Nifty and Bank Nifty Prediction for Monday 25 Sept 2023
Nifty and Bank Nifty Prediction for Monday 25 Sept 2023: Indian equity benchmarks ended lower for the fourth consecutive day on Friday. The domestic market sentiments were hit by the weak global cues, as US Treasury yields rose to a multiyear high after a strong labor market report on Thursday, which increased fear of a rate hike in the Fed’s November meeting.
Rising crude oil prices, strong dollar index, and persistent selling by the FIIs also dented the market sentiments on Friday. Among the sectors, PSU Bank and Auto sectors closed higher. Nifty PSU Bank index gained 3.51%, as J P Morgan announced that it will include Indian government bonds in its emerging market debt index.
The market breadth was negative on Friday. The broader markets closed mixed, the Nifty midcap index closed slightly lower by 0.11 percent while the smallcap index gained 0.26 percent. At the close, Sensex declined by 221.09 points or 0.33 percent and finished at 66009.15, while Nifty was down by 68.10 points or 0.34 percent and settled at 19674.25 levels.
Nifty and Nifty Bank Futures Price Movement on Friday, 22 Sept
On Friday, September 22, the Nifty futures (Sept Series) opened at the 19750.80 level, it made a negative opening of 27.85 points from the previous close. It touched an intraday high at 19825 and a day’s low at 19690.55
The Nifty futures have given a movement of 134.55 points on Friday. In the end, it closed lower by 73.70 points or 0.37 percent and ended at 19705 levels.
The Bank Nifty futures (Sept Series) opened at 44725 levels on the last day of the week. It made a slightly negative opening of 34.25 points on Friday. It has touched an intraday high at 45099 and a day’s low at 44589.55
On Friday, the Bank Nifty futures gave a movement of 509.45 points. At the close, Bank Nifty Future finished lower by 41.35 points or 0.09 percent and ended at 44717.90 levels.
Nifty & Bank Nifty Prediction for Monday 25 Sept 2023 (Sept Expiry)
Nifty Futures Prediction for Monday 25 Sept 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 @ 19650
If the Nifty futures share price moves above 19734 and sustains. Then it can touch 19772 during the day with a Stop Loss of 19710 FOR the Target of 19772- 19815- 19850
If the Nifty futures share price moves below 19674 and is sustained. Then it can touch 19650 during the day with a Stop Loss of 19692 For the Target of 19650- 19612- 19592
Bank Nifty Futures Prediction for Monday 25 Sept 2023
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 45000 whereas All Down Moves can Initiate Short Covering @ 44500
Suppose the Bank Nifty futures move above 44840 and sustain, then it can touch 44925 during the day with a Stop Loss of 44750. For the Target of 44925- 45010- 45125
If the Bank Nifty futures move below 44550 and sustain, then the index can touch 44480 during the day with a Stop Loss of 44620. For the Target of 44480- 44415- 44340
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Also Read, Stock Market Prediction Next Week (25- 29 Sept 2023)
European Stock Markets at Close on Friday
European stock market indexes mostly closed lower on Friday due to cautious comments from the central banks. The market sentiments were subdued as policymakers signaled that rates are likely to remain higher for a longer period.
The flash HCOB Eurozone composite PMI output index came slightly higher in September compared to August but still remained below the 50 mark.
Meanwhile, the S&P Global/CIPS flash UK composite PMI fell in September as compared to the previous month. The UK retail sales rebounded in August from the rain-affected July month on the back of strong sales in food and clothing.
The US Stock Market at Close on Friday
The US stock market indexes erased all intraday gains and closed lower for the fourth consecutive day on Friday. The market sentiments were dented as the Fed’s hawkish stance pushed the Treasury yields to a multiyear high. Investors were also concerned about the auto workers strike, as United Auto Workers (UAW) now expanded their strike to 38 new locations across 20 states, targeting Stellantis and General Motors.
Meanwhile, on the economic front, the S&P Global flash PMI data showed that the Manufacturing PMI index came slightly better than expected in September, but still remained in contraction. The Services PMI index reading was just above the 50-mark but came slightly lower than expected.
Conclusions
Indian stock markets could not hold intraday gains and closed lower for the fourth straight session. The domestic market sentiments were downbeat due to weak global cues, rising crude oil prices, and persistent selling pressure from FIIs.
Going ahead, though Indian markets are looking weak technically, we can expect a relief rally early next week, as the market is already in oversold conditions. You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
Also, read- Global Stock Market Weekly Analysis (18-22 Sept 2023)
US Markets: Dow Jones and Nasdaq Wipe Out Intraday Gains, Close in the Red
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