Nifty and Bank Nifty Prediction for Monday, 29 Nov 2021
Nifty and Bank Nifty prediction for Monday, 29 Nov: Indian equity markets declined more than 4 percent during the week ended 26 November. The broader markets also closed in the deep red during the week. A sharp fall was witnessed in the markets on Friday due to the fear of new Covid variants found in South Africa, which is more infectious than the delta variants.
Investors across the globe pressed the panic button on Friday after scientists in South Africa confirmed the news of new covid variants. Barring pharma stock, all other sectors closed in the deep red on Friday. Foreign Institutional Investors sold Rs 5785.83 crores on Friday while Domestic Institutional Investors tried to support the market as they bought Rs 2294.11 crore on the last day of the week.
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Nifty and Nifty Bank futures price movement on Friday 26 Nov (Nov Expiry)
On Friday, 26 November, Nifty futures opened at 17415 levels, down by 173.95 points. It has touched an intraday high at 17427.95 and a day’s low at 17015.05.
The Nifty future has given a movement of 412.9 points on Friday. In the end, it declined 557.20 points or 3.17 percent and ended at 17031.75 levels.
The Bank Nifty futures opened at 37055.25 levels on the last day of the week. It made a negative opening of 479.85 points on Friday. It has touched an intraday high at 37093.75 and a day’s low at 36025.05
On Friday, the Bank Nifty future gave a movement of 1068.7 points. In the end, it declined by 1485.10 points or 3.96 percent and closed at 36050 levels
Nifty & Bank Nifty Prediction for Monday, 29 Nov 2021 (Nov Expiry)
Nifty Futures Prediction for Monday, 29 Nov 2021
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17060 whereas All Down Moves Initiates Short Covering (Buy) @ 16900
If the Nifty futures share price Moves Above 17095 and sustain. Then you should Buy with 1st Target of 17132 during the day with a Stop Loss of 17045 FOR the Target of 17132-17150- 17208
If the Nifty futures share price Moves Below 16974 and is sustained. Then you should Sell with the 1st Target of 16942 during the day with a Stop Loss of 17012. FOR the Target of 16942- 16905- 16880
Bank Nifty Futures Prediction for Monday, 29 Nov 2021
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 36200, whereas All Down Moves Initiates Short Covering (Buy) @ 35600
Suppose the Bank Nifty futures Moves Above 36220 and sustain, then you should Buy with the 1st Target of 36380 during the day with a Stop Loss of 36130. FOR the Target of 36380 – 36609 – 36840
If the Bank Nifty futures Moves Below 35960 and sustain, then you should Sell with the 1st Target of 35830 during the day with a Stop Loss of 36050. FOR the Target of 35830 – 35640 – 35550
Global market indexes
It was a Black Friday for the global stock markets on the last day of the week. A huge sell-off was witnessed after the confirmation of worrisome new Covid variants from South Africa. Investors fear that the new covid variant found in South Africa could be another wave of infections with subsequent restrictions that can derail the global economic recovery.
European market indexes were down by 3 to 4 percent whereas the US major three indexes were declined more than 2 percent last Friday. Stocks, oil, and government bond yields plunged after South Africa raised the alarm over a fast-spreading strain of the coronavirus. The news of new variants triggered the concern of travel restrictions and other curbs which can hinder the current speed of global economic recovery.
Conclusions
Indian stock markets have seen the worst fall in 2021 on the last day of the week ended 26 November. Technically, Indian markets are in the bear’s grip, the negative global cues or the surge of new covid variants may further dampen the market sentiments on Monday.
Tomorrow, you can follow “Key Factors to Impact the Indian Stock Market next week” on our website to know the market direction.
Also read, Low Cost and High Return in Knowledge Stock Market Courses
New Covid Variant & FIIs selling dragged the Stock Market
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