Nifty and Banknifty Prediction for 4 October 2023

Indian market was under heavy selling pressure today and our loyal readers must have made good money as analysts at FINSITED already predicted this prior move in last article. Today was Finnifty expiry and we advised you all to not carry forward trades on Friday as option will deplete huge and the same happened. In this post nifty and banknifty prediction for 4 October 2023, we will do analysis for Wednesday’s market behaviour. Since tomorrow is Nifty bank expiry, and option chain is signaling that we may end rangebound or a chance of directional move only if any positive or negative news starts circulating but our analysts have bias of range bound. If you analyze the charts shared with you in article daily, you will understand market is following our pin point trendline. F.I.I’s are selling relentlessly as they again sold ₹2034 crores in capital markets today.

Nifty Prediction For Tomorrow

Nifty made high of ₹19623 and low of ₹19479 today. We already predicted that long unwinding will occur if Nifty starts sustaining below ₹19590 and same happened. You can check our previous article~ https://finsited.com/nifty-and-banknifty-prediction-for-3-october-2023/. Now let’s look at tomorrow’s outlook.

Aggressive C.E short O.I’s were detected at 19500,19550,19600 spot and same heavy P.E short O.I’s were at 19400,19500,19550 levels. If nifty starts trading below ₹19498 then a sharp fall can come while if it starts sustaining above ₹19553, then sharp up move possible. But according to our analysis most favorable probability is range bound as index is stuck between the range and if by any chance, it crosses any level either upside or downside then big rally will come.

• It can show upside move if it breaks ₹(19553-19564) levels and can show targets of ₹19591,₹19660.
• It can show downside move if it breaches ₹(19485-19498) levels and can show targets of ₹19461,₹19415.

Banknifty Prediction for Tomorrow

Nifty Bank made high of ₹44566 and low of ₹44243 today. If you have read our last article, then you must be knowing that we already told that if it starts sustaining below 44500, Sharp fall is sure to come and same happened. Now let’s look at 4 October outlook.

Heavy C.E O.I’s were at 44300,44400,44500 spot deep in the money while same aggressive P.E O.I’s were at 44300,44400,44500. This sounds like that big players have decided to finish Banknifty expiry in rangebound. If by any chance market starts sustaining below ₹44317 or above ₹44477, then big rally will come downside or upside respectively. Again our prediction is that we may end in range.

• It can show upside move, if it breaks ₹(44477-44485) range, keep trailing SL till ₹44680,₹44902.
• It can show downside move, if it breaks ₹(44307-44317) range, keep trailing SL till ₹44219,₹44050.

Finnifty Prediction for Tomorrow

Today was Finnifty expiry and our analysis worked properly, it gave good momentum after breaching ₹19750. It made high of ₹19795,low of ₹19669. 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 tomorrow’s outlook.

Aggressive C.E O.I’s were at 19700,19750,19800 levels while P.E O.I’s were at 19600,19650,19700,19750 which indicates it may end up in range bound tomorrow and only a directional move will come if any positive or negative news starts floating. We suggest you guys to take less number of trades in option buying because premiums will deplete very fast in boring range bound expiry while option sellers have a good opportunity to make money.

• It can show upside move if it breaks ₹(19767-19778) level, targets will be ₹19812,₹19878
• It can show downside move if it breaches ₹(19668-19680) level, targets will be ₹19614,₹19567.

Sensex Prediction for tomorrow

Sensex made high of ₹65813 and low of ₹65344. Heavyweights like Reliance, HDFC Bank, ICICI Bank, ITC, Maruti were top draggers. Heavy C.E O.I’s were at 65500,65600,65700 levels while P.E O.I’s were at 65400,65500,65600 spot. Sharp up move is possible above ₹65688 while down move is possible below ₹65427.

• It can show upside move if it crosses ₹(65688-65702) levels, targets will be ₹65921,₹66160.
• It can show downside move if it breaches ₹(65408-65427) levels, targets will be ₹65229,₹65024.

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

Heavy Weights Forecast

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Global Outlook

• Japan’s Nikkei was under immense selling pressure today, it continued its down move after opening.
• Australia’s S&P/ASX 200 lost all its gain immediately after opening and closed in deep red.
• Hang Seng fell after opening and continuously kept falling and closed at day’s low.
• European markets like Germany, France, Italy, U.K were having brutal sell off.
• U.S markets were under heavy selling pressure. Wall Street was under fear of FED Rate hikes as August Job data was very shocking. Treasury yields have also spiked to 16 year peak.
• Dollar Index was marginally up at $(107.08) levels.
• Crude oil was still trading above $90 mark and we expect it to show up move as reports say that U.S strategic crude oil reserve were at multi-year low and when they start refilling it, crude oil is sure to shoot to any level. You can check live crude oil price at https://oilprice.com/

Conclusion

Market was under immense pressure today as Global sentiment was not supportive. Asian markets were under sell off. Tomorrow is Nifty Bank expiry and option chain depicts that we may end range bound. However, U.S markets were under brutal sell off. So, traders should not be biased. Always set your mindset to play both sides wherever market moves. From our study point of view we suggest traders to take less number of trades in option buying as premiums will deplete very fast in range bound trading session. Because of that you may end up in loss. Sellers can have good opportunity to make money tomorrow. Sell the Call and Put options above and below the range respectively and enjoy eating premium. Remember don’t be biased on our analysis as market is supreme and option chain tend to change in minutes. 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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