Nifty and Bank Nifty Prediction for Tomorrow, 12 March 2024
Nifty and Bank Nifty Prediction for Tomorrow, 12 March 2024: Indian equity benchmarks closed lower on Monday, snapping a two-day winning streak. The domestic markets opened marginally higher despite negative global cues and soon pared early gains and turned negative. Sensex and Nifty extended their losses as the session progressed and closed near their day’s low.
Barring pharma, all other sectoral indices closed in the red with media, PSU Bank, and metal falling the most. The market breadth was negative. On the NSE, 596 shares declined, while 2050 shares advanced at the close. The NSE’s volatility index, “India VIX” gained 2.80% to 14.
In the broader markets, the Nifty midcap and smallcap indexes declined 0.39% and 1.99% respectively. At the close, the Sensex was down by 616.75 points or 0.83% and closed at 73502.64, while the Nifty fell 160.90 points or 0.72% and settled at 22332.65. 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 22608 making a positive opening of 55.65 points on Monday. It has touched an intraday high of 22608 and a day’s low of 22392.50.
The Nifty futures price has given an intraday movement of 215.5 points. Ultimately, the Nifty futures closed lower by 148.25 points or 0.66 percent at 22404.10 levels.
The Bank Nifty futures for the March series opened at 47898. It made a negative opening of 60.3 points on Monday. The Bank Nifty futures touched an intraday high at 47978.40 and a day’s low at 47403.30.
During the day, the Bank Nifty futures have given a movement of 575.1 points. In the end, Bank Nifty Futures closed lower by 501.30 points or 1.05 percent and closed at 47457 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 12 March 2024
Nifty Futures Prediction for Tomorrow, 12 March 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22550 whereas All Down Moves can Initiate Short Covering @ 22370
Nifty futures March series closed at 22404.10 a premium of 71.45 as compared to Nifty’s closing 22332.65 in the cash market. Suppose the Nifty futures move above 22456 and sustain. Then the Nifty index can trade in a range of 22492- 22522- 22552 levels during the day.
If the Nifty futures share price moves below 22380 and is sustained. Then the index futures can trade at 22355- 22327- 22292 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 12 March 2024
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47650 whereas All down moves can Initiate Short Covering @ 47200
Bank Nifty futures for the March series closed at 47457, at a premium of 129.15 compared to Bank Nifty’s closing of 47327.85 in the cash market. Suppose, the Bank Nifty futures move above 47535 and sustain, then the index can trade in the range of 47615- 47690- 47805 levels during the day.
If the Bank Nifty futures move below 47370 and sustain, then the index can trade in the range of 47300- 47226- 47094 levels during the day.
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Global Market Updates
The other Asian stock market indexes started the week on a subdued note on Monday, as investors remain cautious ahead of the US inflation data for more clues on timing interest rate cut. Japan’s Nikkei fell the most in the region as IT stocks dragged and the yen rallied after the speculation that the central bank could raise interest rates.
Chinese and Hong Kong stock market indexes gained due to the upswing in China’s consumer price index in February, which raised hope that demand is increasing in China. Elsewhere Australia’s S&P ASX 200, Kospi index, Straits Times, and SET Composite, all ended in the red on Monday.
European stock markets are trading lower following the weak global cues and the absence of any major corporate news and economic data scheduled for the day. Investors remain cautious ahead of the US inflation data due later this week.
In the US, the Dow Jones and Nasdaq futures are trading slightly lower on Monday at 5 p.m. IST, indicating a positive opening for the US markets today.
Conclusion
The unfavorable global markets due to uncertainty over rate cuts, impacted the domestic market sentiment today. The mixed signal from US job data and caution ahead of the release of US and domestic inflation data kept investors on edge. The overall market trend is bullish, although we are experiencing a temporary corrective phase.
Going ahead, tomorrow Indian markets will open as per global 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 hours.
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