Nifty and Banknifty Prediction for Tomorrow-28th September 2023

Indian Stock market was highly volatile on Wednesday(27th September), after opening, it lost all its gain and made a sharp, big red candle and took support at 50MA in daily time frame. However, it recovered all its loss and closed in good green. A relief rally was anticipated after last week intensive sell off. FII’s remained net seller today by selling 354 crores worth of stocks in capital markets. Tomorrow is monthly as well as Nifty weekly expiry, let’s do deep analysis of Thursday(28th September) market levels and nifty and banknifty prediction for tomorrow.

Nifty Prediction For Tomorrow

Nifty opened today at 19637 and made high of 19730 and low of 19554. Since tomorrow is its weekly expiry, heavy O.I’s were detected at spot of 19600,19650,19700,19800 both sides i.e., call and put which can trigger a big move either side or there is a possibility of range bound as well.

• It can show upside move if it breaks (19735-19748) levels and can show targets of 19787,19838 and further.
• It can show downside move if it breaches (19679-19689) levels and can show targets of 19660,19586.

Banknifty Prediction for Tomorrow

Nifty Bank opened today at 44465 and made high of 44668 and low of 44182. Tomorrow is monthly expiry. So it will depend on heavy weights like HDFC,ICICI bank if they move in similar direction, a big short covering is expected. Otherwise if they move in different direction market can go sideways, keep watch on these two banks.

One unique O.I pattern was detected while doing analysis as Call Shorts at 44500,44600,44700 didn’t unwind there position where as Put Shorts at 44500,44600,44700 started unwinding there position even though market went up today. So, it indicates that they might have some internal news which retailers don’t have. One major development happened during market hours is that G.O.I disclosed a report on economic disturbance due to rise in prices of crude oil which crossed $90 dollars.

• It can show upside move, if it breaks (44675-44688) range, keep trailing SL till 44885,45091.
• It can show downside move, if it breaks (44490-44510) range, keep trailing SL till 44332,44198.

Finnifty Prediction for Tomorrow

Finnifty is basically a instrument of Nifty Bank because HDFC Bank(30% weightage), ICICI Bank(25% weightage). So, it will move the same way where Banknifty will drag it.

• It can show upside move if it breaks (19975-19984) level, targets will be 20037,20082.
• It can show downside move if it breaches (19893-19908) level, targets will be 19841,19791.

Sensex Prediction for tomorrow

Sensex opened today at 65925 and made high of 66172 and low of 65549.

• It can show upside move if it crosses (66218-66232) levels, targets will be 66302,66420.
• It can show downside move if it breaches (65925-65941) levels, targets will be 65808,65731,65603.

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Heavy Weights Forecast

Global Outlook

• Japan’s Nikkei opened lower, but regained all its losses and closed at day high.
• South Korea’s Kospi also opened at day low and closed at day high.
• Australia’s S&P/ASX 200 lost all gains immediately after opening and hustled hard to regain losses but failed to do that.
• Shanghai and Hang Seng opened lower and immediately regained all its losses but can’t hold its gain longer and closed marginally higher.
• European markets like Germany, U.K., France were under brutal sell off. Investors were cautious with latest data.
• U.S markets opened higher but lost all its gains and is trading at day’s low right now.
• Dollar Index is on bull run and again regained strength today and is moving towards 107 levels.
• Crude oil has crossed $90 mark and is hitting hard emerging economies like India, China.

Conclusion

The Indian Stock Markets were very volatile today, after making day’s low, it regained all loss and closed at day’s high. This rally was anticipated after last week intensive sell off. Tomorrow is monthly expiry and here traders need to be cautious because global markets especially U.S and Europe is facing brutal sell off and G.O.I has also given a alarm call on increasing crude oil price which can hinder economic development. So, according to analysts at FINSITED, we can also face sell off tomorrow after today’s relief rally. You can check live crude oil price at https://oilprice.com/

Note

• Remember all the levels provided above are valid even market open gap up or gap down. Just follow the levels because if you want to be a profitable trader then, follow the path of level to level trading only.
• Please execute trades only after 10a.m. when markets are less volatile and calm because in first hour of opening, big players adjust there position which can lead to unexpected loss in your demat.

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