Nifty and Banknifty Prediction for 16 October 2023

Stock Market opened gap down on Friday and first 3 hour it went rangebound. After 1 P.M it shoot up and filled the whole gap upside because Supreme court took decision of deferring Adani-Hindenburg case to further date also India’s inflation data was very promising standing at 5.02% from forecast of 5.50% by economists. However, market lost all its gain till closing and Banknifty closed at day’s low. We have HDFC bank result on Monday which can drive market direction. In this post nifty and banknifty prediction for 16 October 2023, we will do analysis for Monday’s market behaviour. Also, Nifty Midcap index has its expiry on Monday. We will also cover it in this post. F.I.I’s were net buyer, they bought around ₹317 crores in capital markets after months and months of relentless selling. There is a possibility that they are stretching market upside and inflating premiums, So that they can sell at Highs. So, new investment at this spot is strictly not advisable because as per our reading, this is time to book profits or let market correct as bigger trend signals Bearishness.

Nifty Prediction For Tomorrow

Nifty made high of ₹19805 and low of ₹19635. It opened gap down, went sideways, filled the gap upside and closed in red loosing its bullishness, down 42 points. You can check our previous article~ https://finsited.com/nifty-and-banknifty-prediction-for-9-october-2023/. If you follow our trendline, you will note how beautifully market respects the line. Now let’s look at Monday’s outlook.

Aggressive C.E O.I’s were at 19700,19800,19850 while P.E O.I’s at 19600,19700,19750. From next week banking results will start rolling which will drive Nifty Bank and it will drag Nifty the same way. We pass a bearish signal for next week.

• It can show upside move if it breaks ₹(19781-19800) levels and can show targets of ₹19826,₹19894.
• It can show downside move if it breaches ₹(19660-19683) levels and can show targets of ₹19637,₹19553.

Connect with us via WhatsApp Channel~ https://whatsapp.com/channel/0029VaB7gl5IXnlz2VmQz53y

Banknifty Prediction for Tomorrow

Nifty Bank made high of ₹44563 and low of ₹44203. It also went sideways after gap down. Banknifty lost all its gain during last hour of trading. We observed all banks faced heavy selling pressure, may be big players knew some inside news. However, HDFC Bank result is on Monday, it’s result can drive banknifty in the same direction either bullish or bearish. Now let’s look at Monday’s level and its outlook.

Heavy C.E O.I’s were at 44300,44400,44500 while P.E O.I’s were detected at 44000,44200,44300. According to Option chain, 44000 P.E looks under pressure and they had started squaring off there position. So, downside looks more probable.

• It can show upside move, if it breaks ₹(44434-44448) range, keep trailing SL till ₹44579,₹44693.
• It can show downside move, if it breaks ₹(44165-44180) range, keep trailing SL till ₹43969,₹43856.

Nifty Midcap Prediction for Tomorrow

Nifty Midcap made high of ₹9181 and low of ₹9105. It also went sideways after gap down. It’s expiry is on Monday. So good move is expected either direction, you need to just follow the levels. Now let’s look at it’s Monday outlook.

Heavy C.E O.I’s were at 9150,9175,9200 while P.E O.I’s were detected at 9100,9150.

• It can show upside move, if it breaks ₹(9158-9165) range, keep trailing SL till ₹9181,₹9206.
• It can show downside move, if it breaks ₹(9109-9115) range, keep trailing SL till ₹9084,₹9042.

Finnifty Prediction for Tomorrow

Nifty Financial services made high of ₹19937,low of ₹19788. Axis Bank and SBI were among top draggers. Finnifty is basically a instrument of Nifty Bank because HDFC Bank has(30% weightage), ICICI Bank has(25% weightage) in it. So, it will move the same way where Banknifty will drag it. Let’s see its Monday’s outlook.

Aggressive C.E O.I’s were at 19850,19900,20000 while P.E O.I’s at 19700,19750,19800. Up move is possible above ₹19845 while Down move is possible below ₹19767.

• It can show upside move if it breaks ₹(19845-19857) level, targets will be ₹19902,₹19993.
• It can show downside move if it breaches ₹(19752-19767) level, targets will be ₹19726,₹19682.

Sensex Prediction for tomorrow

Sensex made high of ₹66478 and low of ₹65895. I.T, F.M.C.G, AUTO Stocks were top contributors while banking stocks dragged the SENSEX. Let’s look at its Monday outlook.

Aggressive C.E O.I’s were at 66300,66400,66500 while P.E O.I’s were at 66000,66100,66200. Our view is Sideways to Bearish on it for Monday

• It can show upside move if it crosses ₹(66306-66318) levels, targets will be ₹66548,₹66802.
• It can show downside move if it breaches ₹(66142-66159) levels, targets will be ₹65921,₹65427.

You can also read~ https://finsited.com/indias-g20-presidency/

Heavy Weights Forecast

Join our Telegram Channel for Latest Updates~ https://t.me/s/thefinsited

Global Outlook

• Japan’s Nikkei was under sell off and closed 178 points down.
• South Korea’s Kospi was also under sell off closed 23 points down.
• Australia’s S&P/ASX 200 fall after opening. However, it regained half of its losses and closed 40 points down.
• Shanghai and Hang Seng was under terrific selling pressure, both closed in deep red.
• European markets closed in deep red because they fear of further rising crude oil price as war escalates in Middle-East.
• U.S markets were mixed on Friday. Dow Jones closed flat while Nasdaq, S&P500 were under heavy selling pressure.
• Dollar Index regained all its losses and closed marginally up at $(106.67) levels.
• Crude oil regained $90 mark, up more than 5%. We were bullish on it since last month. You can check live crude oil price at https://oilprice.com/

Conclusion

Due to bad Global Sentiment and escalating Israel-Palestine war in Middle-East, we opened gap down, recovered and lost all gains again. Banks will remain under pressure as crude oil price is now above $90. Big players is trying to pull market upside, so that they again get a good price to sell and we advise our readers to stay cautious and try to avoid new investment. Let market correct. Our team will dictate everything when correct time for investment will come, Don’t Worry. We have Sideways to Bearish view on markets for Monday. If you analyze the charts shared with you in article daily, you will understand market is following our pin point trendline. We have provided both upside and downside levels, take trading decision accordingly because there is no any space of biasedness in trading. Stay tuned!

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.

If you like the article, please share it with others.

HAPPY INVESTING!

Disclaimer

FINSITED has taken due care and caution to compile the data on its website. There is no guarantee of profit or no exemption from losses. The views and investment advice provided here is solely the personal view of the research team and for educational purposes only, we are not SEBI Registered Advisors. For any investment or trading in capital markets, please consult your financial advisor. FINSITED will not accept any liability for loss or damage as a result of reliance on the information contained with this website including data, quotes, charts and buy/sell signals. We do not guarantee the accuracy, adequacy or completeness of any information and are not responsible for any errors or omissions or the results obtained from the use of such information. Please be fully informed regarding the risks associated with trading in the financial markets. Therefore, FINSITED doesn’t bear any responsibility for any trading/investing losses, you might incur as a result of using our website’s data.

If you have any query regarding this article or information shared with you at FINSITED portal. Please get in touch with us at https://finsited.com/contact/
or mail us at support@finsited.com
You can also check out our Privacy Page at https://finsited.com/privacy-policy/