Nifty and Bank Nifty Prediction for Monday 10 Oct 2022
Nifty and Bank Nifty Prediction for Monday 10 Oct 2022: Indian equity markets ended almost flat on Friday amid weak global cues. The market participants were cautious ahead of the US unemployment rate which was expected later in the day. The domestic market sentiments got hit as the rupee hits an all-time low of Rs 82.43 against the dollar. Among the sectors, Consumer Durables, Media, and Realty sectors witnessed some buying while some profit booking was seen in Oil & Gas, IT, FMCG, and Metals.
The market breadth was overall positive with the Advance-Decline indicating a ratio of 3:2 at the close. The broader markets closed mixed on Friday, as the Nifty midcap index closed lower by 0.24 percent while smallcap index ended higher by 0.24 percent. At the close, the benchmark indices, Sensex and Nifty closed lower by 0.05 percent and 0.10 percent respectively. FIIs were the net sellers, they sold Rs 2250.77 crore worth of shares in the Indian equity markets while DIIs bought Rs 545.24 crore on Friday.
Nifty and Nifty Bank futures price movement on Friday, 7 Oct (Oct Expiry)
On Friday, Oct 7, the Nifty futures (Oct Series) opened at 17301.10 levels, it made a negative opening of 24.35 points. It has touched an intraday high at 17353.95 and a day’s low at 17220.30
The Nifty future has given a movement of 133.65 points on Friday. In the end, it gained 6.55 points or 0.04 percent and ended at 17332 levels.
The Bank Nifty futures (Oct. Series) opened at 39228 levels on the last day of the week. It made a negative opening of just 150.25 points on Friday. It has touched an intraday high at 39374.70 and a day’s low at 38893.40
On Friday, the Bank Nifty future gave a movement of 481.3 points. At the close, it ended lower by 68.25 points or 0.17 percent and closed at 39310 levels.
Nifty & Bank Nifty Prediction for Monday 10 Oct 2022 (Oct Expiry)
Nifty Futures Prediction for Monday 10 Oct 2022
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17350 whereas All Down Moves Initiates Short Covering (Buy) @ 17050
If the Nifty futures share price Moves Above 17356 and sustain. Then you should Buy with 1st Target of 17392 during the day with a Stop Loss of 17304 FOR the Target of 17392-17428- 17452- 17485
If the Nifty futures share price Moves Below 17190 and is sustained. Then you should Sell with the 1st Target of 17148 during the day with a Stop Loss of 17250. For the Target of 17148- 17115- 17065- 17028
Bank Nifty Futures Prediction for Monday 10 Oct 2022
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 39400, whereas All Down Moves Initiates Short Covering (Buy) @ 38700
Suppose the Bank Nifty futures Moves Above 39430 and sustain, then you should Buy with the 1st Target of 39550 during the day with a Stop Loss of 39285. For the Target of 39550- 39635- 39750- 39900
If the Bank Nifty futures Moves Below 39000 and sustain, then you should Sell with the 1st Target of 38925 during the day with a Stop Loss of 39250. For the Target of 38925- 38835- 38700- 38525
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Global stock market updates
The US stock market indexes fell sharply and Treasury yields climbed after the latest data on Friday showed U.S. employers added 263000 jobs in September. Chip stocks were under pressure as demand is slowing and new U.S. export restrictions were announced in the late morning on Friday.
The markets fell sharply as the investors were concerned that the robust jobs report indicates sufficient job-market strength and so the Fed will go with another large interest rate hike in November.
European stock market indexes closed lower on Friday after the stronger-than-expected US job report for September was announced. The hope for a Fed pivot has been disappointing with the latest job report, as it has confirmed that the US economy continues to perform well. The chip-related stocks were under pressure as big corporates in the US and South Korea reported disappointing earnings and forecasts.
Conclusions
The global markets turned negative on Friday after the US job report. The SGX Nifty closed lower by 244 points at 17070 levels indicating a gap-down opening for the Indian stock markets on Monday. Traders need to remain cautious, as markets are expected to remain volatile on Monday
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