Nifty and Bank Nifty Prediction for Monday 16 Oct 2023
Nifty and Bank Nifty Prediction for Monday 16 Oct 2023: Indian equity benchmarks trimmed most of their early losses and ended with minor cuts on Friday. The markets were opened gap-down, as the US Treasury yield spiked after CPI inflation and weekly jobless claims data. The market sentiments were further hit after inflation and trade data from China disappointed investors.
However, markets erased early losses, as India’s CPI inflation came lower than expected and robust IIP data. Among the sectors, the Auto, Realty, and Healthcare sectors advanced while Banking, Media, and Metal shares witnessed selling pressure. The market breadth was flat with the advance-decline indicating a neutral ratio at the close
At the close, Sensex declined 125.65 points or 0.19 percent and ended at 66282.74, while Nifty fell 42.95 points or 0.22 percent and settled at 19751.05 level. The broader markets also closed lower in line with their larger peers, as Nifty mid and smallcap indexes declined 0.12 percent and 0.44 percent respectively.
Nifty and Nifty Bank futures price movement on Friday, 13 Oct
On Friday, October 13, the Nifty futures (Oct Series) opened at the 19698.35 level, it made a gap-down opening of 145.15 points from the previous close. It touched an intraday high at 19816.90 and a day’s low at 19685.05
The Nifty futures have given a movement of 131.85 points on Friday. In the end, it closed lower by 109.50 points or 0.55 percent and ended at 19734 levels.
The Bank Nifty futures (Oct Series) opened at 44449.50 levels on the last day of the week. It made a gap-down opening of 298.45 points on Friday. It has touched an intraday high at 44720 and a day’s low at 44318.05
On Friday, the Bank Nifty futures gave a movement of 401.95 points. At the close, Bank Nifty Future finished lower by 399.45 points or 0.89 percent and ended at 44348.50 levels.
Nifty & Bank Nifty Prediction for Monday 16 Oct, 2023 (Oct Expiry)
Nifty Futures Prediction for Monday 16 Oct, 2023
Primary Nifty Trend in Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 19800 whereas All Down Moves can initiate Short Covering @ 19670.
If the Nifty futures share price moves above 19780 and sustains. Then it can touch 19818 during the day with a Stop Loss of 19758. During the day it can trade in the range of 19818- 19840- 19865.
If the Nifty futures share price moves below 19725 and is sustained. Then it can touch 19702 during the day with a Stop Loss of 19747 For the Target of 19702- 19675- 19640.
Bank Nifty Futures Prediction for Monday, 16 Oct 2023
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 45700, whereas All Down Moves can Initiate Short Covering @ 44150
Suppose the Bank Nifty futures move above 44525 and sustain, then it can touch 44610 with a Stop Loss of 44470. During the day it can trade in a range of 44610- 44695- 44775
If the Bank Nifty futures move below 44380 and sustain, then the index can touch 44310 with a Stop Loss of 44435. During the day it can trade in the range of 44310- 44230- 44150
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Global Stock Market Updates
European stock market indexes fell sharply on Friday as investors fret about the potential upsurge in Middle East conflicts. The concerns of inflation renewed after a fresh surge in crude oil prices. The higher-than-expected US inflation data also fuelled concerns about interest rates staying higher for longer periods, while weak inflation data from China also weighed on market sentiments.
US stock market indexes ended mixed on Friday. The Dow closed higher as Wall Street’s big three banks Citi, Wells Fargo, and JP Morgan Chase reported better-than-expected quarterly earnings, and energy stocks gained after the rise in oil prices. The University of Michigan survey showed that consumer sentiments slipped in October, while inflation expectations spiked.
S&P 500 and Nasdaq fell after big tech stocks including Apple, Meta Platforms, Alphabet, and Microsoft corrected more than 1 percent. Meanwhile, chip stocks including Nvidia fell sharply due to concern about fresh US restrictions on chip exports to China.
Also read, Stock Market Prediction Next Week (16- 20 Oct 2023)
Conclusions
Indian stock markets closed in the red on Friday, as weak global cues and a rise in crude oil prices dampened the market sentiments. The weak revenue guidance from the IT sectors and persistent selling pressure from FIIs also weigh on market sentiments.
Going ahead, the domestic market sentiments slightly turned negative due to global uncertainty. You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
Also, read- Indian Stock Market Analysis for the Week (9 – 13 Oct 2023)
Options Trading Books: Your Ultimate 2023 Guide to Winning Big
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