Nifty and Bank Nifty Prediction for Tomorrow 22 March 2023
Nifty and Bank Nifty Prediction for Tomorrow 22 March 2023: Indian equity markets ended with strong gains on Tuesday amid positive global cues. The sentiments become positive after a relief rally in the banking stocks in US and Europe on Monday. Investors digested the UBS takeover of the troubled Credit Suisse and looked ahead to the US Fed’s two-day monetary policy which will start on Tuesday.
Among the sectors, PSU bank, Consumer Durables, and Financial Sectors closed higher whereas IT FMCG and Pharma declined during the day. The market breadth was positive today. The broader markets also gained almost in line with their larger peer, as Nifty mid and smallcap indexes ended 0.59 percent and 0.66 percent respectively.
At the close, Nifty and Sensex ended higher by 0.70 percent and 0.77 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 21 March
The Nifty futures price opened at 17090 making a positive opening of 61.1 points today. It has touched an intraday high of 17183.65 and a day’s low of 17052.25
The Nifty futures price has given a movement of 131.4 points today. In the end, it closed higher by 136.10 points or 0.80 percent and ended at 17165 levels.
The Bank Nifty futures opened at 39655.55 It made a positive opening of 173.2 points today. The Bank Nifty futures touched an intraday high at 40129.45 and a day’s low at 39490
During the day, the Bank Nifty futures have given a movement of 639.45 points. In the end, it closed higher by 567.65 points or 1.44 percent and closed at 40050 levels.
Nifty & Bank Nifty Prediction for Tomorrow 22 March 2023
Nifty Futures Prediction for Tomorrow 22 March 2023
Primary Nifty Trend in futures: Positive with a cautious approach
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17300 whereas All Down Moves Initiates Short Covering (Buy) @ 17100
If the Nifty futures (March Series) share price Moves Above 17205 and sustains. Then you should Buy with the 1st Target of 17236 during the day with a Stop Loss of 17170 FOR the Target of 17236- 17280- 17314- 17345
If the Nifty futures (March Series) share price Moves Below 17130 and is sustained. Then you should Sell with the 1st Target of 17094 for the day with a Stop Loss of 17160. For the Target of 17094- 17058- 17031- 17000
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Bank Nifty Futures Prediction for Tomorrow 22 March 2023
Primary Trend of Bank Nifty Futures: Positive with a cautious approach
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 40500 whereas All Down Moves Initiates Short Covering (Buy) @ 39800
Suppose the Bank Nifty futures (March Series) Moves Above 40185 and sustain, then you should Buy with the 1st Target of 40285 during the day with a Stop Loss of 40050 and the Target of 40285- 40380- 40500- 40625
If the Bank Nifty futures (March Series) Moves Below 39800 and sustain, then you should Sell with the 1st Target of 39710 the day with a Stop Loss of 39980. For the Target of 39710- 39618- 39525- 39380
Global Stock Market Updates
On the global front, the other Asian stock market indexes mostly closed higher on Tuesday, as fears of a banking crisis subsides following the UBS takeover of the troubled Swiss lender Credit Suisse over the weekend. The panic that lasted for 10 days faded from the trading floor and traders focus now shifted to the US Federal Reserve policy decision which is due on Wednesday.
Japan’s Nikkei was closed today due to a holiday. China’s Shanghai index and Hang Seng ended higher on Tuesday. Hong Kong financial stocks pared some losses from the previous session. Hang Seng tech stocks rallied on Tuesday after China’s online gaming regulator granted more licenses on Monday. Shanghai Index gained with the support of the blue-chip index, which ended more than 1 percent higher today.
European stock market indexes are trading higher on Tuesday after the recent banking turmoil eased and investors are now focusing on how the US and UK central banks will respond with interest rate decisions this week regarding the recent banking crisis. The US Dow and Nasdaq futures are trading higher today, indicating a strong opening for the US markets today.
Conclusion
Indian stock markets ended with strong gains amid positive global cues. The benchmark indices closed above their psychological levels on the back of strong gains in banking and financial stocks.
We feel the positive momentum to continue in the coming session. All eyes are now on US Fed’s monetary policy which is due on Wednesday. You can follow our Daily Morning Report at 7.30 am for market direction.
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