Nifty and Bank Nifty Prediction for Tomorrow, 19 March 2024
Nifty and Bank Nifty Prediction for Tomorrow, 19 March 2024: Indian equity benchmarks closed with minor gains on Monday. The domestic markets opened marginally lower following negative cues from Wall Street on Friday and traded volatile. However, markets recovered in the second half on the back of buying in Metal, Auto, and Media stocks, some selling pressure was witnessed in the IT, FMCG, and Consumer Durables shares.
The market breadth was slight on the buyer’s side. On the NSE, 1343 shares were advanced, while 1257 shares declined on Monday. The NSE’s volatility index “India VIX” rose 1.49% to 13.90.
The broader markets underperformed their benchmarks, as Nifty mid and smallcap indexes declined 0.39% and 0.57% respectively. In the end, the Sensex closed higher by 104.99 points or 0.14% and ended at 72748.42, while the Nifty gained 32.35 points or 0.15% and closed at 22055.70. 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 22143.95 making a positive opening of 10.75 points on Monday. It has touched an intraday high of 22219.65 and a day’s low of 22018.25.
The Nifty futures price has given an intraday movement of 201.4 points. Ultimately, the Nifty futures closed flat, up by 0.80 points at the 22134 level.
The Bank Nifty futures for the March series opened at 46649.95. It made a negative opening of 44.75 points on Monday. The Bank Nifty futures touched an intraday high at 46900 and a day’s low at 46210.
During the day, the Bank Nifty futures have given a movement of 690 points. In the end, Bank Nifty Futures closed higher by 95.30 points or 0.20 percent and closed at 46790 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 19 March 2024
Nifty Futures Prediction for Tomorrow, 19 March 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22250 whereas All Down Moves can Initiate Short Covering @ 22000
Nifty futures March series closed at 22134 a premium of 78.3, compared to Nifty’s closing of 22055.70 in the cash market.
Suppose the Nifty futures move above 22162 and sustain. Then the Nifty index can trade in a range of 22188- 22215- 22254 levels during the day.
If the Nifty futures share price moves below 22110 and is sustained. Then the index futures can trade at 22080- 22056- 22018 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 19 March 2024
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47000 whereas All down moves can Initiate Short Covering @ 46500.
Bank Nifty futures for the March series closed at 46785, at a premium of 209.1 compared to Bank Nifty’s closing of 46575.90 in the cash market.
Suppose the Bank Nifty futures move above 46825 and sustain, then the index can trade in the range of 46920- 47010- 47118 levels during the day.
If the Bank Nifty futures move below 46665 and sustain, then the index can trade in the range of 46590- 46500- 46440 levels during the day.
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Global Market Updates
The other Asian stock market indexes mostly closed higher on Monday. Japan’s Nikkei surged 2.6%, as exporters cheered after the weakness in the yen against the dollar. Bank of Japan (BoJ) is expected to end negative interest rates in its interest rate decision on Tuesday.
China extended its early gains and ended with substantial gains as its industrial production and retail sales data came more than expected in the first two months of 2024. Hang Seng also closed marginally higher on Monday.
Australia’s S&P ASX 200 index closed slightly higher ahead of the Central Bank’s interest rate meeting on Tuesday. Kospi and Taiwan indexes gained, while the Straits Times, SET composite, and Jakarta ended in the red.
European stock market indices are trading slightly higher, as investors are cautious ahead of the central bank’s interest rate decisions. In the US, the Dow Jones and Nasdaq futures are trading higher on Monday at 5 p.m. IST, indicating a positive opening for the US markets today.
Conclusion
Indian stock markets traded volatile and the indices closed in the green on Monday. The positive cues from Asian markets supported the local indices today. Going ahead, Indian markets will open as per global cues, as Japan will announce its monetary policy decision on Tuesday.
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.
You may also like to read – Next Week’s Stock Market Prediction: 7 Essential Factors Driving Market Movement
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