Nifty and Bank Nifty Prediction for Monday 4 Sept 2023
Nifty and Bank Nifty Prediction for Monday 4 Sept 2023: Indian equity markets surged on Friday amid positive global cues and upbeat domestic economic data. The global markets were positive as U.S. PCE inflation was in line with expectations and manufacturing activity expanded in China. On the domestic front, the market sentiments got boosted due to better than expected Manufacturing PMI and GDP data.
Among the sectors, barring pharma all other sectoral indices ended higher with Metal, Energy, and Auto gaining the most. The market breadth was strong. The Indian volatility index “ India VIX” slumped 5.78 percent to 11.37.
At the close, Sensex advanced 556 points or 0.86 percent and ended higher at 65387.16 levels while Nifty gained 181.50 points or 0.94 percent and settled at 19435.30 levels. The broader markets also ended higher in line with their larger peers, as Nifty mid and smallcap indexes gained 0.84 percent and 1.17 percent respectively.
Nifty and Nifty Bank Futures Price Movements on Friday, 1 Sept
On Friday, September 1, the Nifty futures (Sept Series) opened at the 19409.50 level, it made a negative opening of 4.75 points from the previous close. It touched an intraday high at 19528.95 and a day’s low at 19377
The Nifty futures have given a movement of 151.95 points on Friday. In the end, it closed higher by 105.85 points or 0.55 percent and ended at 19520.10 levels.
The Bank Nifty futures (Sept Series) opened at 44268.70 levels on the last day of the week. It made a negative opening of 21.15 points on Friday. It has touched an intraday high at 44746.15 and a day’s low at 44061
On Friday, the Bank Nifty futures gave a movement of 685.15 points. At the close, Bank Nifty Future finished higher by 340.15 points or 0.77 percent and ended at 44630 levels.
Nifty & Bank Nifty Prediction for Monday 4 Sept 2023 (Sept Expiry)
Nifty Futures Prediction for Monday 4 Sept 2023
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 19630 whereas All Down Moves can initiate Short Covering @ 19500
If the Nifty futures share price Moves Above 19546 and sustains. Then it can touch the 1st Target of 19574 during the day with a Stop Loss of 19518 FOR the Target of 19574- 19602- 19632
If the Nifty futures share price Moves Below 19480 and is sustained. Then it can touch the 1st Target of 19452 during the day with a Stop Loss of 19502 For the Target of 19452- 19418- 19380
Bank Nifty Futures Prediction for Monday 4 Sept 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 44900, whereas All Down Moves can Initiate Short Covering @ 44550
Suppose the Bank Nifty futures move above 44695 and sustain, then it can touch the 1st Target of 44775 during the day with a Stop Loss of 44615. For the Target of 44775- 44865- 44950
If the Bank Nifty futures move below 43475 and sustain, then the index can touch the 1st Target of 44380 during the day with a Stop Loss of 44550. For the Target of 44380- 44300- 44240
If you want Market Views and Live Stock News, Nifty, Bank Nifty Views, and Global /Domestic market happenings then join our Free Telegram Channel – https://t.me/nifty50stocks1
European Stock Markets at Close on Friday
European stock market indexes mostly closed lower on Friday, as Eurozone manufacturing activity data struggled. The Eurozone HCOB/S&P Global manufacturing purchasing managers’ index (PMI) data climbed to a three-month high of 43.5 in August, up from 42.7 in July, but remained in contraction. The survey showed there is a significant drop in new orders.
Meanwhile, the data from Nationwide showed in the UK, the housing market fell sharply in 14 years. In the second half, European stocks fell after U.S. nonfarm payroll data came in higher than expected but the downside was limited as the U.S. unemployment rate grew unexpectedly and kept alive the hope of a U.S. Fed rate hike pause in the next meeting. The major indexes CAC and DAX declined while the UK’s FTSE outperformed on Friday.
The US Stock Market at Close on Friday
The US stock markets mostly closed higher on Friday, Dow Jones and S&P 500 gained while Nasdaq erased early gains and ended flat to the negative. The market sentiments were upbeat after the much-awaited job reports on Friday. The monthly job reports showed an increase in jobs, but wage growth slowed as the unemployment rate rose unexpectedly in August.
Separately, a report from the ISM showed, the manufacturing PMI index rose to 47.6 in August from 46.4, better than the expectation of 46.8. The US 10-year Treasury yields fell to 4.075% after the job report but later climbed to 4.186% at the close on Friday.
Conclusions
The domestic markets rallied on Friday, as investors cheered impressive growth in domestic GDP numbers and the core sector’s output. The positive cues from Asian markets also aided the domestic market sentiments. The better-than-expected Manufacturing PMI and steady GST collection released during the market hour helped the indices to gradually move towards the north. 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 (28 Aug- 1 Sept 2023)
Indian Stock Market Analysis for the Week (28 Aug- 1 Sept 2023)
If you like the post “Nifty and Bank Nifty Prediction for Monday 4 Aug 2023” please share it with your friends and others
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution in compiling its website data. The views and investment tips expressed by investment experts on Nifty50Stocks.com are their own and for educational purposes. Nifty50Stocks.com is not SEBI registered Advisors. Nifty50stocks.com advises its users to check with certified and SEBI-registered experts before making any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
