Nifty and Bank Nifty Prediction for Tomorrow, 27 March 2024
Nifty and Bank Nifty Prediction for Tomorrow, 27 March 2024: Indian equity benchmarks ended with modest losses on Tuesday, snapping a three-day winning streak. The domestic equity market indices opened a gap-down after a long weekend, tracking the negative cues from Wall Street overnight. Sensex and Nifty traded below their neutral line throughout the day on the back of selling in heavyweight stocks.
Among the sectors, Nifty Realty, Metal, and PSU Bank ended higher, while the Media, IT, and Banking sectors witnessed selling pressure. The market breadth was weak. On the NSE, 910 shares were advanced, while 1733 shares declined. The NSE’s volatility index “India VIX” jumped 4.90% to 12.82.
The broader markets outperformed the equity benchmarks, as Nifty mid and smallcap indexes gained 1.05% and 0.41% respectively. In the end, Sensex declined 361.64 points or 0.50% and closed at 72470.30, while Nifty was down by 92.05 points or 0.42% and closed at 22004.70.
Nifty and Bank Nifty Futures Price Movement for March Series
The Nifty futures price for the March series opened at 22026.25 making a gap-down opening of 139.2 points on Tuesday. It has touched an intraday high of 22150 and a day’s low of 21850
The Nifty futures price has given an intraday movement of 300 points. Ultimately, the Nifty futures closed lower by 70.45 points or 0.32% at the 22095 level.
The Bank Nifty futures for the March series opened at 46805.40 It made a negative opening of 123.6 points on Tuesday. The Bank Nifty futures touched an intraday high at 46878.10 and a day’s low at 46610.30.
During the day, the Bank Nifty futures have given a movement of 267.8 points. In the end, Bank Nifty Futures closed lower by 206.40 points or 0.44 percent and closed at the 46722.60 level.
Nifty & Bank Nifty Prediction for Tomorrow, 27 March 2024
Nifty Futures Prediction for Tomorrow, 27 March 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22200 whereas All Down Moves can Initiate Short Covering @ 22000
Nifty futures March series closed at 22095 a premium of 90.3 as compared to Nifty’s closing 22004.70 in the cash market.
Suppose the Nifty futures move above 22119 and sustain. Then the Nifty index can trade in a range of 22150- 22185- 22218 levels during the day.
If the Nifty futures share price moves below 22070 and is sustained. Then the index futures can trade at 22036- 22003- 21970 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 27 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 @ 46400.
Bank Nifty futures for the March series closed at 46728, at a premium of 127.8 compared to Bank Nifty’s closing of 46600.20 in the cash market.
Suppose the Bank Nifty futures move above 46855 and sustain, then the index can trade in the range of 46935- 47055- 47230 levels during the day.
If the Bank Nifty futures move below 46600 and sustain, then the index can trade in the range of 46515- 46425- 46330 levels during the day.
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Global Market Updates
The other Asian stock market indexes closed mostly in the green on Tuesday, as investors assessed the economic data released in the region. Japan’s Nikkei 225 closed flat, as the country’s service producer price was unchanged in February, compared to the last month. South Korea’s Kospi index closed higher by 0.71% after hitting its highest level in 2 years.
The Straits Times rose 1.10%, as Singapore’s manufacturing output increased 14.2% in February from January. Hang Seng gained 0.87%, with the support of energy and industrial stocks, while Shanghai ended marginally higher by 0.17%. SET composite closed higher by 0.34%, while Taiwan and Jakarta ended in the red.
European stock markets mostly opened lower, as investors booked some profit after indexes closed higher in the previous session due to optimism about interest rate cuts. However, the “buy on dip” strategy supported the markets to turn positive again.
Dow and Nasdaq futures are trading higher in the US, indicating a positive opening for the US markets today.
Conclusion
Indian stock markets started the truncated week on a subdued note. Indices traded below their neutral lines throughout the day, and Bank Nifty traded in a tight range ahead of the F&O expiry. The domestic markets are likely to remain volatile tomorrow. 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 – Stock Market Prediction: What to Expect Next Week (March 25th – 29th, 2024)
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