Bank Nifty futures prediction for tomorrow 24 Feb 2021
Today’s Market Updates || Nifty & Bank Nifty futures prediction for tomorrow 24 Feb
Nifty & Bank Nifty futures prediction for tomorrow 24 Feb: Indian equity markets opened positive amid mixed global market cues. The markets were traded volatile in the morning deals. In the second half, the market erased most of its early gains but traded above its neutral lines and later closed marginally higher.
The market sentiment was positive as India Ratings and Research has revised its outlook on the overall banking sector to stable for fiscal 2021-2022 (FY22)from negative even as it sees higher stress emerging in the retail loan segment going ahead. For PSU banks the outlook has been revised to stable from negative.
Some support also came with the domestic rating agency ICRA stating that the monthly collections including overdue in its rated retail loan pools originated largely by NBFCs and HFCs have reached pre-moratorium levels as of December 2020. However, it said for its rated microfinance players, collections are yet to reach the pre-moratorium levels.
On the global front, Asian markets were mostly closed in the green as rising commodity prices boosted the market expectation of an improved growth outlook. European stock market indices erased their early gains and are trading lower at this time. The US market indices Nasdaq futures and Dow futures are also trading lower.
Today’s market update: Sensex, Nifty, and Bank Nifty on the spot price
At the close, Nifty gained 32.1 points or 0.22% and closed at 14707.80 levels while Sensex was up by only 7.09 points or 0.02% and finished at 49751.41 levels. The Bank Nifty on the spot price fell 140.25 points or 0.39% and closed at 35116.95 levels.
The Nifty midcap and smallcap 100 indices outperformed the benchmark indices today. The Nifty midcap 100 index gained 230.55 points or 1.01% and closed at 23053.35 levels. Nifty smallcap index was up by 74.40 points or 0.94% and closed at 7959.45 levels.
The top five gainers in the Nifty50 index were Tata Steel, Tata Motors, ONGC, Hindalco, and UPL. The top five losers in the Nifty50 index were Kotak Mahindra Bank, Adani Ports, Maruti Suzuki, Bajaj Auto, and Divis Lab. The most active stock for the day was Tata Motors, Tata Steel, and Reliance
On a sectoral basis, Metals, Insurance, Oil & Gas, Automobiles, and Capital Goods sectors closed as gainers. On the losing side, Banks, Healthcare, Manufacturing, Power, and Telecom sectors closed marginally lower today.
Nifty & Bank Nifty futures price today
The Nifty futures share price opened at 14755.25 made a gap up opening of 82.6 points. It has touched an intraday high at 14871 and a day’s low at 14662.55
The Nifty futures share price has given a movement of 208.45 points. In the end, it gained 51.35 points or 0.35 % and closed at 14724 levels.
The Bank Nifty futures share price opened at 35580 It made a positive opening of 325.45 points today. It has touched an intraday high at 35714.95 and a day’s low at 34988.75
During the day, the Bank Nifty futures share price has given a movement of 726.2 points. In the end, it declined by 106.55 points or 0.30%, and closed at 35148 levels.
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Nifty and Bank Nifty futures prediction for tomorrow 24 Feb ( Feb Expiry)
Nifty futures prediction for tomorrow 24 Feb 2021
Primary Nifty Trend in futures: Mild Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 14900 whereas All Down Moves Initiates Short Covering (Buy) @ 14650
If the Nifty futures share price Moves Above 14775 and sustain. Then you should Buy with 1st Target of 14802 during the day with a Stop Loss of 14680 FOR the Target of 14802-14852- 14902
If the Nifty futures share price Moves Below 14680 and sustain. Then you should Sell with the 1st Target of 14638 during the day with a Stop Loss of 14775. FOR the Target of 14638- 14589-14555
Bank Nifty futures prediction for tomorrow 24 Feb 2021
Primary Trend of Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35700, whereas All Down Moves Initiates Short Covering (Buy) @ 34850
Suppose Bank Nifty futures share price Moves Above 35300 and sustain. Then you should Buy with the 1st Target of 35430 during the day with a Stop Loss of 35030. FOR the Target of 35430 – 35580- 35790
If the Bank Nifty futures share price Moves Below 35030 and sustained. Then you should Sell with the 1st Target of 34860 during the day with a Stop Loss of 35300. FOR the Target of 34860 – 34730- 34590
Conclusions:
Indian stock market puts a break to five consecutive days of losses. Markets end marginally higher after a volatile trading session today. Metals stocks were in focus due to the rise in commodity prices. The midcap and smallcap indices outperformed the benchmark indices today.
Going ahead market would remain volatile due to the F&O expiry week. Traders/investors can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures share price target in futures for 24 Feb 2021.
Also read, Nifty | Bank Nifty futures prediction ahead of F&O expiry
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