Nifty & Bank Nifty prediction for tomorrow 16 March
Market Prediction 16 March: know how to trade Nifty and Bank Nifty futures tomorrow
Nifty & Bank Nifty prediction for tomorrow 16 March: Indian stock markets opened almost flat in the morning and then slipped into a deep red. The markets continued to trade weak due to unexpected IIP contraction and higher CPI data announced on Friday post markets. In the last hour, the key indices tried to recover their losses but closed in the red.
The market sentiments remained weak as FPI were the net sellers to the tune of Rs 7013 crores so far in the month of March. FPI pulled out Rs 531 crore from equities and Rs 6482 crore from the debt segment between March 1-13. Further, markets reacted negatively after the WPI numbers released today. The WPI inflation for the month of February (provisional) is at 4.17% compared to 2.26 for January 2021.
Market sentiments also remained subdued as traders are also concerns about the surges in fresh coronavirus cases in several parts of India. Maharashtra reported more than half of the total new cases in India and is the worst affected state. Due to the surge in coronavirus infections, the district administration has imposed night curfews, lockdown, or weekend shutdown in many districts to break the chain.
Markets today: Sensex, Nifty, and Bank Nifty on the spot price
At close, Nifty fell 101.45 points or 0.67% and finished at 14929.50 levels while Sensex was down by 397 points or 0.78% and closed at 50395.08 levels. The Bank Nifty on the spot price fell sharply in the late morning but recovered most of its losses in the end. Bank Nifty spot price fell 314.10 points 0.88% and ended at 35182.55 levels.
The Nifty midcap and smallcap also closed in the red today. The Nifty midcap index was down by 163.30 points or 0.68% and closed at 23952.30 levels. The smallcap index fell 66.80 points or 0.79% and finished at 8416.10 levels.
The top five gainers in the Nifty50 index were JSW Steel, Tech Mahindra, Tata Steel, Power Grid Corp, and IndusInd Bank. The losers in the Nifty50 index were Divis Lab, Hero Motor Corp, Bajaj Finserve, Coal India, and GAIL. The most active stocks in the Nifty50 index for the day were Axis Bank, SBI, and Reliance.
On a sectoral front, Metals, Power, IT & Software, and FMCG sectors closed marginally higher today. The sectors that dragged down the markets were Banking, Finance, Capital Goods, Infrastructure, and Oil & Gas.
Nifty & Bank Nifty futures today
The Nifty futures share price opened at 15050 made a negative opening of 1.40 points. It has touched an intraday high at 15068.95 and a day’s low at 14771
The Nifty futures share price has given a movement of 297.95 points. In the end, it fell 103.5 points or 0.69 % and closed at 14947.90 levels.
The Bank Nifty futures share price opened at 35485.50 It made a negative opening of 36.6 points today. It has touched an intraday high at 35544 and a day’s low at 34455
During the day, the Bank Nifty futures share price has given a movement of 1089 points. In the end, it declined 185.75 points or 0.52%, and closed at 35336.35 levels.
Nifty & Bank Nifty prediction for tomorrow 16 March (March Expiry)
Nifty futures prediction for tomorrow 16 March 2021
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 15000 whereas All Down Moves Initiates Short Covering (Buy) @ 14850
If the Nifty futures share price Moves Above 14976 and sustain. Then you should Buy with 1st Target of 15009 during the day with a Stop Loss of 14902 FOR the Target of 15009-15048- 15114
If the Nifty futures share price Moves Below 14902 and sustain. Then you should Sell with the 1st Target of 14860 during the day with a Stop Loss of 14976. FOR the Target of 14860- 14792 -14712
Bank Nifty futures prediction for tomorrow 16 March 2021
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35550, whereas All Down Moves Initiates Short Covering (Buy) @ 34900
Suppose Bank nifty share price in futures Moves Above 35560 and sustain, then you should Buy with the 1st Target of 35770 during the day with a Stop Loss of 35100. FOR the Target of 35770 – 35980 – 36200
If Bank nifty share price in the futures Moves Below 35100 and sustained, then you should Sell with the 1st Target of 34895 during the day with a Stop Loss of 35560. FOR the Target of 34895 – 34680 – 34355
Global markets today
On the global fronts, Asian markets were mostly closed in the red today. European markets are trading higher on Monday as traders remain optimistic about rapid economic recovery due to the rollout of the coronavirus vaccine. The US future indices Dow and Nasdaq futures are trading marginally higher at 5 pm IST.
Conclusions:
The weakness in domestic macro data has dragged down the markets today. Markets tried to recover in the last hour but closed in the red. Metals sectors outperform today whereas the Banking, Financial sectors, and oil & Gas dragged down the indices.
Going ahead, the global markets may remain volatile in the coming few days due to the FOMC meeting later this week. Traders/investors can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures prediction for tomorrow for 16 March 2021.
Also read, Nifty and Bank Nifty levels for the next week [15-19 March]
Intraday Trading books to make money from Stock Markets
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