Nifty and Banknifty Prediction for 23 October 2023

Indian Markets opened gap down on Friday and instantly filled the gap upside after opening then went sideways. We predicted that market will be sideways to Bearish for Friday and same happened. Monday is Finnifty and Nifty Midcap expiry and global markets signaling a gap down opening. However, ICICI Bank and Kotak Bank results are good and average respectively. In this post, Nifty and Banknifty Prediction for 23 October 2023, we will do expiry analysis as well as results impact on market. F.I.I’s surprisingly bought ₹456 crores worth of stocks in capital markets on Friday.

Nifty Prediction For Tomorrow

Nifty made high of ₹19593 and low of ₹19518. It opened gap down and filled the gap upside and closed 82 points down. You can check our previous article~ https://finsited.com/nifty-and-banknifty-prediction-for-19-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 19600,19650,19700 while P.E O.I’s at 19500,19550,19600. Focus on ICICI bank and Kotak bank which will decide Nifty Bank momentum thus dragging Nifty on the same path

• It can show upside move if it breaks ₹(19574-19586) levels and can show targets of ₹19637,₹19683.
• It can show downside move if it breaches ₹(19484-19495) levels and can show targets of ₹19447,₹19382.

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Banknifty Prediction for Tomorrow

Nifty Bank made high of ₹43877 and low of ₹43567. It hold Nifty today as FMCG & IT sector was under immense pressure. Seeing the global cues, a gap down opening is possible. So, we advise our readers to square off there short position if they are carrying overnight because ICICI Bank has published good result and Kotak’s result are also fine. They will come to support Banknifty and we expect a sharp up move after gap down opening. Now let’s look at Monday’s level and its outlook.

Aggressive C.E O.I’s were at 43700,43800,43900 while P.E O.I’s were detected at 43500,43700,43800. Keep an eye on our charts shared below as they will clarify your doubts and will help to take trading decision after gap down opening.

• It can show upside move, if it breaks ₹(43856-43868) range, keep trailing SL till ₹43969,₹44135.
• It can show downside move, if it breaks ₹(43665-43678) range, keep trailing SL till ₹43590,₹43464.

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Finnifty Prediction for Tomorrow

Nifty Financial services made high of ₹19664 ,low of ₹19506. SBI, Axis Bank, RECL were among top draggers. It’s expiry is on Monday due to Holiday on Tuesday. 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 19650,19700,19800 while P.E O.I’s at 19500,19550,19600. Up move is possible above ₹19639 while Down move is possible below ₹19591.

• It can show upside move if it breaks ₹(19639-19645) level, targets will be ₹19683,₹19726.
• It can show downside move if it breaches ₹(19585-19591) level, targets will be ₹19550,₹19489.

Nifty Midcap Prediction for Tomorrow

Nifty Midcap made high of ₹9070 and low of ₹8930. It was under immense selling pressure after opening and closed 120 points 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.

Aggressive C.E O.I’s were at 8950,8975,9000 while P.E O.I’s at 8850,8875,8900.

• It can show upside move if it breaks ₹(8952-8958) level, targets will be ₹8990,₹9022.
• It can show downside move if it breaches ₹(8928-8932) level, targets will be ₹8909,₹8876.

Sensex Prediction for tomorrow

Sensex made high of ₹65555 and low of ₹65308. Hindustan Unilever, ITC, L&T, SBI were among top draggers. Let’s look at its Monday’s outlook.

Aggressive C.E O.I’s were at 65400,65500 while P.E O.I’s were at 65200,65300,65400. Our view is Sideways to Bullish on it for Monday. Focus on banking stocks as they will decide market movement.

• It can show upside move if it crosses ₹(65454-65468) levels, targets will be ₹65576,₹65697.
• It can show downside move if it breaches ₹(65311-65324) levels, targets will be ₹65192,₹65110.

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Heavy Weights Forecast

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Global Outlook

• Japan’s Nikkei was bearish on Friday and closed 171 points down.
• South Korea’s Kospi was under brutal sell off and closed 40 points down.
• Australia’s S&P/ASX 200 fell after opening and closed 80 points down.
• Shanghai and Hang Seng continued their bearishness and closed in deep red.
• European markets were under brutal sell off. DAX, FTSE, CAC, MIB all closed down more than 1.5%.
• U.S markets were facing follow on selling. Nasdaq, S&P 500 both closed down more than 1.20% as U.S 10 year bond yield shooted above 5% after 16 years.
• Dollar Index closed marginally down around $(106.16) levels.
• Crude oil regained $90 mark. We are bullish on it. You can check live crude oil price at https://oilprice.com/

Conclusion

Market filled the gap upside and went sideways after opening on Friday. We expect Monday will be a gap down opening and advise our readers to book shorts immediately after opening as ICICI, KOTAK will come to save the market leading to short covering as both banks published superb results. Keep tracking banking stocks for Nifty and Finnifty movement as FMCG stocks will remain under pressure due to squeeze in margin of there sales. So, they will try to drag Nifty downside. Finnifty and Nifty midcap expiry is also on Monday that’s why we advise our readers to not trade in same expiry as premiums will deplete very fast for all contracts. Our view is Sideways to bullish for coming session. 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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