Nifty and Banknifty Prediction for 5 October 2023

Indian market opened gap down due to global cues. Analysts at FINSITED predicted that directional move will come only when we break important levels either upside or downside but due to bad global sentiment, we opened gap down and wasted whole trading session in rangebound. Today was Banknifty expiry, Put sellers unwinded there position immediately after opening leading to some more fall. In this post nifty and banknifty prediction for 5 October 2023, we will do analysis for Thursday’s market behaviour. Tomorrow is Nifty expiry and as far our reading, there is higher chance of market behaving rangebound to bullish. Bullishness can only be possible if global cue remains neutral. There is negligible chance of further down move as we are in oversold zone. F.I.I’s are still selling relentlessly as they again sold ₹4424 crores in market today.

Nifty Prediction For Tomorrow

Nifty made high of ₹19457 and low of ₹19333 today. We predicted that Nifty will be rangebound today. as option chain signaled the same but due to Gap down opening, market got stuck in a range. However Nifty regained half of its losses in last hour of trading. You can check our previous article~ https://finsited.com/nifty-and-banknifty-prediction-for-4-october-2023/. Now let’s look at tomorrow’s expiry outlook.

Nifty made a Doji candle in daily time frame which is a reversal sign. Aggressive C.E O.I’s were at 19400,19450,19500 and heavy P.E O.I’s were at 19300,19350,19400. As far option chain analysis, it depicts sideways market tomorrow. However, nifty today’s doji candle can have next bullish candle if global cues remain positive. One should keep eye on I.T Stocks as they can be top contributors.

• It can show upside move if it breaks ₹(19498-19510) levels and can show targets of ₹19553,₹19591.
• It can show downside move if it breaches ₹(19403-19420) levels and can show targets of ₹19353,₹19315.

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Banknifty Prediction for Tomorrow

Nifty Bank made high of ₹44161 and low of ₹43857 today. We predicted the market behaviour will be rangebound in ideal condition but it opened gap down which fired our analysis. Now let’s look at 5 October outlook.

Heavy C.E and P.E O.I’s were at 44000 spot both side as per option chain. This signals that nifty bank can be sideways tomorrow. However, if it starts sustaining above ₹44050 or below ₹43899 good up move or down move possible respectively. Keep eye on Axis Bank as it may give a retracement after sharp fall.

• It can show upside move, if it breaks ₹(44050-44068) range, keep trailing SL till ₹44219,₹44317.
• It can show downside move, if it breaks ₹(43885-43899) range, keep trailing SL till ₹43813,₹43683.

Finnifty Prediction for Tomorrow

Nifty Financial services made high of ₹19655,low of ₹19534. 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 19600,19700 while P.E O.I’s at 19550,19600. It may give sharp up move if it starts sustaining above ₹19616, while downside move is minimal.

• It can show upside move if it breaks ₹(19616-19628) level, targets will be ₹19680,₹19767.
• It can show downside move if it breaches ₹(19551-19559) level, targets will be ₹19525,₹19467.

Sensex Prediction for tomorrow

Sensex made high of ₹65332 and low of ₹64878. Heavyweights like SBI, Bajaj Finance, L&T, Axis Bank, Maruti were top draggers while IT Stocks, HDFC Bank and HINDUSTAN UNILEVER were among top performers. It gained good momentum in last hour of trading. Let’s look at tomorrow’s outlook.

Aggressive C.E O.I’s were at 65200,65300,65400 while P.E O.I’s were at 65100,65200,65300. If Sensex starts sustaining above ₹65427, keep trailing Stoploss to gain maximum points.

• It can show upside move if it crosses ₹(65427-65439) levels, targets will be ₹65688,₹65921.
• It can show downside move if it breaches ₹(65012-65024) levels, targets will be ₹64810,₹64548.

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Heavy Weights Forecast

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Global Outlook

• Japan’s Nikkei was under immense selling pressure and closed at day’s low.
• South Korea’s Kospi opened gap down and continued its fall and closed at day’s low.
• Australia’s S&P/ASX 200 was also under brutal sell off, down almost 53 points.
• Hang Seng fell after opening and closed 135 points down.
• European markets like UK, France, Italy was under sell off except Germany.
• U.S markets was having a relief rally after yesterday’s brutal sell off. Tech stocks were among top performer like Meta, Alphabet. Nasdaq, S&P500 was also in uptrend.
• Dollar Index was trading lower at $(106.87) levels.
• Crude oil was trading below $85 mark down more than 4%. However, we remain bullish on crude. You can check live crude oil price at https://oilprice.com/

Conclusion

Today our analysis got fired because of gap down opening. We expected market to behave sideways. Today was Nifty Bank expiry. C.E sellers printed good money while P.E sellers were butchered. Tomorrow is Nifty expiry and we can see a up move rally in Nifty and Sensex after continuous losing streak. However, Nifty Bank and Finnifty can be sideways. We want to advise our readers to trade in Nifty tomorrow rather Banknifty. Global cues looks stable. 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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