Nifty and Bank Nifty Prediction for Tomorrow 1 March 2023
Nifty and Bank Nifty Prediction for Tomorrow 1 March 2023: Indian equity markets ended lower for the 8th consecutive session on Tuesday. The domestic markets were cautious and extended losses in the second half ahead of Q3 GDP data, which is due later in the day.
Among the sectors, media, realty, and auto stocks were advanced while oil & gas, pharma, and IT sectors witnessed some selling pressure today. Market breadth was almost neutral today.
The broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes closed higher by 0.74 percent and 0.41 percent respectively. In the end, Nifty closed near 17300 levels, down by 0.51 percent while Sensex declined by 0.55 percent. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 28 Feb
The Nifty futures price opened at 17493.05 making a negative opening of 4.9 points today. It has touched an intraday high of 17534 and a day’s low of 17345
The Nifty futures price has given a movement of 189 points today. In the end, it closed lower by 91.90 points or 0.53 percent and ended at 17406.05 levels.
The Bank Nifty futures opened at 40599.95 It made a positive opening of 52.25 points today. The Bank Nifty futures touched an intraday high at 40651 and a day’s low at 40280
During the day, the Bank Nifty futures have given a movement of 371 points. In the end, it closed lower by 57.70 points or 0.14 percent and closed at 40490 levels.
Nifty & Bank Nifty Prediction for Tomorrow 1 March 2023 (March Expiry)
Nifty Futures Prediction for Tomorrow 1 March 2023
Primary Nifty Trend in futures: Mild Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17500 whereas All Down Moves Initiates Short Covering (Buy) @ 17300
If the Nifty futures (March Series) share price Moves Above 17455 and sustains. Then you should Buy with the 1st Target of 17486 during the day with a Stop Loss of 17427 FOR the Target of 17486- 17515- 17544- 17572
If the Nifty futures (March Series) share price Moves Below 17390 and is sustained. Then you should Sell with the 1st Target of 17358 for the day with a Stop Loss of 17509. For the Target of 17358- 17318- 17270- 17224
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Bank Nifty Futures Prediction for Tomorrow 1 March 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 40900 whereas All Down Moves Initiates Short Covering (Buy) @ 40250
Suppose the Bank Nifty futures (March Series) Moves Above 40640 and sustain, then you should Buy with the 1st Target of 40730 during the day with a Stop Loss of 40525 and the Target of 40730- 40850- 40970- 41040
If the Bank Nifty futures (March Series) Moves Below 40415 and sustain, then you should Sell with the 1st Target of 40330 the day with a Stop Loss of 40490. For the Target of 40330- 40246- 40140- 40020
Global Stock Market Updates
On the global front, the other Asian markets were closed mixed on Tuesday, as investors digested key economic data released today across the region. Japan`s housing starts recovered strongly in January and at the fastest pace in more than a year, while retail sales beat estimates in January. However, the upside reminds capped as factory output saw the worst decline in January.
China’s Shanghai gained on hopes of encouraging economic data but Hong Kong suffered and was dragged down by Sino-US tension. Hong Kong will end its mask mandate for indoor and outdoor from March 1 onwards.
European stock markets indexes opened lower on the last day of February as investors scrutinized the latest version of the UK-European Union trade deal covering Northern Ireland, cautious about another series of earnings and awaited regional inflation data. The key European indexes mostly recovered their early losses and are trading marginally lower at 5 pm IST.
The US future indexes, Dow Jones and Nasdaq futures are trading marginally higher at this time, indicating a flat opening for the US markets today.
Conclusion
The Indian stock markets declined for the 8th day in a row on Tuesday. Investors were cautious ahead of the Q3 GDP data expected post markets.
India’s GDP growth slows down to 4.4% in the Oct-Dec end quarter vs 6.3% in the previous quarter. Tomorrow the market will first react to the GDP numbers and set direction accordingly. You can follow our Daily Morning Report at 7.30 am for market direction.
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