Nifty and Bank Nifty Prediction for Tomorrow 5 Sept 2023
Nifty and Bank Nifty Prediction for Tomorrow 5 Sept 2023: Indian equity benchmarks ended the volatile session with decent gains on Monday. The market sentiments were upbeat, following the positive cues from Asian and European markets. Among the sectoral indices PSU Bank, Metals, and IT sectors gained the most while Consumer Durables and FMCG sectors closed in the red.
The market breadth was quite positive. On the NSE, 1313 shares advanced while 774 declined at the close. The NSE volatility index “India VIX” slumped 3.54% to 10.96 levels.
At the close, Sensex advanced 240.98 points or 0.37 percent and closed at 65628.14, while Nifty gained 93.50 points or 0.48 percent and settled at 19528.80 levels. The broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes gained 0.98 percent and 1.33 percent respectively. You can read the detailed market updates here
Nifty and Bank Nifty Futures Price Movement for (28 Sept expiry)
The Nifty futures price opened at 19562.65, making a positive opening of 50.55 points on Monday. It has touched an intraday high of 19621 and a day’s low of 19508
The Nifty futures price has given a movement of 113 points. In the end, it closed higher by 100.90 points or 0.52 percent and ended at 19613 levels.
The Bank Nifty futures opened at 44160.05. It made a negative opening of 441.45 points. The Bank Nifty futures touched an intraday high at 44885 and a day’s low at 44160.05
During the day, the Bank Nifty futures have given a movement of 724.95 points. In the end, it closed higher by 196.95 points or 0.44 percent and closed at 44798.45 levels.
Nifty & Bank Nifty Prediction for Tomorrow 5 Sept 2023
Nifty Futures Prediction for Tomorrow 5 Sept 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate profit Booking @ 19700 whereas All Down Moves can Initiate Short Covering @ 19580
If Nifty futures for the Sept series move above 19632 and sustain. Then Nifty futures can hit a 1st Target of 19665 during the day with a Stop Loss of 19615. In a day it could trade in a range of 19665- 19692- 19722 levels.
If the Nifty futures (Sept Series) share price Moves Below 19580 and is sustained. Then Nifty futures can see a 1st Target of 19545 levels for the day with a Stop Loss of 19605 In a day it could trade for the target of 19545- 19515 – 19485 level.
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Bank Nifty Futures Prediction for Tomorrow 5 Sept 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 45100 whereas All Down Moves can Initiate Short Covering @ 44800
Suppose the Sept series Bank Nifty futures move above 44890 and sustain, then you could see a 1st Target of 44970 during the day with a Stop Loss of 44825. During the day Bank Nifty futures could trade in the range of 44970- 45060- 45150
If the Bank Nifty futures (Sept Series) move below 44650 and sustain, then you could see a 1st Target of 44570 levels in a day with a Stop Loss of 44720. During the day Bank Nifty futures could trade in the range of 44570- 44480- 44415
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Global Stock Market Updates
The other Asian stock markets started the week on an optimistic note on Monday. Investor’s mood was lifted by more promises of support from Beijing and the hope that the US Fed would end its rate hikes campaign soon.
The Hang Seng surged the most in the region, due to a rally in Tech and Property stocks, as developer Country Garden Holdings won approval to extend payments for an onshore private bond over the weekend.
Shanghai also closed on a strong note. Japan’s Nikkei ended higher for the sixth straight day. Australia’s S&P/ASX also ended higher ahead of the interest rate decision on Tuesday. South Korea’s Kospi extended early gains after initial volatility. Elsewhere, Taiwan, Jakarta, and Straits Times closed higher, while the SET composite ended in the red.
European stock market indexes started the week on a front foot, tracking the positive cues from Asian markets overnight. The trade data from Germany showed that the exports dipped in July but were lower than expected. Investors will keep a close eye on a speech by ECB President Christine Lagarde, later in the day.
The US stock markets will remain closed on Monday on account of Labor Day. You can also follow our Daily US markets Report at 10 PM IST.
Conclusion
Indian stock markets closed higher for the second consecutive day near the day’s high. The positive global sentiments and the strong economic data released in the previous week boosted confidence among investors. Indian markets are looking positive at this moment. You can follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Best Options Trading Books in India-Must Read 2022
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