11672 levels.

The Bank Nifty futures share price opened at 23999.70. It made a negative opening of 214.55 points today. It has touched an intraday high at 24341.30 and a day’s low at 23791. 

During the day, the Bank Nifty futures share price has given a movement of 550.3 points. In the end, it declined by 118.45 points or 0.49% and closed at 24095.80 levels.

 

Nifty and Bank Nifty futures prediction for 30 Oct ( Nov Expiry)

 

 

Nifty futures prediction for 30 Oct 2020

Primary Nifty Trend in futures: Mild Negative

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11700 whereas All Down Moves Initiates Short Covering (Buy) @ 11550

If the Nifty futures share price Moves Above 11709 and sustain. Then you should Buy with 1st Target of 11748 during the day with a Stop Loss of 11638. FOR the Target of 11748- 11776- 11812

If the Nifty futures share price  Moves Below 11638 and sustain. Then you should Sell with the 1st Target of 11604 during the day with a Stop Loss of 11709. FOR the Target of 11604- 11570 -11540

 

 

Bank Nifty futures prediction, 30 Oct  2020

Primary Trend of  Bank Nifty Futures: Mild Negative

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 24200, whereas All Down Moves Initiates Short  Covering (Buy) @ 23700

Suppose Bank Nifty futures share price Moves Above 24250 and sustain. Then you should Buy with the 1st Target of 24362 during the day with a Stop Loss of  23950. FOR the Target of 24362 – 24480- 24610

If the Bank Nifty futures share price Moves Below 23950 and sustained. Then you should Sell with the 1st Target of 23840 during the day with a Stop Loss of 24320. FOR the Target of 23840 – 23700- 23560

 

Conclusions:

Indian markets closed on a negative note after a volatile trading session today. The market reacted to the various issues like increasing coronavirus cases, uncertainty on the US election and stimulus package, quarterly earnings, and derivative expiry. The Nifty closed below 11700 in October expiry and going ahead the market will react on the global market sentiments and quarterly earnings.

Traders can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures prediction for tomorrow 30 Oct.2020.

 

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