Nifty and Bank Nifty Predictions: The Indian equity market concluded a tumultuous session on a positive note, breaking a four-day losing streak. Despite weak global cues, domestic indices managed to close flat but positive. The realty, financial services, and consumer durables sectors witnessed gains, while selling pressure weighed down on the IT, media, and pharma sectors.
In the NSE, market breadth tilted slightly negative, with 963 advancing shares and 1099 declining at the close. The “India VIX” volatility index on the NSE rose by 2.25 percent to reach 10.90 levels.
Sensex and Nifty Performance
At closing, the Sensex posted a marginal gain of 14.54 points or 0.02 percent, settling at 66,023.69. In contrast, Nifty closed flat but positive at 19,674.55 levels. The broader markets exhibited strength, with the Nifty midcap index advancing 266.55 points or 0.66 percent, closing at 40,405.70. Meanwhile, the Nifty smallcap index inched up by 5.30 points, concluding at 12,481.56 levels.
Futures Price Movements
Looking ahead to the Nifty and Bank Nifty futures for September 28, 2023:
Nifty Futures: Opening at 19,722.25, it marked a positive start, gaining 14 points on Monday. Throughout the day, Nifty futures reached an intraday high of 19,763 and a low of 19,626.25. Ultimately, it closed down by 3.50 points or 0.02 percent at 19,704.75 levels.
Bank Nifty Futures: Commencing at 44,680, Bank Nifty futures saw a slight positive opening, with an increase of 2.4 points. The day’s journey led to an intraday high of 44,990.95 and a low of 44,469. By day’s end, Bank Nifty futures climbed by 135.40 points or 0.30 percent, closing at 44,813 levels.
Predictions for September 26, 2023
Primary Trend in Nifty Futures: Negative
Range-Bound Trend of Nifty Futures: Profit booking may occur at 19,800 for upward moves, while short covering may initiate at 19,650 for downward moves.
If Nifty futures in the September series surpass 19,735 and sustain, there’s potential for it to touch 19,764 during the day, with a stop loss at 19,710. Conversely, if Nifty futures dip below 19,670 and sustain, they could reach 19,638 levels, with a stop loss at 19,692.
Range-Bound Trend of Bank Nifty Futures: Profit booking may arise at 45,100 for upward moves, while short covering could start at 44,700 for downward moves.
For Bank Nifty futures in the September series, if they rise above 44,915 and maintain momentum, they may touch 45,020 levels during the day, with a stop loss at 44,820. However, if they drop below 44,650 and maintain that position, they could reach 44,570 levels, with a stop loss at 44,730.
Global Stock Market Updates
In the broader Asian market scenario, most indexes ended in the red on Monday. Investors expressed caution as they awaited key economic data from the region later in the week. Concerns arose from the hawkish stance of central banks worldwide, leading to prolonged high global interest rates. China’s ongoing economic challenges further dampened investor sentiment.
Japan’s Nikkei bucked the trend by finishing higher, while South Korea’s Kospi and Australia’s S&P/ASX 200 ended lower initially but later displayed marginal gains. In contrast, Shanghai and Hang Seng struggled, primarily due to tech and property sectors dragging down indices after China’s Evergrande faced a 25 percent drop in value. Straits Times and Taiwan closed higher, but SET Composite and Jakarta concluded the day lower.
Meanwhile, European markets faced downward pressure, driven by concerns over China’s troubled property sector and rising crude oil prices. Germany’s weak economic data, reflecting a fifth consecutive month of deteriorating business morale, further weighed on market sentiments according to the Ifo Institute’s business climate index.
In the United States, futures reversed their early gains and turned negative in the afternoon session. As of 5.30 pm IST, Dow and Nasdaq futures traded marginally lower, indicating a potentially negative opening for the U.S. markets.
Stay tuned for more updates on the global and domestic markets as we continue to monitor the evolving financial landscape.
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