Nifty and Bank Nifty Prediction: Nifty & Bank Nifty both closed below Yesterday’s low on 18 September 2023 trading session. All other indices like Sensex, Finnifty & Nifty Midcap closed in in Red Today.
The Good Signal for Indian Market is that Nifty 50 has sustained to close above 20,000 Level in last 3 consecutive trading sessions.
Similarily, The downside movement in Bank Nifty can also be considered as a profit booking only. But today’s closing in both the Indices has activated some key level that market will react upon. Now, we will analyse the current market situation and predict the trade setup that can be applied on next Day.
Nifty Analysis & Prediction for Wednesday Sept 20
| Index | Opening Value | Predicted High | Predicted Low | Closing Prediction |
|---|---|---|---|---|
| Nifty | 20100 | 20270 | 20040 | Between 20030-20300 |
Nifty Today opened about 37 points down at 20155, made a high of 20195 Level as shared in yesterday’s analysis post. Then again, Nifty made a low at 20115 and finally closed at 20133 at 3:30 PM
In total, it was only about 100 points movement throughout the day in Nifty. So, we cannot consider this as a reversal yet.
The trend is still bullish until it manages to hold above the level of 20,000. Plan for bearish Trades on Wednesday only below 20000 level, otherwise we can see a good bounce back upto all time high or the next resistance level of 20320.
Bank Nifty Analysis & Prediction for Wednesday Sept 20
| Index | Opening Value | Predicted High | Predicted Low | Closing Prediction |
|---|---|---|---|---|
| Nifty Bank | 45880 | 46620 | 45490 | Between 46620-45490 |
Bank Nifty Today opened about 130 points down at 46100, made a high of 46252 Level. Then again, Bank Nifty made a low at 45906 and finally closed at 45980 at 3:30 PM
During the next trading session, if Bank Nifty Breaks 45780 level then we can see fall upto 45320 Support Level.
Also, We can see a new all time high in Bank Nifty if buyers manages to take control above the 46252 Resistance Level.
Global Sentiment for This Week
Last week, things were a bit mixed in the world’s financial markets. In the United States, the economic news was mostly good, but there was a little bit of concern because prices for things people buy every day went up a little more than expected.
Most investors felt pretty good because they hoped the Federal Reserve (the folks in charge of money in the US) wouldn’t raise interest rates in their upcoming meeting.
But on Friday, the US stock market had a tough day. This happened because the interest rates on US government loans went up, the price of oil increased, and companies that make computer chips saw their stock prices drop.
Over in Europe, the European Central Bank said they probably won’t raise interest rates again for a while after raising them a little last Thursday. This made European markets go up.
In Asia, people were feeling positive because China had some good news about its economy. Looking ahead to this week, a big focus will be on what the central banks (the money folks) in the US, UK, and Japan decide to do with interest rates.
We’ll also get some important economic data about things like housing in the US, prices in the UK and Japan, and how much people are shopping in the UK. All of these things could affect what people think will happen in the global stock markets.
Conclusion
Watch out for what happens with Nifty and Bank Nifty on Wednesday, September 20, 2023. Stay tuned for updates and see how things go in the market.
Happy Trading!
