Nifty, BankNifty, FinNifty Predictions

October 11, 2024

Nifty forecast for today

DateSupportResistanceTrend
11 Oct 2024₹ 25,681₹ 26,198gain

Nifty forecast for tomorrow

DateSupportResistanceTrend
14 Oct 2024₹ 25,734₹ 26,251gain

The three main market indices of the Indian stock market are Nifty BankNifty FinNifty. Nifty is a 50-stock index tracked by the National Stock Exchange (NSE), Bank Nifty represents the banking sector, and Fin Nifty reflects developments in financial services. Whether you are an active trader or a reflective investor, paying close attention to the prediction of these indices is crucial for making a financial strategy. In this article, we have given forecasts for Nifty, Bank Nifty, and Fin Nifty.

nifty-banknifty-finnifty-forecast

Nifty forecast

The Nifty index, the Midcap 50 or CNX Nifty, is a pillar of India’s equity markets. This benchmark stock market index encompasses the performance aspect of 50 prominent and highly liquid companies listed on the National Stock Exchange (NSE) of India. Consisting of a diverse range of sectors, the Nifty index collectively makes up about 65 % of the total market capitalization at NSE. Nifty index is calculated using the free-float market capitalization-weighted methodology and it assigns weights to each stock based on its market value, reflecting its influence on the index.

Nifty forecast for next week

DateDaySupportResistanceTrend
07-10-2024Monday₹ 25,515₹ 26,032gain
08-10-2024Tuesday₹ 25,533₹ 26,050gain
09-10-2024Wednesday₹ 25,577₹ 26,094gain
10-10-2024Thursday₹ 25,643₹ 26,160gain
11-10-2024Friday₹ 25,681₹ 26,198gain

Nifty forecast for next month

DateDaySupportResistanceTrend
07.10.2024Monday₹ 25,515₹ 26,032gain
08.10.2024Tuesday₹ 25,533₹ 26,050gain
09.10.2024Wednesday₹ 25,577₹ 26,094gain
10.10.2024Thursday₹ 25,643₹ 26,160gain
11.10.2024Friday₹ 25,681₹ 26,198gain
14.10.2024Monday₹ 25,734₹ 26,251gain
15.10.2024Tuesday₹ 25,772₹ 26,289gain
16.10.2024Wednesday₹ 25,820₹ 26,337gain
17.10.2024Thursday₹ 25,911₹ 26,428gain
18.10.2024Friday₹ 25,942₹ 26,459gain
21.10.2024Monday₹ 25,981₹ 26,498gain
22.10.2024Tuesday₹ 25,921₹ 26,438gain
23.10.2024Wednesday₹ 25,959₹ 26,476gain
24.10.2024Thursday₹ 26,012₹ 26,529gain
25.10.2024Friday₹ 26,048₹ 26,565gain
28.10.2024Monday₹ 26,082₹ 26,599gain
29.10.2024Tuesday₹ 26,133₹ 26,650gain
30.10.2024Wednesday₹ 26,171₹ 26,688gain
31.10.2024Thursday₹ 26,232₹ 26,749gain
01.11.2024Friday₹ 26,278₹ 26,795gain

Nifty forecast for 1 year forecast

YearMonthAverageClosingChanges%
2023December₹ 21,072₹ 21,2087.47%
2024January₹ 21,749₹ 22,07011.84%
2024February₹ 21,984₹ 21,95511.26%
2024March₹ 21,801₹ 21,74910.21%
2024April₹ 21,350₹ 21,1627.24%
2024May₹ 20,662₹ 20,3663.20%
2024June₹ 20,846₹ 21,1157.00%
2024July₹ 21,876₹ 22,41313.58%
2024August₹ 22,017₹ 21,84010.67%
2024September₹ 22,031₹ 22,09511.97%
2024October₹ 23,330₹ 24,32223.25%
2024November₹ 23,639₹ 23,18817.51%
2024December₹ 22,683₹ 22,40213.52%

How is the calculation of Nifty done?

The NIFTY share index is overseen by a group of experts at the NSE Indices Limited. A Stock Index Advisory Committee was established to provide information and guidance on important stock index problems.

Two methods used in calculating NIFTY 50 indexes are market capitalization and float-adjusted. This method makes the index level reflect the total market value of those stocks included in the index at a given base period. The base period for a NIFTY 50 index is November 3, 1995. At that time its past value and the initial capital at which it was established were both set to be Rs. 2. 06 trillion.

The formula for the Nifty calculation is:

Index value = Market Value / ( Base Market Capital * 100 )

The method by which the indexes are calculated also accounts for changes in corporate actions like stock splits and issuing of rights.

The NIFTY share market index is used as a benchmark for all equities markets in India. Therefore, the NSE keeps updating the index to make sure that it remains stable and still serves as a representative of the Indian stock market.

BankNifty forecast

Bank Nifty is an index composed of Indian banking stocks with high liquidity and large capitalization. It is an index that represents the capital market performance of Indian banks. It is also traded and can be used by investors and market intermediaries to get exposure in the Indian banking sector.

Many of the stocks that are included in the Bank Nifty index include HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, State Bank of India, Federal Bank, RBL Bank, and Bandhan Bank.  The index is calculated using the free-float market capitalization method, which assigns a weight to each stock based on its market value and availability for trading.

BankNifty forecast today

Today BankNifty price is 51,531.

Bank Nifty TypeLevels
Bank Nifty Support51,165 – 50,800 – 50,553
Bank Nifty Resistance51,778 – 52,025 – 52,390
Bank Nifty Range50,827 – 52,234
BiasSideways to Bullish

FinNifty forecast

Fin Nifty stands for the Nifty Financial Services Index, an index that captures the performance of India’s financial sector. It covers stocks of banks, non-banking finance companies, housing finance companies, insurers, and asset management firms. Fin Nifty is a tradable instrument by which investors and market intermediaries may expose themselves to the Indian banking sector. It is also a benchmark that reflects the capital market performance of Indian banks.

FinNifty forecast for today

Today FinNifty price is 23,765

TargetGoal
Target 123,963
Target 223,881
Target 323,751
Target 423,657
Target 523,521

Conclusion

In conclusion, forecasting these indices gives investors and traders information to predict market movements and make informed investment decisions. Whether you are planning for the short term, navigating the upcoming week, or strategizing for the entire financial year of 2023-24, these insights given above will offer a framework for financial decisions and success.

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