Nifty and Bank Nifty Prediction for Tomorrow, 23 Sept 2021
Nifty and Bank Nifty Prediction for Tomorrow, 23 Sept 2021: Indian stock markets made a cautious start on Wednesday tracking weakness in global peers. Markets were trading near neutral lines with negative bias in the early trading sessions. Selling in FMCG and Bankex socks weighted on the markets whereas buying in Power, Auto, and Realty stocks limit the downside. In the end, the benchmark indices closed marginally lower today.
Indian markets traded in a lackluster mode as the Organisation for Economic Co-operation and Development (OECD) cut its projection of India’s economic growth by 0.2 percent to 9.7 percent for FY22. However, some support came with the report that foreign institutional investors are now bullish on Indian markets after offloading in April, May, and July of 2021. In the month of September FIIs have invested Rs 8280.56 crores in the cash market and Rs 642020 crore in the year 2021. This is more than double the net purchase of Rs 28347 crore in the first nine months of 2020.
Market updates: Sensex, Nifty, and Bank Nifty on spot levels
At the close, Sensex fell 77.94 points or 0.13 percent and closed at 58927.33 while Nifty was down by 15.35 points or 0.09 percent and ended at 17546.65 levels. The bank Nifty on the spot price declined 291.20 points or 0.78 percent and finished at 36944.65 levels.
The broader markets outperformed the benchmark indices today. The Nifty midcap index gained 491.45 points or 1.67 percent and closed at 29933.90 levels. The Nifty smallcap index was up by 152.20 points or 1.44 percent and closed at 10739.90 levels.
The top five gainers in the Nifty 50 index were Coal India, Tech Mahindra, Hindalco, Tata Motors, and M&M. The top five losers in the Nifty 50 index were Nestle India, HDFC, ICICI Bank, ONGC, and HDFC Bank. The most active stocks in terms of value in the Nifty 50 index were Tata Steel, ITC, and Reliance. The most active stocks in terms of volume were ITC, Tata Motor, and Coal India.
On a sectoral front, Automobiles, IT, Metals, Realy and Power sectors closed higher today. On the losing side, Banking, Financial, and FMCG sectors closed lower today.
Nifty and Nifty Bank futures price movement for 22 Sept (Sept Expiry)
The Nifty futures price opened at 17554 and made a negative opening of 5.3 points. It has touched an intraday high at 17618.45 and a day’s low at 17521
The Nifty futures price has given a movement of 97.45 points today. In the end, it gained by 7.70 points or 0.04 percent and ended at 17567 levels.
The Bank Nifty futures opened at 37349. It made a negative opening of 21.5 points today. It has touched an intraday high at 37440 and a day’s low at 36990
During the day, the Bank Nifty in futures has given a movement of 450 points. In the end, it closed lower by 269.35 points or 0.72 points and closed at 37101.15 levels
Nifty & Bank Nifty Prediction for Tomorrow, 23 Sept 2021 (Sept Expiry)
Nifty Futures Prediction for Tomorrow, 23 Sept 2021
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17640 whereas All Down Moves Initiates Short Covering (Buy) @ 17510
If the Nifty futures share price Moves Above 17593 and sustain. Then you should Buy with 1st Target of 17618 during the day with a Stop Loss of 17512 FOR the Target of 17618-17642- 17665
If the Nifty futures share price Moves Below 17512 and is sustained. Then you should Sell with the 1st Target of 17494 during the day with a Stop Loss of 17593. FOR the Target of 17494- 17472-17438
Bank Nifty Futures Predictions for Tomorrow, 23 Sept 2021
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 37300, whereas All Down Moves Initiates Short Covering (Buy) @ 36900
Suppose the Bank Nifty futures Moves Above 37185 and sustain, then you should Buy with the 1st Target of 37270 during the day with a Stop Loss of 36980. FOR the Target of 37270 – 37360 – 37525
If the Bank Nifty futures Moves Below 36980 and sustain, then you should Sell with the 1st Target of 36915 during the day with a Stop Loss of 37185. FOR the Target of 36915 – 36825 – 36730
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Global markets today
On the global front, the Asian markets closed mixed on Wednesday as Japan and China’s monetary policy held steady and China’s real estate major Evergrande agreed to settle interest payments on a domestic bond. European markets are trading higher as worries of China’s Evergrande eased and now investors both eyes are on Fed’s announcement. The US futures indexes, Dow, and Nasdaq futures are trading higher at this moment.
Conclusions
Indian markets closed marginally lower on Wednesday after yesterday’s rally. Markets were volatile and traded in a narrow range today. Going ahead, markets may remain volatile tomorrow as Fed’s meeting outcome is expected later today and investors are expecting more clarity on asset tapering. Traders should remain cautious and trade with stop loss as weekly derivative expiry is also scheduled for tomorrow.
Also read, Intraday Trading books to make money from Stock Markets
Stock market holidays 2021-Indian & Global markets
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