Nifty & Bank Nifty Prediction (Forecast) for Tomorrow, 15 March 2024
Nifty & Bank Nifty Prediction (Forecast), 15 March 2024: Indian equity benchmarks ended higher Thursday after the previous session’s sell-off. The domestic markets opened lower following mixed global cues and traded volatile in the morning session. The market sentiments improved after the news that the Fitch Rating revised India’s GDP growth and WPI inflation eased in February.
Barring Banking and Finance all other sectoral indices closed in the green, with Metal, IT, and Media gaining the most. The market breadth was positive today. On the NSE, 2059 shares were advanced, while 572 shares declined at the close. The NSE’s volatility index “India VIX” slipped 5.61% to 13.62.
The broader markets rebounded today, and the mid and small-cap indexes outperformed the benchmark indices. The mid and smallcap indexes jumped 2.02% and 3.45% respectively after a sharp fall in the previous session. In the end, Sensex gained 335.39 points or 0.46% and closed at 73097.28, while the Nifty advanced 148.95 points or 0.68% and settled at 22146.65. You can read the detailed market updates here
Nifty and Bank Nifty Futures Price Movement for March Series
The Nifty futures price for the March series opened at 22080 making a negative opening of 23.25 points on Thursday. It has touched an intraday high of 22329.60 and a day’s low of 22034.80.
The Nifty futures price has given an intraday movement of 294.8 points. Ultimately, the Nifty futures closed higher by 153.55 points or 0.69 percent at 22256.80 levels.
The Bank Nifty futures for the March series opened at 47000. It made a negative opening of 81.35 points on Thursday. The Bank Nifty futures touched an intraday high at 47447 and a day’s low at 46791
During the day, the Bank Nifty futures have given a movement of 656 points. In the end, Bank Nifty Futures closed lower by 71.35 points or 0.15 percent and closed at 47010 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 15 March 2024
Nifty Futures Prediction for Tomorrow, 15 March 2024
Primary Trend in Nifty Futures: Negative
Range-Bound Trend: All Up Moves can initiate profit Booking @ 22350 whereas All Down Moves can Initiate Short Covering @ 22100.
Nifty futures March series closed at 22256.80 a premium of 110.15 as compared to Nifty’s closing 22146.65 in the cash market.
Suppose the Nifty futures move above 22292 and sustain. Then the Nifty index can trade in a range of 22327- 22365- 22414 levels during the day.
If the Nifty futures share price moves below 22214 and is sustained. Then the index futures can trade at 22174- 22127- 22092 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 15 March 2024
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47350 whereas All down moves can Initiate Short Covering @ 46700.
Bank Nifty futures for the March series closed at 47010, at a premium of 220.05 compared to Bank Nifty’s closing of 46789.95 in the cash market.
Suppose the Bank Nifty futures move above 47212 and sustain, then the index can trade in the range of 47280- 47360- 47450 levels during the day.
If the Bank Nifty futures move below 46970 and sustain, then the index can trade in the range of 46880- 46785- 46670 levels during the day.
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Global Market Updates
The other Asian stock market indexes closed mixed on Thursday, as the US tech rally paused ahead of the PPI inflation and Retail sales data. Japan’s Nikkei 225 erased early losses and closed marginally higher, snapping a three-day losing streak, as investors were cautious ahead of the final estimate of wage negotiations, due on Friday. Investors fear that the Bank of Japan can withdraw the ultra-lose policy when they meet early next week if the wage increases.
Australia’s S&P ASX 200 index closed slightly lower on Thursday, while South Korea’s Kospi index ended higher for the third straight day. Shanghai and Hang Seng indexes erased early gains and closed in the red. The Strait Times, Taiwan, and SET Composite closed in the positive territory today.
European stock market indexes are trading higher on Thursday, as investors are waiting for the producer price inflation data from the US for more clues on the timings of interest rate cut.
In the US, the Dow Jones and Nasdaq futures are trading higher on Wednesday at 5.10 p.m. IST, indicating a positive opening for the US markets today.
Conclusion
Indian stock markets managed to recover half of the last trading session losses. Traders were encouraged after the Fitch upgraded India’s rating and as WPI inflation cooled down. However, the upside remained capped as FIIs were Wednesday’s net seller in the equity cash segment.
Tomorrow, Indian markets will open as per global cues. You can also follow our Daily Morning Report at 7:30 a.m. for market direction. You can also follow our Nifty and Bank Nifty support and resistance levels.
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