Nifty and Banknifty Prediction for 26 October 2023

Indian Markets again fell today and continued its back to back losing streak due to Geopolitical tussle, volatility in global markets, US 10 year bond yield spiked to 5% and crude sustaining around $90 were major reasons for the fall. In this post Nifty and Banknifty prediction for 26 October 2023, we will discuss tomorrow’s market outlook as we have Nifty, Bank Nifty and monthly expiry too. Markets are highly Oversold and PCR is touching ground. So, a strong bounce is highly possible tomorrow and expiry can end in green. F.I.I’s continued there ruthless selling by dumping ₹4236 crores worth of stocks in capital markets today.

Nifty Prediction For Tomorrow

Nifty made high of ₹19347 and low of ₹19074. It opened flat and after reversing from supply zone of ₹19345, it started losing its gain and fell like a knife and closed 159 points down. You can check our previous article~ https://finsited.com/nifty-and-banknifty-prediction-for-23-october-2023/. If you follow our trendline, you will note how beautifully market respects the line. Now let’s look at Thursday’s outlook.

Aggressive C.E O.I’s were at 19100,19150,19200 while P.E O.I’s at 19000,19050,19100. Metal stocks tried to hold the Nifty while Banks, IT dragged it downside.

• It can show upside move if it breaks ₹(19192-19208) levels and can show targets of ₹19253,₹19357.
• It can show downside move if it breaches ₹(19065-19078) levels and can show targets of ₹18992,₹18861.

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

Banknifty Prediction for Tomorrow

Nifty Bank made high of ₹43397 and low of ₹42758. It opened gap up and went sideways but after breaking yesterday’s low, it also fell like a waterfall. However PSU banks tried to support Bank Nifty. Now let’s look at Thursday’s level and its outlook.

Aggressive C.E O.I’s were at 42800,42900,43000 while P.E O.I’s were detected at 42600,42700,42800. Keep an eye on our charts shared below as they will clarify your doubts and will help to take trading decision.

• It can show upside move, if it breaks ₹(42960-42978) range, keep trailing SL till ₹43081,₹43291.
• It can show downside move, if it breaks ₹(42772-42781) range, keep trailing SL till ₹42602,₹42387.

Check Out~ https://finsited.com/2-breakout-stock-for-trading-next-week/

Finnifty Prediction for Tomorrow

Nifty Financial services made high of ₹19486 ,low of ₹19192. Bajaj Twins and Insurance stocks like Hdfc life, SBI life 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 Tomorrow’s outlook.

Aggressive C.E O.I’s were at 19200,19300,19400 while P.E O.I’s at 19100,19200,19300.

• It can show upside move if it breaks ₹(19286-19295) level, targets will be ₹19326,₹19376.
• It can show downside move if it breaches ₹(19192-19200) level, targets will be ₹19122,₹19054.

Sensex Prediction for tomorrow

Sensex made high of ₹64787 and low of ₹63912. Bharti airtel, Bajaj Finance, Tata Motors, Tech Mahindra were among top draggers. Let’s look at its Thursday’s outlook.

Aggressive C.E O.I’s were at 64000,64100,64200 while P.E O.I’s were at 63900,64000,64100. Our view is Sideways to Bullish on it for Thursday.

• It can show upside move if it crosses ₹(64217-64228) levels, targets will be ₹64380,₹64732.
• It can show downside move if it breaches ₹(63915-63928) levels, targets will be ₹63804,₹63586.

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 bullish today. However in second half it lost much of its gain and closed 207 points up.
• South Korea’s Kospi was bearish today and closed 20 points down.
• Australia’s S&P/ASX 200 went sideways after showing strength in start of trading session.
• Shanghai and Hang Seng both opened gap up and lost more than half of its gain in second session.
• European markets were having a relief rally after continuous fall in previous sessions, only Italy’s index was trading in red.
• U.S markets at 10:10 were trading in red. Nasdaq, S&P 500 both were down more than 1.% while Dow Jones was marginally up, as U.S 10 year bond yield shooted above 5% after 16 years.
• Dollar Index at 10:10 was trading above $(106.35) levels.
• Crude oil was marginally up trading around $89 mark. We are bullish on it. You can check live crude oil price at https://oilprice.com/

Conclusion

Markets were very weak and again fell today. Indices are highly oversold and Strong Bounce is expected either side for reversals or for further fall. Only metal stocks were trying to hold the market otherwise IT, Banks, FMCG, Auto all were weak. Tomorrow is Nifty, Banknifty and Monthly expiry too. So CE Shorts of this expiry will unwind leading to up move. 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.

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/