Market updates and NSE Nifty & Bank Nifty prediction for tomorrow

 

Indian equity markets opened in positive and gradually extended their early gains. The markets closed in the positive notes with the support of the Automobiles and Healthcare sectors. The NSE Bank Nifty traded volatile in a narrow range and ended in positive whereas midcap and smallcap closed flat today.

Market sentiments were positive with RBI Governor Shaktikanta Das’s statement that India has seen some stabilization in economic activity in the second quarter of the current financial year. He has also stated that the Indian economic recovery will be gradual. 

According to him some high-frequency indicators such as agricultural activity, manufacturing PMI, and private estimates of unemployment indicates some stabilization of economic activity in the second quarter. The RBI governor also mentioned that the contraction in several other sectors as also simultaneously easing. 

On the global front, Asian markets are closed in the mixed today even after China reports encouraging economic growth in August. European markets are trading flat to positive while Dow Jones futures and Nasdaq futures are trading marginally higher. Traders are cautious ahead of Fed meetings outcome that expected midnight today as per IST.

 

BSE Sensex, NSE Nifty & Bank Nifty on spot levels

 

At the close, the NSE Nifty gained 82.75 points or 0.72% and at 11604.55 levels while Sensex was up by 258.50 or 0.67% and at 39302.85 levels. The NSE Bank Nifty on the spot levels gained 107.90 points or 0.49% and closed at 22573.55 levels. 

The Nifty midcap and smallcap 100 indices closed flat today. The Nifty midcap gained 59.55 points or 0.34% and at 17452.90 levels. The smallcap index fell only 0.95 points and closed at 6048.20 levels.

The top five Nifty gainers for the day are M&M, Dr. Reddy’s Lab, Hindlco, Bajaj Auto,and Britannia. The top losers are IndusInd Bank, NTPC, Bharti Infratel, ONGC, and SBI. The most active stocks for the day in NSE were Reliance, Dr. Reddy’s Lab, Bajaj Finance.

On a sectoral basis, Healthcare, Automobiles, Real Estate, Manufacturing, and IT & Software are closed in the green today. On the losing side, Telecom, Power, Media, Industrial Gas, and Aviation sectors closed in the red.

 

NSE market indices: Nifty & Bank Nifty futures today

 

The NSE Nifty futures opened at 11518.90, and it made a positive opening of 8.5 points today. It has touched an intraday high at 11626.90 and a day’s low at 11511.05

The Nifty futures has given a movement of 115.85 points. In the end, it gained 84.2 points or 0.73% and closed at 11611.60 levels.

The NSE banking index Bank Nifty futures opened at 22538. It was made a negative opening of 20.45 points only. It has touched an intraday high at 22748 and a day’s low at 22280

During the day, the Bank Nifty futures has given a movement of 468 points. In the end, it gained by 88.35 points or 0.39% and closed at 22646.35 levels

 

NSE Nifty, Bank Nifty futures prediction for 17th Sept ( Sept Expiry)

 

 

NSE Nifty prediction tomorrow in futures, 17th Sept 2020

Primary Nifty Trend in futures: Positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11560 whereas All Down Moves Initiates Short Covering (Buy) @ 11670

If NSE Nifty share price in futures Moves Above 11630 and sustain. Then you should Buy with 1st Target of 11654 during the day with a Stop Loss of 11580. FOR the Target of 11654- 11678- 11698

If NSE Nifty share price in futures Moves Below 11580 and sustain. Then you should Sell with 1st Target of 11558 during the day with a Stop Loss of 11630. FOR the Target of 11558- 11536- 11512

 

NSE Bank Nifty prediction tomorrow in futures, 17th Sept  2020

Primary Trend of Bank Nifty Futures: Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 22950, whereas All Down Moves Initiates Short  Covering (Buy) @ 22450

If the NSE Bank Nifty share price in futures Moves Above 22750 and sustain. Then you should Buy with 1st Target of 22840 during the day with a Stop Loss of  22550. FOR the Target of 22840 – 22930- 23040

If the NSE Bank Nifty share price in futures Moves Below 22550 and sustained. Then you should Sell with 1st Target of 22470 during the day with a Stop Loss of 22750. FOR the Target of 22470 – 22380- 22160

 

Conclusions:

Indian markets made decent gains today and closed with a strong note. Almost all major sectors have participated in the rally today.  However, the market upside was capped as traders were cautious ahead of the Fed meetings outcome tonight. The clarification of the new inflation policy and other commentaries would be important and traders should watch out for.

Tomorrow, Indian markets will open as per Fed’s meeting outcome and global markets reaction on the policy. You can also follow our Daily Stock/Share Market live updates to know the Market Opening views.

Traders can also follow our NSE Nifty and Bank Nifty prediction tomorrow in futures i.e for 17th Sept. 

You can check out the latest charting platform for your strategy here

 

Also read, Best Stock Market Books to Make Money

                 6 factors that will decide share market trend next week

 

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Editor’s Desk

 

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