Nifty and Bank Nifty Prediction for Tomorrow, Sept 27, 2023
Nifty and Bank Nifty Prediction for Tomorrow, Sept 27, 2023: Indian equity benchmarks ended the volatile session with minor cuts on Tuesday. The domestic markets opened slightly higher despite negative cues from Asian markets and traded sideways throughout the day. Among the sectors FMCG, Auto, and Metal were advanced, while some selling pressure was witnessed in the Media, Banking, and IT sectors.
The market breadth was slightly negative at the close, on the NSE, 952 shares were advanced while 1101 shares were declined. The NSE volatility index “India VIX” advanced 2.61% to an 11.91 level.
At the close, Sensex declined 78.22 points or 0.12 percent and ended at 65945.47 level, while Nifty was down by 9.85 points or 0.05 percent and settled at 19664.70 level. The broader markets were closed mixed, as the Nifty midcap index was down by 0.17 percent, and the smallcap was finished higher by 0.57 percent. You can read the detailed market updates here
Nifty and Bank Nifty Futures Price Movement for (28 Sept expiry)
The Nifty futures price opened at 19679, making a negative opening of 21.5 points on Tuesday. It has touched an intraday high of 19719.80 and a day’s low of 19640.95
The Nifty futures price has given a movement of 78.85 points. In the end, it closed lower by 34.50 points or 0.18 percent and ended at 19666 levels.
The Bank Nifty futures opened at 44700. It made a negative opening of 112.65 points. The Bank Nifty futures touched an intraday high at 44812.65 and a day’s low at 44523.30.
During the day, the Bank Nifty futures have given a movement of 289.35 points. In the end, it closed lower by 156.65 points or 0.35 percent and closed at 44656 levels.
Nifty & Bank Nifty Prediction for Tomorrow Sept 27, 2023
Nifty Futures Prediction for Tomorrow Sept 27, 2023
Primary Trend in Nifty Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate profit Booking @ 19750 whereas All Down Moves can Initiate Short Covering @ 19590
If Nifty futures for the Sept series move above 19695 and sustain. Then Nifty futures can touch 19728 during the day with a Stop Loss of 19672. In a day it could trade in a range of 19728- 19770- 19805 levels.
If the Nifty futures (Sept Series) share price Moves Below 19640 and is sustained. Then Nifty futures can touch 19610 levels for the day with a Stop Loss of 19665. In a day it could trade for the target of 19610- 19585 – 19560 level.
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Bank Nifty Futures Prediction for Tomorrow Sept 27, 2023
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44900 whereas All Down Moves can Initiate Short Covering @ 44400
Suppose the Sept series Bank Nifty futures move above 44765 and sustain, then Banknifty can touch 44845 levels during the day with a Stop Loss of 44680. During the day Bank Nifty futures could trade in the range of 44845- 44960- 45020 levels.
If the Bank Nifty futures (Sept Series) move below 44480 and sustain, then Banknifty can touch 44410 levels in a day with a Stop Loss of 44556. During the day Bank Nifty futures could trade in the range of 44410- 44340- 44260 levels.
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Global Stock Market Updates
The other Asian stock markets mostly closed lower on Tuesday despite the rebound in the US markets overnight. Investors were concerned about the elevated interest rate for much longer than expected, as the Federal Reserve and other central banks said last week. The sentiments were also dampened in the region due to record-high US Treasury yields, and rising crude oil prices.
Nikkei closed lower, as the latest data from Japan showed that wholesale inflation surged at its fastest rate in nearly a year. the Shanghai and Hang Seng ended lower, as investors were concerned about China’s economic recovery and geopolitical tensions, while China’s trading volume was thin ahead of the weeklong holiday.
Australia’s S&P ASX 200 closed lower, while South Korea’s Kospi also extended early losses and fell sharply on Tuesday. Elsewhere, the Straits Times, Taiwan, Jakarta, and SET Composite also ended in the red.
The European markets are mostly trading lower following the negative cues from Asian peers. Investors fear about higher interest rates for a long time and remain cautious after a warning from Moody’s on the looming US government shutdown.
The US future indexes, Dow Futures, and Nasdaq futures are trading lower at 5 pm IST, indicating a negative opening for the US markets today. You can also follow our US markets Report at 10 PM IST.
Conclusion
Indian stock markets traded in a range-bound session and ended on a flat note on Tuesday. The domestic market sentiments were slightly bearish amid weak global cues. Going ahead, volatility is likely to increase ahead of the monthly F&O expiry. You can follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Stocks in News: Tata Steel, HDFC AMC, Fortis, Welspun and More Making Headlines
Stock Market Prediction Next Week (25- 29 Sept 2023)
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