Stock Market Today: Indian equity benchmarks ended with decent gains on Tuesday, snapping a three-day losing streak. The domestic markets opened higher amid positive global cues and trimmed some intraday gains in the second half but closed with moderate gains. All sectoral indices on the NSE closed in the green with Energy, Financial Services, and PSU Bank gaining the most.
Market Breadth Strong with Broader Markets in the Green
The market breadth was strong. The broader markets ended higher, as Nifty mid and small-cap indexes gained 0.35 percent and 0.88 percent respectively. At the close, Sensex and Nifty finished higher by 0.39 percent and 0.40 percent respectively.
Nifty Futures Price Movement:
The Nifty future price opened at 19834, making a positive opening of 93.6 points on Tuesday. It touched an intraday high of 19852.95 and a day’s low of 19764.95. The Nifty future price moved 88 points, closing higher by 68.60 points or 0.35 percent at 19809 levels.
Bank Nifty Futures Price Movement:
The Bank Nifty future opened at 44642.25, with a positive opening of 299.2 points. It reached an intraday high at 44703.60 and a day’s low at 44410. During the day, the Bank Nifty future moved 293.6 points, closing higher by 151.95 points or 0.34 percent at 44495 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 18 Oct 2023
Nifty Futures Prediction for Tomorrow, 18 Oct 2023
Primary Trend in Nifty Futures: Negative
Range-Bound Trend of Nifty Futures: All up moves can initiate profit booking @ 19850, whereas all down moves can initiate short covering @ 19700.
If Nifty futures for the Oct series move above 19819 and sustain, then Nifty futures can touch 19847 during the day with a Stop Loss of 19798. In a day, it could trade in a range of 19847-19871-19907 levels.
If the Nifty futures for the Oct series share price moves below 19770 and is sustained, then Nifty futures can touch 19746 levels for the day with a Stop Loss of 19794. In a day, it could trade for the target of 19746-19718-19685 level.
Bank Nifty Futures Prediction for Tomorrow, 18 Oct 2023
Primary Trend in Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up moves can initiate profit booking @ 44600, whereas all down moves can initiate short covering @ 44250.
If the Oct series Bank Nifty future moves above 44530 and sustains, then Bank Nifty can touch 44610 levels during the day with a Stop Loss of 44470. During the day, Bank Nifty futures could trade in the range of 44610-44690-44760 levels.
If the Bank Nifty future (Oct series) moves below 44380 and sustains, then Bank Nifty can touch 44310 levels in a day with a Stop Loss of 44435. During the day, Bank Nifty futures could trade in the range of 44310-44250-44175 levels.
Global Stock Market Updates
Dow Jones Futures was trading 20 points down at 2:50 PM IST. Asian stock markets gained on Tuesday as investors’ mood was lifted by strong corporate earnings from prominent U.S. companies, despite increasing tensions in the Middle East. Traders preferred to bet on strong companies after the quarterly results and sidelined worries about the Israel and Hamas war. Chinese stocks climbed as several companies announced plans to buy back shares to boost investor confidence.
European stock markets are mostly trading lower as investors are concerned about the Middle East conflicts. The U.S. future indexes, Dow and Nasdaq futures, are trading marginally lower, indicating a cautious opening for the U.S. markets.
Disclaimer: This information is for informational purposes only and should not be considered as financial or investment advice.
We hope you find this news post informative and helpful for your trading decisions on October 18, 2023.
