Nifty and Bank Nifty Prediction for Monday 17 Oct 2022
Nifty and Bank Nifty Prediction for Monday 17 Oct 2022: Indian equity markets ended sharply higher on Friday amid positive global cues. The ease of WPI inflation also added some positive sentiments in the markets on Friday. However, markets pared some intraday gains at higher levels on the back of profit booking in Auto, Energy, and Realty stocks. The Financial Services, Banking, and IT stocks were in demand on the last day of the week.
The market breadth almost ended on a flat note with the Advance-Decline indicating a neutral ratio at the close. At the close, Sensex and Nifty gained 1.20 percent and 1.01 percent respectively on the final day of the week.
The broader markets underperformed the benchmarks, as the Nifty midcap index was down by 0.07 percent whereas smallcap index gained 0.13 percent. FIIs were the net sellers, they sold Rs 1011.23 crore worth of shares while DIIs bought Rs 1624.13 crore in the equity cash segment on Friday.
Nifty and Nifty Bank futures price movement on Friday, 14 Oct (Oct Expiry)
On Friday, Oct 14, the Nifty futures (Oct Series) opened at 17299.75 levels, it made a gap-up opening of 288.9 points. It has touched an intraday high at 17367 and a day’s low at 17175
The Nifty future has given a movement of 192 points on Friday. In the end, it gained 201.15 points or 1.18 percent and ended at 17212 levels.
The Bank Nifty futures (Oct. Series) opened at 39500 levels on the last day of the week. It made a positive opening of 761.35 points on Friday. It has touched an intraday high at 39677.20 and a day’s low at 39320
On Friday, the Bank Nifty future gave a movement of 357.2 points. At the close, it ended higher by 706.45 points or 1.82 percent and closed at 39445.10 levels.
Nifty & Bank Nifty Prediction for Monday 17 Oct 2022 (Oct Expiry)
Nifty Futures Prediction for Monday 17 Oct 2022
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17350 whereas All Down Moves Initiates Short Covering (Buy) @ 17050
If the Nifty futures share price Moves Above 17228 and sustain. Then you should Buy with 1st Target of 17247 during the day with a Stop Loss of 17204 FOR the Target of 17247-17272- 17310- 17348
If the Nifty futures share price Moves Below 17170 and is sustained. Then you should Sell with the 1st Target of 17146 during the day with a Stop Loss of 17195. For the Target of 17146- 17118- 17080- 17056
Bank Nifty Futures Prediction for Monday 17 Oct 2022
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 39750, whereas All Down Moves Initiates Short Covering (Buy) @ 39100
Suppose the Bank Nifty futures Moves Above 39550 and sustain, then you should Buy with the 1st Target of 39635 during the day with a Stop Loss of 39400. For the Target of 39635- 39765- 39900- 40040
If the Bank Nifty futures Moves Below 39265 and sustain, then you should Sell with the 1st Target of 39175 during the day with a Stop Loss of 39350. For the Target of 39175- 39080- 38980- 38900
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Global stock market updates
The US stock market indexes fell on Friday after a rally in the previous session, as large banks reported mixed quarterly results. The yield on the 10-year US Treasury yields climbed to 4.005%, as the odds for a 0.75% Fed rate hike for November are almost priced in. The fear of rising interest rates weighed heavily on growth stocks that include tech and consumer discretionary stocks.
European stock markets closed higher on Friday, tracking positive cues from their Asian peers. Markets erased some intraday gains after the UK government U-turned on some of its controversial fiscal policies and the country’s finance minister, Kwasi Kwarteng was fired. The afternoon press conference by Prime Minister Liz Truss cleared the reversal of tax-cutting plans that were announced in a mini-budget on Sept.23.
Conclusions
Indian equity markets made a decent gain after booking some profit at higher levels on Friday. The positive global cues and strong corporate earnings supported the markets on Friday. Going ahead, the focus will now be shifted to corporate earnings, and stock-specific moves are expected in the markets
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