Nifty | Bank Nifty Prediction for Tomorrow, 24 Nov 2021
Nifty & Bank Nifty Prediction for Tomorrow, 24 Nov 2021: Indian equity markets opened gap-down on Tuesday amid weak global cues. The markets erased their early losses and turned positive after a few minutes of trading on the back of buying metals, realty, PSU Banks, and basic materials. The broader markets outperformed the benchmark indices and closed above 1.5 percent higher today. The Sensex and Nifty also closed in the positive territory after a sharp selloff on Monday. You can read the complete market updates here
Nifty and Nifty Bank futures price movement for 23 November (Nov Expiry)
The Nifty futures price opened at 17325, making a negative opening of 110.05 points. It has touched an intraday high at 17550 and a day’s low at 17250
The Nifty futures price has given a movement of 300 points today. In the end, it gained 54.55 points or 0.31 percent and ended at 17489.60 levels.
The Bank Nifty futures opened at 36921.65. It made a negative opening of 260.45 points today. It has touched an intraday high at 37474.95 and a day’s low at 36682
During the day, the Bank Nifty in futures has given a movement of 792.95 points. In the end, it closed higher by 86 points or 0.23 percent and closed at 37268.10 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 24 Nov 2021 (Nov Expiry)
Nifty Futures prediction for Tomorrow, 24 Nov 2021
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17600 whereas All Down Moves Initiates Short Covering (Buy) @ 17480
If the Nifty futures share price Moves Above 17534 and sustain. Then you should Buy with 1st Target of 17570 during the day with a Stop Loss of 17509 FOR the Target of 17570- 17618- 17648
If the Nifty futures share price Moves Below 17470 and is sustained. Then you should Sell with the 1st Target of 17458 during the day with a Stop Loss of 17504. FOR the Target of 17458- 17420- 17385
Bank Nifty Futures prediction for Tomorrow, 24 Nov 2021
Primary Trend of Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 37500, whereas All Down Moves Initiates Short Covering (Buy) @ 36950
Suppose the Bank Nifty futures Moves Above 37370 and sustain, then you should Buy with the 1st Target of 37454 during the day with a Stop Loss of 37280. FOR the Target of 37454 – 37645 – 37830
If the Bank Nifty futures Moves Below 37175 and sustain, then you should Sell with the 1st Target of 37088 during the day with a Stop Loss of 37255. FOR the Target of 37088 – 36960 – 36775
Global markets today
On the global front, Asian markets closed mostly in the red on Tuesday following the negative cues from the Wall Street governing, as Treasury yields and the US dollar jumped on concerns over quicker policy tightening after president Joe Biden announced his intent to nominate Jerome Powell for a second term as Federal Reserve Chair. Japan’s Nikkei was closed today for a holiday.
European markets are trading lower on Tuesday as a spike in Covid-19 cases hits the market sentiments. As Austria imposed full lockdown, and Germany may follow the same, investors are worried about the regional economy could contract sue to surge in covid cases. The US futures indexes, Dow and Nasdaq futures are trading flat to the negative at this time 5 pm IST.
Conclusions
Indian stock market snaps 4-day losing streak and closed higher on Tuesday. The Nifty index closed above the psychological levels 17500 today is a positive for the market. The broader markets outperformed the benchmark indices. Going ahead, the market will remain volatile in the coming two days due to the F&O expiry. Trades need to remain cautious ahead of the F&O expiry and trade with strict stop loss.
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