Nifty and Bank Nifty Prediction for Tomorrow, 28 February 2024
Nifty and Bank Nifty Prediction for Tomorrow, 28 February 2024: Indian equity benchmarks ended with decent gains on Tuesday amid weak global cues. The domestic indices opened lower following losses from Wall Street and traded near their flat lines in the morning deals. The Sensex and Nifty extended their gains in the afternoon session on the back of buying in the Realty, Consumer Durables, and IT sectors.
Meanwhile, some selling pressure was witnessed in the Media, PSU Bank, and Financial Services sectors. The market breadth was negative. On the NSE 991 shares advanced, while 1561 shares declined at the close. The NSE’s volatility index “India VIX” gained 0.81% to 15.73.
The broader markets underperformed the benchmarks, as the Nifty midcap index was down 0.12%, and the smallcap index gained 0.28%. In the end, Sensex gained 305.08 points or 0.42% and closed at 73095.22, while Nifty advanced 76.30 points or 0.34% and settled at 22198.35. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (29 February expiry)
The Nifty futures price for the February 29 expiry opened at 22120 making a negative opening of 21.65 points on Tuesday. It has touched an intraday high of 22229.30 and a day’s low of 22095.10.
The Nifty futures price has given an intraday movement of 134.2 points. Ultimately, the Nifty futures closed higher by 54.85 points or 0.25% at 22196.50 levels.
The Bank Nifty futures for the February 29 expiry opened at 46545. It made a lower opening of 62.7 points on Tuesday. The Bank Nifty futures touched an intraday high at 46745 and a day’s low at 46310.30.
During the day, the Bank Nifty futures have given a movement of 434.7 points. In the end, Bank Nifty Futures closed slightly lower by 11.70 points or 0.03 percent and closed at 46596 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 28 Feb 2024
Nifty Futures Prediction for Tomorrow, 28 Feb 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22340 whereas All Down Moves can Initiate Short Covering @ 22200
Suppose the Nifty futures move above 22234 and sustain. Then the Nifty index can trade in a range of 22265- 22302- 22340 levels during the day.
If the Nifty futures share price moves below 22158 and is sustained. Then the index futures can trade in a range of 22135- 22095- 22065 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 28 Feb 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 46900 whereas All down moves can Initiate Short Covering @ 46250
Suppose the Bank Nifty futures move above 46760 and sustain, then the index can trade in the range of 46870- 46950- 47130 levels during the day.
If the Bank Nifty futures move below 46405 and sustain, then the index can trade in the range of 46330- 46220- 46150 levels during the day.
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Global Market Updates
The other Asian stock market indexes closed mostly higher on Tuesday, as investors assessed Japan’s inflation data for January and looking for more data in the region later this week. The latest data showed Japan’s core inflation dipped for the third straight month in January to hit its lowest level in 22 months.
The Nikkei 225 index closed slightly higher after closing at a record high in the previous session. Shanghai and Hang Seng indexes gained the most in the region with the support of tech stocks. Australia’s S&P ASX 200 index also closed marginally higher. Elsewhere, South Korea’s Kospi the Straits Times, Taiwan, and SET composite closed in the red.
European stock market indexes are trading mixed near their flat lines on Tuesday, as investors remain cautious ahead of the key inflation data from the US and Europe later this week.
In the US, the Dow and Nasdaq futures are trading near their neutral lines on Tuesday, indicating a flat opening for the US markets today.
Conclusion
The domestic markets ended the volatile session with decent gains on Tuesday, snapping a two-day losing streak. The hopes for a ceasefire in the Israel-Hamas war and a fall in crude oil prices supported the market sentiments.
Going ahead, markets will remain volatile ahead of monthly F&O expiry and economic data from both domestic and global front. 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.
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