Nifty and Banknifty Prediction for 19 October 2023

Markets were under heavy selling pressure today because of increasing geopolitical tensions between Israel and Arab countries. Increasing crude oil price is very bad for developing economies like INDIA and can be one of the reason for fall. However, daily time frame chart of Banknifty was depicting this fall as H&S pattern was formed. Today it was Nifty bank expiry which dragged Nifty too. In this post, Nifty and Banknifty prediction for 19 October 2023, we will do Nifty expiry analysis. Banknifty is at important juncture and as per the market nature, follow up selling comes after initial one. If this won’t occur then we may have a relief rally tomorrow before further fall, provided global sentiment remains stable. F.I.I sold ₹1831 crores worth of stocks in capital markets today. If you have read our Monday’s post, we have already predicted that market’s bigger trend is Bearish.

Nifty Prediction For Tomorrow

Nifty made high of ₹19840 and low of ₹19659. After touching day’s high, it reversed sharply breaking all supports and closed 140 points down at day’s low. You can check our previous article~ https://finsited.com/nifty-and-banknifty-prediction-for-16-october-2023/. If you follow our trendline, you will note how beautifully market respects the line. Now let’s look at Tomorrow’s outlook.

Aggressive C.E O.I’s were at 19700,19750,19800 while P.E O.I’s at 19550,19600,19650. Tomorrow is its expiry, we expect a relief rally if everything remains ideal. Upside move is possible above ₹19683 while downside below ₹19637.

• It can show upside move if it breaks ₹(19683-19700) levels and can show targets of ₹19740,₹19826.
• It can show downside move if it breaches ₹(19622-19637) levels and can show targets of ₹19553,₹19495.

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Banknifty Prediction for Tomorrow

Nifty Bank made high of ₹44412 and low of ₹43861. It was under immense selling pressure today may be due to its expiry unwinding. However at current price where it is trading, if by chance it starts sustaining below ₹43850, a big fall will come because this support has been tested multiple times, if it don’t break then a relief rally is expected too. Now let’s look at tomorrow’s level and its outlook.

Heavy C.E O.I’s were at 43900,44000,44100 while P.E O.I’s were detected at 43700,43800,43900. Sharp up move is possible above ₹43969. We expect a relief rally tomorrow.

• It can show upside move, if it breaks ₹(43969-43978) range, keep trailing SL till ₹44180,₹44310.
• It can show downside move, if it breaks ₹(43842-43856) range, keep trailing SL till ₹43740,₹43590.

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Finnifty Prediction for Tomorrow

Nifty Financial services made high of ₹19926 ,low of ₹19667. Bajaj Twins, PFC, ICICI Prudential 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 Thursday’s outlook.

Aggressive C.E O.I’s were at 19700,19750,19800 while P.E O.I’s at 19600,19650,19700. Up move is possible above ₹19726 while Down move is possible below ₹19660.

• It can show upside move if it breaks ₹(19726-19735) level, targets will be ₹19767,₹19845.
• It can show downside move if it breaches ₹(19648-19660) level, targets will be ₹19618,₹19564.

Sensex Prediction for tomorrow

Sensex made high of ₹66475 and low of ₹65842. Reliance, HDFC bank, Bajaj twins were top draggers. Let’s look at its Tomorrow’s outlook.

Aggressive C.E O.I’s were at 66000,66100,66200 while P.E O.I’s were at 65700,65800. Our view is Sideways to Bullish on it for Thursday.

• It can show upside move if it crosses ₹(65957-65968) levels, targets will be ₹66159,₹66306.
• It can show downside move if it breaches ₹(65792-65803) levels, targets will be ₹65568,₹65427.

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Heavy Weights Forecast

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Global Outlook

• Japan’s Nikkei was sideways today, however closed in green.
• South Korea’s Kospi was also sideways today and closed 2 points up.
• Australia’s S&P/ASX 200 was bullish today and closed at day’s high.
• Shanghai and Hang Seng both were bearish today, Chinese markets were more weaker than Hong Kong one.
• European markets were facing heavy selling pressure because of dismantled Geopolitical tension in Middle-East.
• U.S markets were under some selling pressure as Bond yields hit 16-year high. Nasdaq and S&P 500 were also down.
• Dollar Index regained all its losses and was trading above $(106.60) levels.
• Crude oil regained $90 mark. We were bullish on it since last month. You can check live crude oil price at https://oilprice.com/

Conclusion

Indian markets were under immense selling pressure today especially banking sector. Main reason behind this fall was technical breakdown, Geopolitical tension and spike in crude oil price. Tomorrow is Nifty expiry and we expect a relief rally if Nifty Bank successfully saves ₹43850 level otherwise if follow up selling comes, then NIFTY will be more weaker than BANKNIFTY tomorrow. According to option data, traders have done aggressive CE writing. So, by chance market starts trading above resistance, Sharp Up move will come. If U.S market stabilizes today, then most probably we will be bullish tomorrow. 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.

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