Nifty and Bank Nifty Prediction for Tuesday, 3 Oct 2023
Nifty and Bank Nifty Prediction for Tuesday, 3 Oct 2023: Indian equity markets ended higher on Friday amid positive global cues. The domestic markets opened higher, following the gains from Wall Street due to ease in Treasury yields after hitting its fresh high on Thursday. The decline in crude oil prices also lifted the market sentiments on Friday.
Among the sectors, Nifty Pharma, Media, and Metal sectors gained the most while selling pressure was witnessed in the IT sector. The market breadth was quite strong at the close on Friday. The NSE volatility index, “India VIX” declined 10.68% to 11.45.
At the close, Sensex finished higher by 320.09 points or 0.49 percent and ended at 65828.41, while Nifty advanced 114.75 points or 0.59 percent and settled at 19638.30. The broader markets outperformed the front-line indexes, as Nifty mid and smallcap indexes gained 1.08 percent and 0.99 percent respectively on Friday.
Nifty and Nifty Bank Futures Price Movement on Friday, 29 Sept
On Friday, September 29, the Nifty futures (Oct Series) opened at the 19675 level, it made a positive opening of 37.9 points from the previous close. It touched an intraday high at 19794 and a day’s low at 19638
The Nifty futures have given a movement of 156 points on Friday. In the end, it closed higher by 76.90 points or 0.39 percent and ended at 19714 levels.
The Bank Nifty futures (Oct Series) opened at 44780 levels on the last day of the week. It made a positive opening of 174.45 points on Friday. It has touched an intraday high at 44998 and a day’s low at 44620.30
On Friday, the Bank Nifty futures gave a movement of 377.7 points. At the close, Bank Nifty Future finished higher by 259.45 points or 0.58 percent and ended at 44865 levels.
Nifty & Bank Nifty Prediction for Tuesday 3 Oct, 2023 (Sept Expiry)
Nifty Futures Prediction for Tomorrow 3 Oct, 2023
Primary Nifty Trend in Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 19750 whereas All Down Moves can initiate Short Covering @ 19600
If the Nifty futures share price moves above 19752 and sustains. Then it can touch 19784 during the day with a Stop Loss of 19728 FOR the Target of 19784- 19819- 19854
If the Nifty futures share price moves below 19675 and is sustained. Then it can touch 19650 during the day with a Stop Loss of 19697 For the Target of 19650- 19615- 19582
Bank Nifty Futures Prediction for Tomorrow 3 Oct, 2023
Primary Trend of Bank Nifty Futures: Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 45150, whereas All Down Moves can Initiate Short Covering @ 44700
Suppose the Bank Nifty futures move above 44930 and sustain, then it can touch 45020 during the day with a Stop Loss of 44850. For the Target of 45020- 45135- 45220
If the Bank Nifty futures move below 44720 and sustain, then the index can touch 44640 during the day with a Stop Loss of 44790. For the Target of 44640- 44535- 44435
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European Stock Markets at Close on Friday
European stock market indexes ended marginally higher on Friday but closed as the worst quarter in a year. The market sentiments were positive on Friday, as Eurozone inflation fell sharply in September as per the survey shown by Eurostats. The economic data released in the UK showed that the country’s GDP growth rose by 0.3% between January and March, up from the 0.1% growth previously estimated.
Meanwhile, In Germany, retail sales recorded an unexpected fall of 1.2% month-on-month basis in August, well below forecasts of a 0.5% rise, as per the official data showed on Friday.
The US Stock Market at Close on Friday
The US stock markets closed mixed on Friday amid fear of a US government shutdown. Dow Jones and S&P500 erased all early gains and closed in the red while Nasdaq trimmed most of its early gains and ended marginally higher. Earlier, in the morning, the market sentiments were positive as the Fed’s preferred inflation metrics Personal Consumption Expenditures (PCE) Price Index came better than expected in August.
This raised hope among investors that the Fed could stop the interest rate hikes in the next meeting. The fear of a potential US government shutdown and its impact on economic growth and credit rating dragged the indices on Friday.
Conclusions
Indian stock markets started the October series on a positive note, though the profit booking in the last hour trimmed some intraday gains. The market sentiments were also boosted by tracking gains from Asian markets, led by a rally in Hong Kong on hopes that China’s Golden Week holiday will spur consumption revival and boost sentiment.
The sentiments in US markets turned slightly negative in the second half on Friday due to concern about a potential US Shutdown from 1st October 2023. Asian markets are likely to react negatively to the news on Monday, 2nd October if there is a Shutdown.
Going ahead, Indian stock markets will remain closed on Monday, 2nd October on account of Gandhi Jayanti. On Tuesday market will open as per global cues. 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 News & Analysis (25-29 Sept 2023)
US Markets: Dow Dips, Nasdaq Composite Risis Amid Shutdown Fears
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