Nifty and Bank Nifty on Friday closed first time above the recent all time high levels of 20150 and 46150 respectively. On the trading session of September 15, India’s stock markets did really well! The BSE Sensex, which measures the performance of big companies, reached a brand-new all-time high at 67,927 points. The Nifty, which tracks the performance of 50 major companies, also reached a peak at 20,222 points.
Even the mid-sized and smaller companies in India did well, with their stock indices ending the day in positive territory. In numbers, the Sensex went up by 0.47%, which is about 320 points, to reach 67,838.63 points. The Nifty also rose by 0.44%, which is around 89 points, reaching 20,192 points. It was a great day for Indian stock markets, especially for automobile and financial companies.
Now We will discuss in detail about Nifty & Bank Nifty Prediction for Monday 18 September 2023 based on various factors like global markets and option chain data.
Nifty Prediction for Monday 18 September 2023
Everything was going well in Indian markets but there are some global cues and factors that can lead to a negative opening on Monday for Nifty Index.
The major index that we rely upon while predicting Nifty Opening is Gift Nifty. So, Gift Nifty closed somewhere flat to negative which is a negative sign for Nifty on Monday.
Nifty Support & Resistance Levels for Monday
There are three major levels that will play a crucial role for intraday traders on Monday. First, Support level that will decide the the uptrend continuation is 20100. If, Nifty sustains above this level then we can expect market to be Positive and Bullish.
- 20220
- 20170
- 20100
Also, the important second level is 20170 where market is currently trading. By any chance if market opens flat, then traders can decide their positions based on this level. If Nifty breaks this level downside then we can see first target of 20100 and we can go long till 20220 if sustains above 20170 level.
Nifty Option chain data is completely sideways so we cannot make a decision based on the current data. For more clarity in option chain, check it after 10:30 AM on Monday.
Bank Nifty Prediction for Monday 18 September 2023
Based on Technical Analysis, there is a pending level of 46340 for Nifty bank to complete the Bullish continuation structure on Monday.
If Bank Nifty Opens flat and sustains above 46170 level then we can expect the market to complete its structure and touch the resistance level of 46340.
Similarily, if Bank Nifty fails to sustain above 46170 level, then we can see 45990 Again towards downside.
A Tug of War is going on in Option Chain as well between CE and PE Writers. However, 46500 is a strong resistance and 46000 is a strong support level based on OI data in the Option Chain.
Global Cues Analysis
The only negative aspect for Indian Markets on Monday is Global Market data till now. The Dow Jones and other European Indices closed negative due to the fear of the news that ECB may keep interest rates high.
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People who invest in stocks are now looking ahead to see what the Federal Reserve, a big financial organization, will decide to do with interest rates next week.
One of the important stock indexes, called the Nasdaq, which has a lot of technology companies, went down a lot on Friday.
When it comes to the economy, a report from the University of Michigan showed that in September, the confidence of consumers, or how good they feel about the economy, went down to 67.7 from 69.5 in August.
On the other hand, the Federal Reserve reported that in August, the amount of stuff being made and produced in the US (like in factories, mines, and utilities) was higher than what people expected.
Till, Now these are the only factors that may decide Indian markets on Monday. We will update any related information as soon as possible, so stay connected to Trader Singh.
