Nifty and Bank Nifty Prediction for Tomorrow, Sept 28, 2023
Nifty and Bank Nifty Prediction for Tomorrow, Sept 28, 2023: Indian equity benchmarks ended with a modest gain on Wednesday amid mixed global cues. The benchmark indices opened lower following a selloff in the US markets overnight, however, indices turned positive in the second half, after getting some support from Asian and European peers.
Among the sectors, the Pharma, PSU bank, and FMCG sectors advanced, while the Financial Services and Banking sectors were under pressure. The market breadth was positive, on the NSE 1142 shares were advanced while 897 shares declined at the close. The NSE volatility index “India VIX” advanced 3.58 percent to 11.58 level.
At the close, Sensex gained 173.22 points or 0.26 percent and ended at 66118.69 levels, while Nifty added 51.75 points or 0.26 percent and settled at 19716.45 level. The broader markets outperformed, as Nifty mid and smallcap indexes gained 0.75 percent and 0.98 percent respectively. 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 19634.90, making a negative opening of 42.5 points on Wednesday. It has touched an intraday high of 19743 and a day’s low of 19543.10
The Nifty futures price has given a movement of 199.9 points. In the end, it closed higher by 42.60 points or 0.22 percent and ended at 19719.65 levels.
The Bank Nifty futures opened at 44549.90. It made a negative opening of 117.4 points. The Bank Nifty futures touched an intraday high at 44730 and a day’s low at 44149.05.
During the day, the Bank Nifty futures have given a movement of 580.95 points. In the end, it closed lower by 55.15 points or 0.12 percent and closed at 44612.15 levels.
Nifty & Bank Nifty Prediction for Tomorrow Sept 28, 2023
Nifty Futures Prediction for Tomorrow, Sept 28, 2023
Primary Trend in Nifty Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate profit Booking @ 19800 whereas All Down Moves can Initiate Short Covering @ 19640
If Nifty futures for the Sept series move above 19752 and sustain. Then Nifty futures can touch 19782 during the day with a Stop Loss of 19728. In a day it could trade in a range of 19782- 19818- 19850 levels.
If the Nifty futures (Sept Series) share price Moves Below 19670 and is sustained. Then Nifty futures can touch 19642 levels for the day with a Stop Loss of 19696. In a day it could trade for the target of 19642- 19610 – 19575 level.
If you want Live Market Views for Nifty, Bank Nifty, Stocks Futures & Options, and Global/Domestic market happenings then join our Telegram Channel – https://t.me/nifty50stocks1
Bank Nifty Futures Prediction for Tomorrow Sept 28, 2023
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44800 whereas All Down Moves can Initiate Short Covering @ 44400
Suppose the Sept series Bank Nifty futures move above 44740 and sustain, then Banknifty can touch 44850 levels during the day with a Stop Loss of 44660. During the day Bank Nifty futures could trade in the range of 44850- 44980- 45060 levels
If the Bank Nifty futures (Sept Series) move below 44520 and sustain, then Banknifty can touch 44435 levels in a day with a Stop Loss of 44590. During the day Bank Nifty futures could trade in the range of 44435- 44360- 44250 levels.
Note:- With Upstox Options Strategy Builder, you can create an option strategy. You can also try the ready-made options strategy Free at Upstox. Click here to Open Free Trading and Demat Account and get Life-Time Demat AMC Free and Rs 20 flat Brokerage.
Global Stock Market Updates
On the global front, the other Asian market indexes pared their early losses and ended higher on Wednesday. The major indexes in the region opened lower following a selloff from Wall Street overnight.
The fresh data from China lifted investor’s mood and rebounded the major indexes in the region. However, gains were capped by fears over fading expectations of central banks easing interest rates any time soon.
A weaker yen and bargain buying lifted Japan’s Nikkei on Wednesday. China’s Shanghai index ended higher, as the Industrial profits readings improved in August as compared to July. Hang Seng gained as tech shares advanced and supported the index.
Australia’s S&P ASX 200 closed lower, as inflation rose 5.2% in August compared to July’s 4.9%. Elsewhere, Kospi, Taiwan, and SET Composite ended higher while Straits Times closed in the red.
European stock market indexes are currently (5 pm IST) trading near their flatline on Wednesday. On the economic front, the German GfK consumer climate index fell to -26.5 in October, from a revised lower -25.6 in September.
The US future indexes, Dow and Nasdaq futures are trading higher, indicating a positive opening for the US markets today. You can also follow our US markets Report at 10 PM IST.
Conclusion
Indian stock markets turned positive in the second half with support from Asian and European markets. Investors were concerned about higher global interest rates for a longer period and surging crude oil prices and their impact on the economy.
The domestic markets will continue to remain volatile on Thursday due to 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)
If you like the post “Nifty and Bank Nifty Prediction for Tomorrow Sept 28, 2023” please share it with others
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution in compiling the data for its Website. The views and investment tips expressed here are by third-party experts and are 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.
