Nifty and Bank Nifty Prediction for Monday 11 Sept 2023:Indian equity benchmarks ended with moderate gains on Friday, gaining for the sixth straight session. The domestic market indexes traded above their neutral lines throughout the session despite weakness in the global markets. The market sentiments remained positive, as the Indian rupee strengthened against the US dollar.
The market breadth was almost flat on Friday, with the advance-decline indicating an equal ratio at the close. Among the sectors, Realty, Energy, and Financial Services were advanced while the Media, Pharma, and FMCG sectors witnessed selling pressure.
At the close, Sensex advanced 333.34 points or 0.50 percent while Nifty finished higher by 92.90 points or 0.47 percent and settled at 19819.95 levels. The broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes gained 0.95 percent and 0.61 percent respectively.
Nifty and Nifty Bank Futures Price Movement on Friday, 8 Sept
On Friday, September 8, the Nifty futures (Sept Series) opened at the 19800 level, it made a positive opening of 31.3 points from the previous close. It touched an intraday high at 19916 and a day’s low at 19772.30
The Nifty futures have given a movement of 143.7 points on Friday. In the end, it closed higher by 105.30 points or 0.53 percent and ended at 19874 levels.
The Bank Nifty futures (Sept Series) opened at 45151 levels on the last day of the week. It made a positive opening of 105.85 points on Friday. It has touched an intraday high at 45563.15 and a day’s low at 44976.45
On Friday, the Bank Nifty futures gave a movement of 586.7 points. At the close, Bank Nifty Future finished higher by 280.95 points or 0.62 percent and ended at 45326.10 levels.
Nifty & Bank Nifty Prediction for Monday 11 Sept 2023 (Sept Expiry)
Nifty Futures Prediction for Monday 11 Sept 2023
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 19980 whereas All Down Moves can initiate Short Covering @ 19850
If the Nifty futures share price Moves Above 19895 and sustains. Then it can touch the 1st Target of 19927 during the day with a Stop Loss of 19870 FOR the Target of 19927- 19958- 19985
If the Nifty futures share price Moves Below 19838 and is sustained. Then it can touch the 1st Target of 19812 during the day with a Stop Loss of 19858 For the Target of 19812- 19780- 19745.
Bank Nifty Futures Prediction for Monday 11 Sept 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 45600, whereas All Down Moves can Initiate Short Covering @ 45200
Suppose the Bank Nifty futures move above 45425 and sustain, then it can touch the 1st Target of 45505 during the day with a Stop Loss of 45350. For the Target of 45505- 45575- 45660
If the Bank Nifty futures move below 45200 and sustain, then the index can touch the 1st Target of 45130 during the day with a Stop Loss of 45260. For the Target of 45130- 45050- 44980
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European Stock Markets at Close on Friday
European stock market indexes closed marginally higher after a volatile session on Friday, snapping the longest losing streak since February 2018. The markets closed positive following the tentative gains from the US markets on Friday.
On the economic front, the official data showed that German inflation eased to 6.1% in August as compared to the previous month but remains at higher levels, while Core inflation was unchanged. German Industrial production fell more than expected in July, for the third month in a row, the reading came to 0.8% less than the previous month. In France, the official data showed that the industrial output was up more than expected in July.
The US Stock Market at Close on Friday
The US stock markets index S&P 500 and Nasdaq snapped a 3-day losing streak and ended slightly higher on Friday, while Dow Jones gained for the second consecutive day. The markets ended higher, as Apple and other tech and growth stocks bounced back and witnessed some buying after the recent fall.
However, the market upside was limited, as there were renewed concerns about the future path of the Federal Reserve’s interest rates. The grocery retailer Kroger gained about 3% after reporting mixed second-quarter results, as the company said it would pay as much as $1.2 billion to settle most claims related to opioids. You can also read our Daily US Markets Live Report at 10 p.m. IST on our website.
Conclusions
Indian stock market indexes closed on a strong note on Friday and registered their best week in the last two months. The US and European markets also ended on a positive note on Friday. The local markets are likely to continue their positive momentum on Monday, you can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
Also, read- Global Stock Market – Weekly News and Analysis Report
Indian Stock Market Weekly Recap: Sept 4-8, 2023
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