Nifty and Banknifty Prediction for 9 October 2023

Indian market opened gap up today due to stable global sentiment and went sideways whole day. R.B.I’s M.P.C was scheduled today and they decided to maintain the status quo, with repo rate kept unchanged at 6.50%. However, they surprised market by taking decision to Sale Bonds, to soak up excess funds from the banking system, so that INDIA don’t dive in inflation. In this post nifty and banknifty prediction for 9 October 2023, we will do analysis for Monday’s market behaviour. As per option chain reading, market is stuck in a range, one sided move will only come if upside or downside levels are broken. F.I.I’s are still selling relentlessly as they again sold ₹90 crores in capital markets today.

Nifty Prediction For Tomorrow

Nifty made high of ₹19675 and low of ₹19589 today. It opened gap up today and went sideways. Sharp up move is possible above ₹19683 and down move below ₹19637. You can check our previous article~ https://finsited.com/nifty-and-banknifty-prediction-for-5-october-2023/. Now let’s look at Monday’s outlook.

Aggressive C.E O.I’s were at 19650,19700,19800 and heavy P.E O.I’s were at 19500,19550,19600,19650. Let market decide where it wants to approach by breaking any side level, then sharp move will come. From next week I.T results will start rolling, So keep eye on I.T stocks because they will try to drag Nifty 50 in there direction whatever upside or downside.

• It can show upside move if it breaks ₹(19683-19695) levels and can show targets of ₹19731,₹19781.
• It can show downside move if it breaches ₹(19625-19637) levels and can show targets of ₹19591,₹19553.

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

Banknifty Prediction for Tomorrow

Nifty Bank made high of ₹44500 and low of ₹44242 today. It also went sideways after gap up. We have a bullish view on Banknifty for Monday. Now let’s look at Monday’s level and its outlook.

Heavy C.E O.I’s were at 44400,44500,44600 while P.E O.I’s were detected at 44200,44300,44400. Sharp up move is possible only above ₹44450 while down move below ₹44317. Keep eye on HDFC bank, because it is stuck in a range for long and anyside good movement is expected.

• It can show upside move, if it breaks ₹(44434-44445) range, keep trailing SL till ₹44579,₹44693.
• It can show downside move, if it breaks ₹(44307-44317) range, keep trailing SL till ₹44180,₹43969.

Finnifty Prediction for Tomorrow

Nifty Financial services made high of ₹19856,low of ₹19714. Top contributors were Bajaj Twins, both up more than 4%. 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 19800,19850,19900 while P.E O.I’s at 19700,19750,19800. Up move and Down move is possible above ₹19845 and ₹19794 respectively.

• It can show upside move if it breaks ₹(19845-19852) level, targets will be ₹19902,₹19993.
• It can show downside move if it breaches ₹(19785-19794) level, targets will be ₹19767,₹19726.

Sensex Prediction for tomorrow

Sensex made high of ₹66095 and low of ₹65762. Heavyweights like Infosys, ITC, Bajaj Finance, Titan, Bajaj Finserv were among top contributors while HINDUSTAN UNILEVER, Airtel, Asian Paints were among top draggers. Let’s look at its tomorrow outlook.

Aggressive C.E O.I’s were at 66000,66100,66200 while P.E O.I’s were at 65800,65900,66000. We expect it to be bullish on Monday and give Go ahead signal for Option Buyers.

• It can show upside move if it crosses ₹(66159-66172) levels, targets will be ₹66306,₹66548.
• It can show downside move if it breaches ₹(65901-65921) levels, targets will be ₹65729,₹65427.

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 sideways today after continuous losing streak.
• South Korea’s Kospi was also sideways today but traded whole day in green.
• Australia’s S&P/ASX 200 was having a relief rally today after continuous brutal sell off.
• Hang Seng was bullish today, up more than 272 points.
• European markets like UK, Germany, France, Italy were bullish today after many days of sell off. Italian markets were the strongest among them today.
• U.S markets was bullish today even though Futures dipped like rocket when Job data was published which came higher than estimates and Market feared of further rate hikes by FED. Nasdaq, S&P500 both up more than 1%.
• Dollar Index was trading lower below $106 levels.
• Crude oil was trading below $85 mark. However, we remain bullish on crude. You can check live crude oil price at https://oilprice.com/

Conclusion

Today stock market opened gap up due to stable global sentiment and falling crude price. It was SENSEX expiry as well as R.B.I’s M.P.C meeting today, Central bank doesn’t announced major decision and kept everything identical except Bond Sale, that’s why market went sideways after gap up. Our indices are standing at important juncture, and it has to break either upside or downside level for good move, as per option chain analysis. We have Bullish signal for Nifty, Sensex, Nifty bank, Finnifty for Monday. We may follow the trend of U.S market too. 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/