Nifty and Bank Nifty Prediction for Tomorrow, 22 March 2024
Nifty and Bank Nifty Prediction for Tomorrow, 22 March 2024: Indian equity benchmarks ended with strong gains on Thursday following the positive cues from the US markets. The domestic markets opened a gap-up as the US Fed kept the interest rates unchanged and suggested three rate cuts this year as earlier forecasted. The other Asian market peers also rallied and supported the domestic markets.
All the sectoral indices closed in the green with Realty, Metal, and PSU Banking sectors gaining the most. The market breadth was strong. On the NSE 2056 shares were advanced while 551 shares declined at the close. The NSE’s volatility index “India VIX” slipped 7.12% to 12.15.
The broader markets outperformed the equity benchmarks, as Nifty mid and small-cap indexes jumped 2.43% and 2.51% respectively. In the end, Sensex gained 539.50 points or 0.75% and closed at 72641.19, while Nifty advanced 182.85 points or 0.79% and finished at 22011.95. 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 22070 making a positive opening of 50 points on Thursday. It has touched an intraday high of 22149 and a day’s low of 22020
The Nifty futures price has given an intraday movement of 129 points. Ultimately, the Nifty futures closed higher by 208.85 points or 0.95% at the 22118.90 level.
The Bank Nifty futures for the March series opened at 46726.25. It made a gap-up opening of 277.2 points on Thursday. The Bank Nifty futures touched an intraday high at 47142 and a day’s low at 46629.85
During the day, the Bank Nifty futures have given a movement of 512.15 points. In the end, Bank Nifty Futures closed higher by 355.95 points or 0.77 percent and closed at 46805 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 22 March 2024
Nifty Futures Prediction for Tomorrow, 22 March 2024
Primary Trend in Nifty Futures: Mild Negative
Range-Bound Trend: All up Moves can initiate profit Booking @ 22150 whereas All Down Moves can Initiate Short Covering @ 22000
Nifty futures March series closed at 22118.90 a premium of 106.95, compared to Nifty’s closing 22011.95 in the cash market.
Suppose the Nifty futures move above 22155 and sustain then the trend will change to positive. The Nifty index can trade in a range of 22185- 22218- 22254 levels during the day.
If the Nifty futures share price moves below 22070 and is sustained. Then the index futures can trade at 22040- 22015- 21980 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 22 March 2024
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47050 whereas All down moves can Initiate Short Covering @ 46450
Bank Nifty futures for the March series closed at 46805, at a premium of 120.1 compared to Bank Nifty’s closing of 46684.90 in the cash market.
Suppose the Bank Nifty futures move above 46955 and sustain, then the index can trade in the range of 47050- 47140- 47230 levels during the day.
If the Bank Nifty futures move below 46650 and sustain, then the index can trade in the range of 46550- 46440- 46330 levels during the day.
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Global Stock Market Updates
The other Asian stock market indexes rallied on Thursday after the US Fed gave a strong signal of three rate cuts in 2024, as forecasted earlier, despite the recent surge in inflation reading.
Japan’s Nikkei hit a fresh all-time high and ended with strong gains as the country’s flash PMI data showed private sectors picked up growth momentum in March. Australia’s S&P ASX 200 index also gained after Judo Bank flash PMI data showed that the business activity expanded in March.
Shanghai closed just below the flat line, while Hang Seng, Kospi, and Taiwan closed around 2% on Thursday. The Straits Times and SET Composite closed higher by over 1% each while Jakarta ended flat on Thursday.
European stock markets are trading higher on Thursday. The pan-European Stoxx 600 index hit a record high as investors cheered following dovish comments from the US Fed Chair Jerome Powell. Investors are waiting for a Bank of England interest rate decision later today.
In the US, Dow and Nasdaq futures are trading higher, indicating a positive opening for the US markets today.
Conclusion
Indian stock markets gained for the second consecutive day on Thursday amid positive cues from Wall Street and appreciation of the Indian rupee against the US dollar. Tomorrow, Indian stock markets are likely to open as per global cues. You can also follow our Daily Morning Report at 7:30 a.m. for market direction and follow our Nifty and Bank Nifty support and resistance levels in the live markets
You may also like to read – Navigating Nifty & Bank Nifty Support and Resistance Insights – 21st March 2024
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