Nifty | Bank Nifty futures prediction for tomorrow 16 Feb
Nifty closed above 15300, Sensex at 52K || Nifty & Bank Nifty futures prediction for tomorrow 16 Feb
Nifty & Bank Nifty prediction for tomorrow 16 Feb: Indian equity markets opened strong today amid a positive trend in the global markets. The key benchmark indices continued to trade higher throughout the day on the back of buying in banking and financial stocks. The markets later extended their early gains and closed at a new high.
The market sentiments remained positive with Finance Minister Nirmala Sitharaman’s statement that the government undeterred by the coronavirus pandemic, has been pursuing reforms for achieving sustained long-term growth in a bid to make India one of the top economies of the world in the coming decades. The FM has also said that the Prime Minister did not lose any opportunity to continue with the reforms and this Budget has set the pace for India to become self-reliant or Atmanirbhar.
Some support has also come in the markets with PHD Chamber of Commerce and Industry (PHDCCI) said expectations that the country’s GDP would record growth in the 3rd and 4th quarters of 2020-21 are getting stronger on account of various reforms undertaken by the governments in the last 10 months. Meanwhile, traders have overlooked the increased WPI numbers that came at 2.03% in January in comparison to 1.22% in the previous month.
Global markets updates
On the global front, Asian markets were closed in the green. The European markets are trading strong gains. The US futures indices down and Nasdaq futures are trading higher. The global market sentiments are positive due to hopes of a larger US stimulus package, a slowdown in the rate of coronavirus infections as well as accelerated vaccine rollout globally boosted optimism about the economic recovery.
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Today at market close- Nifty, Sensex, and Bank Nifty on the spot price
Sensex, Nifty, and Bank Nifty closed at a record high today. At the close, Nifty gained 151.40 points or 1% and at 15314.70 while Sensex closed higher by 609.83 points or 1.19% and at 52154.13 levels. The Bank Nifty made a strong gain today, it was up by 1197.35 points or 3.32% and ended at 37,306 levels.
The Nifty midcap and smallcap indices also finished in the green today. The Nifty midcap index gained 299.30 points or 1.31% and at 23213.65 levels. The smallcap index was up by 33.30 points or 0.42% and closed at 7964 levels.
The top five gainers in the Nifty50 index were Axis Bank, ICICI Bank, Bajaj Finance, SBI, and IndusInd Bank. The top five losers in the Nifty50 index were HDFC life, SBI life, Dr. Reddy’s Lab, TCS, and Hero Motor Corp. The most active stocks in the Nifty50 index were Tata Motors, SBI, and Bajaj Finance.
On a sectoral front, Banking, Finance, Capital Goods, Real Estate, and Infrastructure sectors closed higher. On the losing side Insurance, IT & Software, Metals, Oil & Gas, and FMCG sectors closed in the red today.
Nifty & Bank Nifty futures price today
The Nifty futures share price opened at 15249 made a positive opening of 87.55 points. It has touched an intraday high at 15357 and a day’s low at 15240
The Nifty futures share price has given a movement of 117 points. In the end, it gained 187.3 points or 1.24 % and closed at 15348.75 levels.
The Bank Nifty futures share price opened at 36455 It made a positive opening of 321.2 points today. It has touched an intraday high at 37543.95 and a day’s low at 36423.45
During the day, the Bank Nifty futures share price has given a movement of 1120.5 points. In the end, it jumped by 1406.2 points or 3.89%, and closed at 37540 levels.
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Nifty and Bank Nifty futures prediction for tomorrow 16 Feb ( Feb Expiry)
Nifty futures prediction for tomorrow 16 Feb 2021
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 15400 whereas All Down Moves Initiates Short Covering (Buy) @ 15280
If the Nifty futures share price Moves Above 15365 and sustain. Then you should Buy with 1st Target of 15390 during the day with a Stop Loss of 15288 FOR the Target of 15390-15410- 15435
If the Nifty futures share price Moves Below 15288 and sustain. Then you should Sell with the 1st Target of 15236 during the day with a Stop Loss of 15365. FOR the Target of 15236- 15198 -15165
Bank Nifty futures prediction for tomorrow 16 Feb 2021
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 38100, whereas All Down Moves Initiates Short Covering (Buy) @ 37200
Suppose Bank Nifty futures share price Moves Above 37660 and sustain. Then you should Buy with the 1st Target of 37780 during the day with a Stop Loss of 37150. FOR the Target of 37780 – 37924- 38110
If the Bank Nifty futures share price Moves Below 37150 and sustained. Then you should Sell with the 1st Target of 36950 during the day with a Stop Loss of 37660. FOR the Target of 36950 – 36790- 36435
Conclusions:
Indian stock markets started with a gap up opening and traded positively throughout the day and later closed at a new high. The better than expected CPI and IIP data announced on post-market Friday and positive global cues have lifted the markets today. A heavy buying has seen in the banking and financial stocks today, bank nifty futures gained almost 4% in the end.
Going ahead market is looking strong may see more record highs in the coming days. Traders/investors can follow our Daily Morning market views and can follow our Nifty and Bank Nifty share price target in futures for 16 Feb 2021.
Also read, How to trade Nifty & Bank Nifty futures next week
Best shares to buy today for the short term || Feb 2021
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