Nifty and Bank Nifty Prediction for Tomorrow 6 Sept 2023
Nifty and Bank Nifty Prediction for Tomorrow 6 Sept 2023: Indian equity markets ended higher for the third straight session on Tuesday. The market sentiments remain positive despite weak global cues. The seasonally adjusted S&P Global India Services PMI Business Activity Index fell to 60.1 in August from 62.3 in July but remained one of the strongest increases in output since mid-2010.
Among the sectors, Media, Pharma, and Realty sectors were advanced while selling pressure was witnessed in Financial Services and Banking. The market breadth was positive on Tuesday. The NSE volatility index “ India VIX” declined 1.34% to 10.82 levels.
At the close, Sensex advanced 152.12 points or 0.23 percent and closed at 65780.26 levels, while Nifty gained 46.10 points or 0.24 percent and settled at 19574.90. The broader markets outperformed the benchmarks, as Nifty mid and small-cap indexes ended higher by 1.06 percent and 0.84 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 19625.30, making a positive opening of 16.5 points on Tuesday. It has touched an intraday high of 19664 and a day’s low of 19590
The Nifty futures price has given a movement of 74 points. In the end, it closed higher by 45.80 points or 0.23 percent and ended at 19654.60 levels.
The Bank Nifty futures opened at 44750. It made a negative opening of 31.5 points. The Bank Nifty futures touched an intraday high at 44870 and a day’s low at 44606.90
During the day, the Bank Nifty futures have given a movement of 263.1 points. In the end, it closed lower by 30.50 points or 0.07 percent and closed at 44751 levels.
Nifty & Bank Nifty Prediction for Tomorrow 6 Sept 2023
Nifty Futures Prediction for Tomorrow 6 Sept 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate profit Booking @ 19720 whereas All Down Moves can Initiate Short Covering @ 19610
If Nifty futures for the Sept series move above 19665 and sustain. Then Nifty futures can hit a 1st Target of 19695 during the day with a Stop Loss of 19647. In a day it could trade in a range of 19695- 19724- 19764 levels.
If the Nifty futures (Sept Series) share price Moves Below 19585 and is sustained. Then Nifty futures can see a 1st Target of 19556 levels for the day with a Stop Loss of 19609 In a day it could trade for the target of 19556- 19528 – 19485 level.
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Bank Nifty Futures Prediction for Tomorrow 6 Sept 2023
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44950 whereas All Down Moves can Initiate Short Covering @ 44650
Suppose the Sept series Bank Nifty futures move above 44825 and sustain, then you could see a 1st Target of 44890 during the day with a Stop Loss of 44740. During the day Bank Nifty futures could trade in the range of 44890- 44970- 45060
If the Bank Nifty futures (Sept Series) move below 44640 and sustain, then you could see a 1st Target of 44575 levels in a day with a Stop Loss of 44715. During the day Bank Nifty futures could trade in the range of 44575- 44485- 44410
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Global Stock Market Updates
The other Asian stock market indexes mostly closed lower on Tuesday due to weak economic data in the region. The Philippine inflation rate in August came higher for the first time in seven months. China’s Services activity expanded at the slowest pace in August since December 2022. Hang Seng Services activity improved slightly in August compared to July but remained in contraction.
Hang Seng fell the most in the region, while Shanghai extended its early losses and closed lower. South Korea’s Kospi ended in the red, as the country’s inflation reading came higher than expected in August. Japan’s Nikkei turned positive and closed higher for the seventh consecutive day.
The Australian S&P/ASX 200 recovered some early losses after the Australian Central Bank (ACB) held the interest rate and the outcome came in line with the expectation. Elsewhere, Straits Times, Jakarta, and SET Composite closed lower while Taiwan ended flat.
European stock market indexes are mostly trading lower following the negative cues from Asian market peers. The sentiments were subdued as the Eurozone business activity dropped sharply in August, according to HCOB/S&P Global PMI data.
Separate data released showed a mixed picture of price pressures in the eurozone, as producer prices continued to fall but long-term consumer inflation expectations came slightly higher. However, the UK’s FTSE recovered from early losses, as the UK’s retail sales rose in August.
The US future indexes, Nasdaq and Dow futures are trading slightly lower at 5.15 pm IST, indicating a negative opening for the US markets after a long weekend. You can also follow our US markets Report at 10 PM IST.
Conclusion
Indian equity markets traded in a tight range but closed higher for the third consecutive session despite negative cues from Asian markets. The markets remain positive as India’s service PMI remains strong at 60.2, indicating sustained demand even in the face of inflationary pressures, you can also follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Best Options Trading Books in India-Must Read 2022
Stock Market Prediction Next Week (4-8 Sept 2023)
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