Nifty and Bank Nifty Prediction for Tomorrow, 6 Oct 2023
Nifty and Bank Nifty Prediction for Tomorrow, 6 Oct 2023: Indian equity benchmarks closed higher on Thursday, snapping a two-day losing streak. The domestic market sentiments were positive as the US Treasury yield eased from its multiyear high and the services sector growth accelerated in September as per S&P Global Services PMI data.
However, the upside remained capped, as investors were cautious ahead of the RBI policy outcome which is due on Friday. Among the sectors, Media, Auto, and IT were advanced while PSU Bank, Pharma, and Metals sectors declined. The market breadth was strong, on the NSE, 1318 shares were advanced, while 734 shares declined. The NSE volatility index “India VIX” slipped 5.94% to 10.96.
At the close, Sensex advanced 405.53 points or 0.62 percent and ended at 65631.57 level, while Nifty gained 109.65 points or 0.56 percent and settled at 19545.75. The broader market closed mixed, the Nifty midcap closed flat to negative at the 40046 level, while the smallcap index gained 0.63 percent. You can read the detailed market updates here
Nifty and Bank Nifty Futures Price Movement for (26 Oct expiry)
The Nifty futures price opened at 19535, making a positive opening of 65.75 points on Thursday. It has touched an intraday high of 19616.45 and a day’s low of 19514.50
The Nifty futures price has given a movement of 101.95 points. In the end, it closed higher by 95.75 points or 0.49 percent and ended at 19565 levels.
The Bank Nifty futures opened at 44350. It made a gap-up opening of 135.85 points. The Bank Nifty futures touched an intraday high at 44550 and a day’s low at 44280.
During the day, the Bank Nifty futures have given a movement of 270 points. In the end, it closed higher by 188.35 points or 0.43 percent and closed at 44402.50 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 6 Oct 2023
Nifty Futures Prediction for Tomorrow, 6 Oct 2023
Primary Trend in Nifty Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate profit Booking @ 19630 whereas All Down Moves can Initiate Short Covering @ 19500
If Nifty futures for the Oct Series move above 19592 and sustain. Then Nifty futures can touch 19630 during the day with a Stop Loss of 19570. In a day it could trade in a range of 19630- 19665- 19702 levels.
If the Nifty futures for the Oct Series share price moves below 19540 and is sustained. Then Nifty futures can touch 19515 levels for the day with a Stop Loss of 19565 In a day it could trade for the target of 19515- 19480 – 19450 level.
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Bank Nifty Futures Prediction for Tomorrow, 6 Oct 2023
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can Initiate Profit Booking @ 44700 whereas All Down Moves can Initiate Short Covering @ 44100
Suppose the Oct series Bank Nifty futures move above 44570 and sustain, then Banknifty can touch 44650 levels during the day with a Stop Loss of 44515. During the day Bank Nifty futures could trade in the range of 44650- 44750- 44880 levels
If the Bank Nifty futures (Oct Series) move below 44280 and sustain, then Banknifty can touch 44215 levels in a day with a Stop Loss of 44350. During the day Bank Nifty futures could trade in the range of 44215- 44130- 44050 levels.
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Global Stock Market Updates
Asian stock markets rebounded on Thursday, as bargain buyers emerged after the recent fall. The sentiments improved as the US Treasury yield eased from its multiyear high due to weaker-than-expected private job data.
Investors remain cautious ahead of the US monthly payroll report which is due on Friday, and as China’s continuing property sectors remain in distraction.
Japan’s Nikkei snapped its five-day losing streak and closed higher, while Australia’s S&P/ASX 200 also ended moderate gain. Hang Seng bounced back after an 11-month low and closed in the positive zone. China’s Shanghai index closed today due to the Golden Week holiday.
South Korea’s Kospi erased early gains and ended slightly lower Elsewhere, Straits Times, Jakarta, and Taiwan closed positive while the SET Composite ended lower.
European stock market indexes opened higher following the positive cues from Wall Street overnight and are trading volatile.
On the economic front, the HCOB Eurozone construction purchasing managers’ index improved slightly in September compared to August but remained in contraction. French industrial output declined, while the German trade surplus fell in August compared to July.
The US future indexes, Dow and Nasdaq futures are trading slightly lower at 5 pm IST, indicating a flat to negative opening for the US markets. You can also follow our US markets Report at 10 PM IST.
Conclusion
Indian stock markets witnessed a recovery on the weekly expiry day. The sentiments remain upbeat due to positive global cues and strong Services PMI data. Going ahead, tomorrow’s markets will remain volatile due to the RBI monetary policy outcome. You can follow our Daily Morning Report at 7:30 a.m. for market direction.
Also, read Global Stock Market Update: Dow and Nasdaq Futures on a Slight Decline
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