Nifty and Bank Nifty Prediction for Tomorrow, 14 February 2024
Nifty and Bank Nifty Prediction for Tomorrow, 14 February 2024: Indian equity benchmarks ended the volatile session with modest gains on Tuesday. The domestic markets opened higher as the country’s January inflation eased to three-month-low and IIP growth expanded in December.
Indices closed near the day’s high on the back of buying in Financial and Banking stocks, while metal stocks were under pressure on Tuesday. The market breadth was almost flat with the advance decline indicating an equal ratio at the close. The NSE’s volatility index “India VIX” declined 1.58% to 15.8.
The broader markets also ended higher today, as Nifty mid and small-cap indexes gained 0.34% and 0.17% respectively. In the end, Sensex gained 482.70 points or 0.68% and closed at 7155.19, while Nifty advanced 127.20 points or 0.59% and settled at 21743.25. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (29 February expiry)
The Nifty futures price for the February 29 expiry opened at 21720.20 making a positive opening of 22.35 points on Tuesday. It has touched an intraday high of 21844.25 and a day’s low of 21626.55
The Nifty futures price has given an intraday movement of 217.7 points. Ultimately, the Nifty futures closed higher by 118.90 points or 0.55% at 21816.75 levels.
The Bank Nifty futures for the February 29 expiry opened at 45205.35. It made a positive opening of 114.5 points on Tuesday. The Bank Nifty futures touched an intraday high at 46012 and a day’s low at 45011.30.
During the day, the Bank Nifty futures have given a movement of 1000.7 points. In the end, Bank Nifty Futures closed lower by 569.15 points or 1.26 percent and closed at 45660 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 14 Feb 2024
Nifty Futures Prediction for Tomorrow, 14 Feb 2024
Primary Trend in Nifty Futures: Negative
Range-Bound Trend: All up Moves can initiate profit Booking @ 21900 whereas All Down Moves can Initiate Short Covering @ 21700
Suppose the Nifty futures move above 21865 and sustain then the trend will change to positive. Then the Nifty index can trade in a range of 21892- 21927- 21978 levels during the day.
If the Nifty futures share price moves below 21785 and is sustained. Then the index futures can trade in a range of 21762- 21738- 21700 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 14 Feb 2024
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 46050 whereas All down moves can Initiate Short Covering @ 45150.
Suppose the Bank Nifty futures move above 45850 and sustain, then the index can trade in the range of 45970- 46050- 46140 levels during the day.
If the Bank Nifty futures move below 45470 and sustain, then the index can trade in the range of 45330- 45165- 45030 levels during the day.
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Global Stock Market Today
The other Asian stock market indexes mostly ended higher on Tuesday. Japan’s Nikkei 225 gained the most, as the country’s corporate goods price index rose more than expected. Nikkei 225 hit the 38000- mark for the first time on an intraday basis since 1990. Australia’s S&P ASX 200 index closed marginally lower for the third straight session.
Elsewhere, Kospi, Straits Times, and SET Composite closed higher as some traders were back on the trading floor after the Lunar New Year holiday, while Jakarta Composite ended in the red. Hang Seng, Taiwan, and Shanghai remained closed today.
European stock market indexes are trading lower on Tuesday, as investors assessed more quarterly earnings and are looking ahead to US inflation data later in the day. In the UK, data from the Office for National Statistics showed the unemployment rate remained steady for the three months to December, and the wage growth slowed to 6.2%, annually more than expected.
In the US, the Dow Jones and Nasdaq futures are trading lower, indicating a negative opening for the US markets today.
Conclusion
Indian stock market indices recovered most of their previous session losses on Tuesday and closed near the day’s high driven by a rally in banking and financial counters. However, the upside remained capped as investors were cautious ahead of U.S. inflation data which is due later in the day.
Going ahead, tomorrow markets will open as per global market cues. Investors 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 during the live market.
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