Nifty and Bank Nifty Prediction for Tomorrow 29 Sept 2022
Nifty and Bank Nifty Prediction for Tomorrow 29 Sept 2022: Indian equity markets closed with a deep cut on Wednesday. The market sentiments were hit due to weak global cues and selling pressure by the FIIs for the last five days. Investors also remained cautious ahead of RBI policy, which is due later this week.
The market breadth was weak today. Among the sectors, the Pharma, Healthcare, and IT sectors closed higher while PSU Banking, Pvt Banks, Financials, and Metal sectors closed lower. At the close, the equity benchmark Sensex and Nifty slipped 0.89 percent and 0.87 percent respectively. You can read detailed market updates here
Nifty and Bank Nifty futures price movement for 28 Sept (Sept Expiry)
The Nifty futures price opened at 16863.05, making a negative opening of 155.6 points today. It has touched an intraday high of 17033 and a day’s low of 16833.70
The Nifty futures price has given a movement of 199.3 points today. In the end, it closed lower by 180.55 points or 1.06 percent and ended at 16838.10 levels.
The Bank Nifty futures opened at 38100 It made a negative opening of 3661 points. The Bank Nifty futures has touched an intraday high at 38410 and a day’s low at 37672
During the day, the Bank Nifty futures has given a movement of 738 points. In the end, it closed lower by 776.15 points or 2.02 percent and closed at 37689.95 levels.
Nifty & Bank Nifty Prediction for Tomorrow 29 Sept 2022 (Sept Expiry)
Nifty Futures Prediction for Tomorrow 29 Sept 2022
Primary Nifty Trend in futures: Volatile
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17000 whereas All Down Moves Initiates Short Covering (Buy) @ 16700
If the Nifty futures share price Moves Above 16915 and sustain. Then you should Buy with 1st Target of 16950 during the day with a Stop Loss of 16880 FOR the Target of 16950- 16980- 17020- 17056
If the Nifty futures share price Moves Below 16830 and is sustained. Then you should Sell with the 1st Target of 16800 for the day with a Stop Loss of 16858. For the Target of 16800- 16755- 16710- 16665
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Bank Nifty Futures Prediction for Tomorrow 29 Sept 2022
Primary Trend of Bank Nifty Futures: Volatile
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 38100 whereas All Down Moves Initiates Short Covering (Buy) @ 37400
Suppose the Bank Nifty futures Moves Above 38030 and sustain, then you should Buy with the 1st Target of 38140 during the day with a Stop Loss of 37876 and the Target of 38140- 38310- 38440- 38570
If the Bank Nifty futures Moves Below 37550 and sustain, then you should Sell with the 1st Target of 37400 the day with a Stop Loss of 37715. For the Target of 37400 – 37290 -37150- 36970
Global Stock Markets Today
On the global front, Asian stock markets fell sharply on Wednesday, as fears of a global recession mounted after the central banks pushed up interest rates and worried investors looking for safe-haven assets sending the US dollar to a new high. Japan’s Nikkei ended at a three-month low while Chinese stocks fell their most in five months and Hong Kong’s Hang Seng ended at an 11-year low point.
European stock market indexes are trading lower on Wednesday after the Bank of England stepped in to stabilize gilt markets. The recession fears deepen after the German consumer confidence data disappoints. The US future indexes, Dow, and Nasdaq futures are trading lower indicating a lower opening for the US markets.
Conclusion
Indian stock market indexes fell consecutively for the 6th trading session on Wednesday. The market sentiments were downbeat due to weak global cues, FIIs selling pressure, and some cautiousness ahead of the RBI policy rate decision. Indian markets will remain highly volatile tomorrow due to the monthly F&O expiry, traders should remain cautious and trade with strict stop loss.
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