Nifty and Bank Nifty Prediction for Wednesday 25 Oct 2023
Nifty and Bank Nifty Prediction for Wednesday 25 Oct 2023: Indian equity benchmarks ended sharply lower on Monday amid weak global cues. The domestic markets closed lower for the fourth consecutive day due to a spike in US Treasury yields and Middle East conflicts. All the sectoral indices ended lower on Monday with media, PSU Bank, and Metal sectors falling the most.
The market breadth was negative, on the NSE 297 shares were advanced while 2195 shares declined on Monday. The broader markets underperformed the front-line index, as the Nifty mid and smallcap indexes fell sharply by 2.66 percent and 3.59 percent respectively. At the close, Sensex and Nifty declined 1.26 percent and 1.34 percent respectively.
Indian stock markets will remain closed on Tuesday, 24 October 2023, on account of Dussehra
Nifty and Nifty Bank Futures Price Movement on Monday, 23 Oct
On Monday, October 23, the Nifty futures (Oct Series) opened at the 19520 level, it made a negative opening of 7.85 points from the previous close. It touched an intraday high at 19543.05 and a day’s low at 19241.15
The Nifty future has made a movement of 301.5 points on Monday. In the end, it closed lower by 264.95 points or 1.36 percent and ended at 19262.90 levels.
The Bank Nifty futures (Oct Series) opened at 43790 levels on Monday. It made a gap-down opening of 51.95 points. It has touched an intraday high at 43839.80 and a day’s low at 42996.80
On Monday, the Bank Nifty futures gave a movement of 843 points. At the close, Bank Nifty Future finished lower by 600.45 points or 1.37 percent and ended at 43138.30 levels.
Nifty & Bank Nifty Prediction for Wednesday 25 Oct, 2023 (Oct Expiry)
Nifty Futures Prediction for Tomorrow 25 Oct, 2023
Primary Nifty Trend in Futures: Negative
Range-Bound Trend of Nifty Futures: All Up Moves can initiate Profit Booking @ 19300 whereas All Down Moves can initiate Short Covering @ 19150.
If the Nifty futures share price moves above 19330 and sustains. Then it can touch 19370 during the day with a Stop Loss of 19305. During the day it can trade in the range of 19370- 19395- 19430.
If the Nifty futures share price moves below 19230 and is sustained. Then it can touch 19205 during the day with a Stop Loss of 19255 and can trade in the range of 19205- 19180- 19154.
Bank Nifty Futures Prediction for Tomorrow 25 Oct, 2023
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All Up Moves can initiate profit Booking @ 43300, whereas All Down Moves can Initiate Short Covering @ 42800.
Suppose the Bank Nifty futures move above 43320 and sustain, then it can touch 43400 with a Stop Loss of 43250. During the day it can trade in a range of 43400- 43475- 43550.
If the Bank Nifty futures move below 43060 and sustain, then the index can touch 42920 with a Stop Loss of 43140. During the day it can trade in the range of 42920- 42825- 42740.
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Global Stock Market Updates
Asian major stock market indexes fell sharply again on Monday as the situation in the Middle East intensified and the probability of higher interest rates for some time now also dampened the investor’s mood. Bonds are also under pressure as the US-year Treasury yields hit above 5% pushing borrowing costs up across the globe and testing equity valuation.
European stock markets are trading lower as investors continue to monitor economic and geopolitical uncertainty. Investors remain cautious ahead of the more corporate earnings and European Central Bank interest rate decision. The US future indexes are trading lower, indicating a negative opening for the US markets on Monday. You can also read US markets live updates at 10 p.m. IST.
Conclusions
Indian markets started the week on a negative note due to a selloff in global equities after US 10-year Treasury yields hit 5% today. Tomorrow Indian markets will remain closed on account of Dussehra. Indian markets will resume on Wednesday and will open as per global trends. You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
Also, read- Stock Market Prediction Next Week (23- 27 Oct 2023)
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