Nifty and Bank Nifty Prediction for Saturday- 2nd March 2024
Nifty and Bank Nifty Prediction for Saturday – 2nd March 2024: The Indian equity benchmarks ended with strong gains on Friday, rising for the second consecutive day. The domestic markets opened higher as positive global cues overnight and strong third-quarter GDP growth boosted the investor’s sentiments. Among the sectors, Metals, Banking, and Auto stocks advanced, while selling pressure was witnessed in Media, Pharma, and It stocks.
The market breadth was positive. On the NSE, 1673 shares were advanced while 919 shares declined at the close. The NSE’s volatility index “India VIX” slipped 2.16% to 15.24. In the broader markets, Nifty mid and smallcap rose 0.94% and 0.54% respectively.
In the end, Sensex jumped 1245.05 points or 1.72% and closed at 73745.35, while Nifty advanced 355.95 points or 1.62% and settled at 22338.75. The Sensex and Nifty closed at fresh record highs after hitting an all-time high of 73819.21 and 22353.30 respectively on Friday. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (28 March expiry)
The Nifty futures price for the March 28 expiry opened at 22203 making a positive opening on Friday. It has touched an intraday high of 22453.45 and a day’s low of 22180.20.
The Nifty futures price has given an intraday movement of 273.25 points. Ultimately, the Nifty futures closed higher by 290.75 points or 1.31% at 22451.25 levels.
The Bank Nifty futures for the March 28 expiry opened at 46675. It made a higher opening of 128.3 points on Friday. The Bank Nifty futures touched an intraday high at 47637.30 and a day’s low at 46629.80
During the day, the Bank Nifty futures have given a movement of 1007.5 points. In the end, Bank Nifty Futures closed higher by 1052.25 points or 2.26 percent and closed at 47598.95 levels.
Special Trading Session For BSE and NSE on 2nd March
BSE and NSE will conduct a special live trading session on Saturday, 2 March 2024 to test a Disaster Recovery Site. This special live trading will be conducted in two trading sessions for equity cash and derivative segments. The first session will be from 9.15 am to 10 am, and the second will be from 11.30 to 12.30. We have analyzed the Nifty and Bank Nifty for the short trading session below.
Nifty & Bank Nifty Prediction for Tomorrow, 2 March 2024
Nifty Futures Prediction for Tomorrow, 2 March 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22550 whereas All Down Moves can Initiate Short Covering @ 22350
Nifty futures March 28 Expiry closed at 22451.25 a premium of 112.5 as compared to Nifty’s closing 22338.75 in the cash market. Suppose the Nifty futures move above 22475 and sustain. Then the Nifty index can trade in a range of 22518- 22550- 22590 levels during the day.
If the Nifty futures share price moves below 22392 and is sustained. Then the index futures can trade at 22352- 22315- 22280 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 2 March 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47850 whereas All down moves can Initiate Short Covering @ 47300
Bank Nifty futures March 28 Expiry closed at 47598.95, at a premium of 312.05 compared to Bank Nifty’s closing of 47286.90 in the cash market. Suppose the Bank Nifty futures move above 47730 and sustain, then the index can trade in the range of 47840- 47990- 48150 levels during the day.
If the Bank Nifty futures move below 47300 and sustain, then the index can trade in the range of 47200- 47030- 46885 levels during the day.
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Conclusion
The domestic markets surged strongly on Friday due to better-than-expected Q3FY24 GDP growth and in line with the US inflation report. The positive momentum will likely continue in the market in tomorrow’s short trading session.
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