Nifty and Bank Nifty Prediction for Monday 3 Oct 2022: Indian equity markets opened marginally lower on Friday amid negative cues from the global markets. The domestic markets snapped 7-day losing streak and closed sharply higher after the announcement of the RBI policy. Investors cheered, as the RBI hiked 50 basis points, which was in line with the market expectation. Friday’s rally erased the major part of the weekly losses of Indian equity markets.
The market breadth was very strong on Friday with the Advance-Decline indicating a ratio of 3:1 at the close. All sectoral indices closed in the green on the last day of the week. The broader markets were also closed higher in line with their larger peers. The FIIs were the net seller, they sold Rs 1565.31 crore worth of shares in the Indian equity markets while DIIs bought Rs 3245.45 crore on the final day of the week.
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Nifty Futures Prediction for Monday 3 Oct 2022
Primary Nifty Trend in futures: Range-bound
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17200 whereas All Down Moves Initiates Short Covering (Buy) @ 17000 If the Nifty futures share price Moves Above 17156 and sustain. Then you should Buy with 1st Target of 17204 during the day with a Stop Loss of 17104 FOR the Target of 17204-17245- 17292- 17335
If the Nifty futures share price Moves Below 17030 and is sustained. Then you should Sell with the 1st Target of 17002 during the day with a Stop Loss of 17062. For the Target of 17002- 16978- 16940- 16902
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Bank Nifty Futures Prediction for Monday 3 Oct 2022
Primary Trend of Bank Nifty Futures: Range-bound with cautious bias
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 39100, whereas All Down Moves Initiates Short Covering (Buy) @ 38400
Suppose the Bank Nifty futures Moves Above 38970 and sustain, then you should Buy with the 1st Target of 39090 during the day with a Stop Loss of 38870. For the Target of 39090- 39295- 39370- 39480
If the Bank Nifty futures Moves Below 38712 and sustain, then you should Sell with the 1st Target of 38625 during the day with a Stop Loss of 38820. For the Target of 38625 -38550- 38396- 38270
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Global stock market updates
The US stock markets fell sharply on Friday, as the August core (less food and energy) personal consumption expenditures (PCE) price index data released surprised on the upside. Investors were worried due to persistently higher inflationary pressures despite the tightening of monetary policy. After increasing the interest rate by 3% in just six months, the fed continues to echo the need for further hikes. This worries investors that the central bank could overshoot on tightening and push the economy into a deep recession
European stock market indexes closed higher on the last day of September month. The pan-European Stoxx 600 ended higher by 1.3 percent led by construction and media stocks. A decline in government bond yields and upward revision of the U.K. GDP helped to lift the market sentiment. Despite posting strong gains for the session, most of the major stock market indexes in the region recorded sharp losses for the week, month, and quarter.
Conclusion
After seven consecutive falls, Indian markets finally witnessed a strong rally on Friday. The investors got confidence post-RBI’s commentary and bet on the beaten-down stocks on the last day of the week. On Friday, US markets fell sharply due to more signs of higher inflations and this may impact the Indian and Asian markets on Monday.
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