Nifty and Bank Nifty Prediction for Tomorrow 21 March 2023
Nifty and Bank Nifty Prediction for Tomorrow 21 March 2023: Indian equity markets ended with modest losses on Monday, as investors reacted negatively to the news that UBS agreed to buy its banking rival Credit Suisse over the weekend. The shares price of Credit Suisse and UBS both fell sharply today.
The NSE volatility index “India VIX” jumped 8.39% to 16.01 levels. Among the sectors, FMCG and Media stocks witnessed some buying in the second half while Metals, PSU Bank, and Realty fell the most.
The market breadth was quite weak today, as 471 shares were advanced and 1587 shares declined in the NSE on Monday. The broader markets underperformed the benchmarks today, as Nifty mid and smallcap indexes declined 1.03% and 0.98 percent respectively. At the close, Sensex and Nifty ended lower by 0.62% and 0.65% respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 20 March
The Nifty futures price opened at 17099.80 making a negative opening of 78.35 points today. It has touched an intraday high of 17109.80 and a day’s low of 16866
The Nifty futures price has given a movement of 243.8 points today. In the end, it closed lower by 141.10 points or 0.82 percent and ended at 17037.05 levels.
The Bank Nifty futures opened at 39760.15 It made a slightly positive opening of 19.75 points today. The Bank Nifty futures touched an intraday high at 39760.15 and a day’s low at 39077.35
During the day, the Bank Nifty futures have given a movement of 682.8 points. In the end, it closed lower by 225.40 points or 0.57 percent and closed at 39515 levels.
Nifty & Bank Nifty Prediction for Tomorrow 21 March 2023
Nifty Futures Prediction for Tomorrow 21 March 2023
Primary Nifty Trend in futures: Negative with a Cautious approach
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17200 whereas All Down Moves Initiates Short Covering (Buy) @ 16900
If the Nifty futures (March Series) share price Moves Above 17056 and sustains. Then you should Buy with the 1st Target of 17090 during the day with a Stop Loss of 17030 FOR the Target of 17090- 17121- 17155- 17210
If the Nifty futures (March Series) share price Moves Below 16990 and is sustained. Then you should Sell with the 1st Target of 16950 for the day with a Stop Loss of 17021. For the Target of 16950- 16910- 16874- 16855
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Bank Nifty Futures Prediction for Tomorrow 21 March 2023
Primary Trend of Bank Nifty Futures: Negative with a cautious approach
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 39800 whereas All Down Moves Initiates Short Covering (Buy) @ 39220
Suppose the Bank Nifty futures (March Series) Moves Above 39635 and sustain, then you should Buy with the 1st Target of 39710 during the day with a Stop Loss of 39540 and the Target of 39710- 39840- 39950- 40050
If the Bank Nifty futures (March Series) Moves Below 39450 and sustain, then you should Sell with the 1st Target of 39380 the day with a Stop Loss of 39515. For the Target of 39380- 39290- 39200- 39060
Global Stock Market Updates
It was a negative start for the Asian stock market indexes as investors still remain concerned about the banking crisis despite the weakened rescue deal for Swiss lender Credit Suisse. Investors lost confidence in US regional banks and Credit Suisse in Europe, as more US regional banks are under scanner. Traders hope for a positive market reaction to the weekend deal of UBS- Group AG buying Credit Suisse, but the global markets reacted negatively.
Japan’s banking index was trading higher but later erased all gains and closed in the red, as investors worried about recession and the global banking sector hurt demand for risk assets. Hang Seng fell the most in the region dragged down by the healthcare and tech stocks. China’s Shanghai Index was down despite the central bank keeping the loan prime rates unchanged.
European stock markets are trading lower, as Credit Suisse shares fell sharply after UBS agreed to by the Swiss lender. All eyes are now on the US Fed and BoE interest rate decision, which are due during the week. The US futures, Dow, and Nasdaq futures are trading marginally lower at this moment at 5.30 pm IST.
Conclusion
It was a negative start for the Indian stock markets for the week, due to the turmoil in global banks. Investors also remain cautious ahead of the US Fed interest rate decision which is due on Wednesday. Markets will follow global cues and remain volatile tomorrow. You can follow our Daily Morning Report at 7.30 am for market direction.
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