Nifty and Banknifty Prediction for 3 October 2023

Indian Stock Market showcased good strength yesterday and analysts at FINSITED already predicted this prior move. Yesterday was Sensex as well as Nifty midcap expiry due to holiday on Monday. Premiums depleted very fast on both sides in Nifty Bank and Finnifty contracts and Option sellers made good money by eating premiums. In today’s post nifty and banknifty prediction for 3 October 2023, we will do analysis for Tuesday’s market behaviour. If you analyze the charts shared with you in the article, you will understand market is following our pin point trendline. Market lost its half gain in last hour of trading. F.I.I’s relentless selling is still on, they sold 1685 crores worth of stocks in capital markets.

Nifty Prediction For Tomorrow

Nifty made high of 19726 and low of 19551 yesterday. We already predicted in our yesterday post that C.E shorts were aggressive and by any chance, nifty sustains above 19600, a short covering will come and same happened.

Now, let’s see Tuesday’s outlook. Aggressive O.I’s were detected at spot 19500,19550,19600 in P.E shorts which showcase traders have went aggressive following bullishness while good contracts of C.E shorts were at 19700,19750,19800 which won’t let market to move upside easily. This also indicates that if market starts sustaining below 19590, then aggressive P.E shorts will start unwinding, leading to sharp fall. Upside looks limited as global sentiment is also not supportive. However, there is also little probability of range bound.

• It can show upside move if it breaks (19660-19672) levels and can show targets of 19728,19801.
• It can show downside move if it breaches (19590-19601) levels and can show targets of 19550,19498.

Banknifty Prediction for Tomorrow

Nifty Bank made high of 44755 and low of 44344 yesterday. Banknifty lost its half gain in last hour of trading.

Let’s do analysis for Tuesday’s market. C.E Shorts O.I’s were at 44700,44800,45000 levels which is very difficult for market to break, while P.E shorts were detected at 44300,44400,44500 which is aggressive, deep in the money and by any chance, market starts sustaining below 44500, P.E shorts will start unwinding leading to sharp fall.

• It can show upside move, if it breaks (44675-44690) range, keep trailing SL till 44902,45082.
• It can show downside move, if it breaks (44498-44513) range, keep trailing SL till 44402,44211.

Finnifty Prediction for Tomorrow

Finnifty has its expiry on Tuesday. It made high of 19880,low of 19695. It 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 expiry outlook.

It is tough for Index to cross 19850 spot because C.E Short O.I’s were detected at 19850,19900,20000 levels while aggressive P.E Shorts were at 19700,19750,19800 levels which indicates, by any chance market starts sustaining below 19750, then it will lead to Sharp fall.

• It can show upside move if it breaks (19852-19868) level, targets will be 19965,20080.
• It can show downside move if it breaches (19730-19745) level, targets will be 19643,19571.

Sensex Prediction for tomorrow

Sensex was having its expiry on Friday, it showed good strength closing up 320 points. We already predicted this move in last post. Heavyweights like Reliance, ICICI Bank, SBI, Bajaj Finance were top contributors.

• It can show upside move if it crosses (65912-65921) levels, targets will be 66160,66351.
• It can show downside move if it breaches (65674-65692) levels, targets will be 65561,65427.

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Global Outlook

• Japan’s Nikkei lost its gain after opening and spent whole time in range.
• Australia’s S&P/ASX 200 was having relief rally yesterday. It closed in good green.
• Hang Seng was very strong on Friday closing 436 points up.
• European markets like Germany, France, Italy, U.K was having a relief rally on Friday. All closed in green.
• U.S markets were under brutal selloff. Dow, S&P500 closed in deep red while Nasdaq lost all its gain and closed marginally up. Investors were cautious after U.S Inflation data.
• Dollar Index regained its first hour trading session loss and closed at day’s high(106.17).
• Crude oil was still trading above $90 mark and was marginally down. You can check live crude oil price at https://oilprice.com/

Conclusion

The Indian Stock Markets were very strong on Friday. Sensex as well as Nifty Midcap expiry was also there which depleted premiums very fast and there is a advice from analysts at FINSITED to our readers, try to indulge in any trade only after 10a.m. because just after opening option premiums will be adjusted and you can be trapped. Wall Street was under heavy pressure due to inflation data and rising crude oil price, same trend can be followed by Indian markets too on Tuesday. We also predict that on Tuesday there is good opportunity in sell side especially banks will be under immense pressure. Finnifty’s expiry is also there on Tuesday. So, traders should keep eye on HDFC and ICICI bank because they constitute more than half weightage in Nifty Financial Index. Follow the levels of chart shared with you in this article and 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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