Nifty and Bank Nifty Prediction for Tomorrow, 5 Oct 2023
Nifty and Bank Nifty Prediction for Tomorrow, 5 Oct 2023: Indian equity benchmarks ended lower for the second consecutive day on Wednesday amid weak global cues. The domestic markets traded negatively throughout the session, however, in the last hour indexes trimmed some intraday losses. Among the sectors, IT and FMCG ended slightly higher while PSU Bank, Realty, and Media were under selling pressure.
The market breadth was weak today, on the NSE, 551 shares were in advance while 1536 shares declined at the close. The NSE volatility index ‘India VIX’ declined 1.12 percent to 11.66.
At the close, Sensex was down by 286.06 points or 0.44 percent and closed at 65226.04, while Nifty ended lower by 92.70 or 0.47 percent and settled at 19436.10 levels. The broader markets underperformed the benchmarks, as Nifty mid and smallcap indexes closed lower by 1.38 percent and 1.25 percent respectively. You can read the detailed market updates here
Nifty and Bank Nifty Futures Price Movement for (26 Oct expiry)
The Nifty futures price opened at 19474.10, making a gap-down opening of 97.4 points on Wednesday. It has touched an intraday high of 19481 and a day’s low of 19362.80
The Nifty futures price has given a movement of 118.2 points. In the end, it closed lower by 93.30 points or 0.48 percent and ended at 19478.20 levels.
The Bank Nifty futures opened at 44372.20. It made a gap-down opening of 249.25 points. The Bank Nifty futures touched an intraday high at 44390 and a day’s low at 44050.25.
During the day, the Bank Nifty futures have given a movement of 339.75 points. In the end, it closed lower by 366.80 points or 0.82 percent and closed at 44255.15 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 5 Oct 2023
Nifty Futures Prediction for Tomorrow, 5 Oct 2023
Primary Trend in Nifty Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate profit Booking @ 19500 whereas All Down Moves can Initiate Short Covering @ 19350
If Nifty futures for the Oct Series move above 19515 and sustain. Then Nifty futures can touch 19540 during the day with a Stop Loss of 19490. In a day it could trade in a range of 19540- 19571- 19595 levels.
If the Nifty futures for the Oct Series share price moves below 19440 and is sustained. Then Nifty futures can touch 19415 levels for the day with a Stop Loss of 19465 In a day it could trade for the target of 19415- 19385 – 19350 level.
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Bank Nifty Futures Prediction for Tomorrow, 5 Oct 2023
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44400 whereas All Down Moves can Initiate Short Covering @ 44000
Suppose the Oct series Bank Nifty futures move above 44330 and sustain, then Banknifty can touch 44450 levels during the day with a Stop Loss of 44270. During the day Bank Nifty futures could trade in the range of 44450- 44525- 44600 levels
If the Bank Nifty futures (Oct Series) move below 44170 and sustain, then Banknifty can touch 44110 levels in a day with a Stop Loss of 44225. During the day Bank Nifty futures could trade in the range of 44110- 44040- 43950 levels.
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Global Stock Market Updates
The other Asian stock market indexes closed sharply lower as stronger-than-expected US job opening data pushed the US Treasury yields to a multiyear high on Tuesday, pressurizing equity valuations and souring investor appetite. The Reserve Bank of New Zealand kept the key rates unchanged in its monetary policy meeting on Wednesday.
Japan’s Nikkei fell to a four-month low, while South Korea’s Kospi resumed its trading after a long gap and closed sharply lower. Australia’s S&P/ASX 200 and Hang Seng also extended their previous session losses. The Shanghai index was not traded today due to the weeklong holiday. Elsewhere, Straits Time, Taiwan, and Jakarta ended in the deep red while SET Composite closed higher.
European stock market indexes were opened in the negative territory, following the weakness in the global markets. The indexes turned positive as investors are now looking ahead to key economic data due later this week.
The US future indexes, Dow and Nasdaq futures are trading slightly higher indicating a flat opening for the US markets today. You can also follow our US markets Report at 10 PM IST.
Conclusion
The domestic markets remained volatile throughout the day and managed to recover some intraday losses in the last hour. The overall market trend is looking negative. You can follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read, Stock Market Prediction Next Week (2- 6 Oct 2023)
Best Options Trading Books in India Read 2022
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