Nifty and Bank Nifty Prediction for Tomorrow 23 March 2023
Nifty and Bank Nifty Prediction for Tomorrow 23 March 2023: Indian equity market indices ended the volatile session with minor gains on Wednesday. The market sentiment was upbeat as the banking crisis in US and Europe subsides. Traders remain cautious and booked profit at higher levels ahead of the US fed interest rate decision, which is due later in the day.
Among the sectors, Pharma, PSU Bank, and Auto were the gainers while Media, Realty, and Metals witnessed some selling pressure today. The market breadth was strong, 1256 shares were in advance while 753 shares decline in NSE.
The broader markets outperformed the frontline stocks, as Nifty mid and smallcap indexes closed higher by 0.28 percent and 0.54 percent respectively. At the close, Sensex and Nifty extended their previous sessions gain and ended higher by 0.24 percent and 0.26 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 22 March
The Nifty futures price opened at 17211 making a positive opening of 50.85 points today. It has touched an intraday high of 17238 and a day’s low of 17142.10
The Nifty futures price has given a movement of 95.9 points today. In the end, it closed higher by 23.80 points or 0.14 percent and ended at 17183.95 levels.
The Bank Nifty futures opened at 40187.30 It made a positive opening of 140.45 points today. The Bank Nifty futures touched an intraday high at 40198 and a day’s low at 39971
During the day, the Bank Nifty futures have given a movement of 227 points. In the end, it closed higher by 46.20 points or 0.12 percent and closed at 40093.05 levels.
Nifty & Bank Nifty Prediction for Tomorrow 23 March 2023
Nifty Futures Prediction for Tomorrow 23 March 2023
Primary Nifty Trend in futures: Positive and Volatile
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17350 whereas All Down Moves Initiates Short Covering (Buy) @ 17000
If the Nifty futures (March Series) share price Moves Above 17207 and sustains. Then you should Buy with the 1st Target of 17237 during the day with a Stop Loss of 17174 FOR the Target of 17237- 17282- 17318- 17347
If the Nifty futures (March Series) share price Moves Below 17132 and is sustained. Then you should Sell with the 1st Target of 17095 for the day with a Stop Loss of 17158. For the Target of 17095- 17060- 17030- 16992
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Bank Nifty Futures Prediction for Tomorrow 23 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) @ 40600 whereas All Down Moves Initiates Short Covering (Buy) @ 39800
Suppose the Bank Nifty futures (March Series) Moves Above 40200 and sustain, then you should Buy with the 1st Target of 40280 during the day with a Stop Loss of 40090 and the Target of 40280- 40385- 40470- 40605
If the Bank Nifty futures (March Series) Moves Below 39950 and sustain, then you should Sell with the 1st Target of 39810 the day with a Stop Loss of 40050. For the Target of 39810- 39718- 39635- 39550
Global Stock Market Updates
On the Global front, Asian stock market indexes closed higher on Wednesday, as worries over a global banking crisis eased but traders remain cautious ahead of the crucial US Fed meeting later in the day. Japan’s Nikkei gained the most in the region, as banking and financial stocks rallied. Investor’s sentiment got boosted after US Treasury Secretary Janet Yellen assured that smaller lenders will be safeguarded.
Shanghai index and Heng Seng also rallied for a second day after US banking stocks rebounded overnight on hopes that a banking sector meltdown has been stopped for now. Hong Kong Bank stocks rebounded after HSBC and Standard Chartered gained 3-4% on Wednesday.
European markets are trading slightly higher at this moment (5 pm IST) as investors’ focus now shifted to the US Fed interest rate decision, which is expected to raise 25 bps later in the day. UK’s FTSE fell in the early trade after the latest data showed a surprise rise in inflation, raising the chances of another rate hike in this week’s BoE monetary policy meeting. The US future indexes Dow and Nasdaq futures are trading with little changes at this moment.
Conclusion
Indian stock markets ended with minor gains as profit booking was witnessed at higher levels ahead of the US Fed’s crucial monetary policy outcome. Markets are expecting 25 bps rate hikes, Fed’s comments about the recent banking crisis will hold importance.
Tomorrow the domestic markets will open as per the global cues and will trade volatile as the weekly options expiry is also scheduled tomorrow, You can follow our Daily Morning Report at 7.30 am for market direction.
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