Nifty and Bank Nifty Prediction for Tomorrow 3 March 2023
Nifty and Bank Nifty Prediction for Tomorrow 3 March 2023: Indian equity markets ended lower after a volatile session on Thursday, amid weak global cues. The domestic markets were volatile on account of weekly option expiry. Barring Realty and Oil & Gas sectors, all other sectors closed in the red on Thursday, with IT, auto, and financial services sectors declining the most.
The market breadth was negative today. The broader markets also closed in the red, as Nifty mid and smallcap indexes ended lower by 0.32 percent and 0.17 percent respectively. At the close, Nifty and Sensex declined by 0.84 percent and 0.74 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 2 March
The Nifty futures price opened at 17495 making a negative opening of 37.7 points today. It has touched an intraday high of 17518 and a day’s low of 17380
The Nifty futures price has given a movement of 138 points today. In the end, it closed lower by 144.70 points or 0.83 percent and ended at 17388 levels.
The Bank Nifty futures opened at 40820.05 It made a negative opening of 90.4 points today. The Bank Nifty futures touched an intraday high at 40970 and a day’s low at 40550
During the day, the Bank Nifty futures have given a movement of 420 points. In the end, it closed lower by 345.40 points or 0.84 percent and closed at 40565.05 levels.
Nifty & Bank Nifty Prediction for Tomorrow 3 March 2023 (Mar Expiry)
Nifty Futures Prediction for Tomorrow 3 March 2023
Primary Nifty Trend in futures: Mild Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17430 whereas All Down Moves Initiates Short Covering (Buy) @ 17280
If the Nifty futures (March Series) share price Moves Above 17435 and sustains. Then you should Buy with the 1st Target of 17467 during the day with a Stop Loss of 17402 FOR the Target of 17467- 17518- 17550- 17580
If the Nifty futures (March Series) share price Moves Below 17350 and is sustained. Then you should Sell with the 1st Target of 17315 for the day with a Stop Loss of 17380. For the Target of 17315- 17270- 17246- 17220
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Bank Nifty Futures Prediction for Tomorrow 3 March 2023
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 40800 whereas All Down Moves Initiates Short Covering (Buy) @ 40350
Suppose the Bank Nifty futures (March Series) Moves Above 40735 and sustain, then you should Buy with the 1st Target of 40810 during the day with a Stop Loss of 40630 and the Target of 40810- 40900- 40980- 41060
If the Bank Nifty futures (March Series) Moves Below 40525 and sustain, then you should Sell with the 1st Target of 40435 the day with a Stop Loss of 40590. For the Target of 40435- 40360- 40285- 40200
Global Stock Market Updates
On the global front, major Asian stock market indexes closed in the red on Thursday, as traders remained cautious due to the threat of more interest rate hikes across trading floors. Wednesday’s rally was proved to be short-lived, as higher US Treasury yields overnight and an indication of raising inflation fear the investors that the global central banks will keep raising rates to tame inflation, has actually dampened the market moods
Japan’s Nikkei closed slightly lower as Tech, Realt Estate, and Chipmarkers dragged the market. Hang Seng ended lower after gaining over 4 percent in the previous session due to Sino-US tensions, while China’s Shanghai dropped slightly lower in the last hour, as investors were cautious ahead of the key parliamentary meeting
Europen stock market indexes are trading marginally lower, as investors digested the corporate earnings and eyed eurozone inflation data which is due later in the day, to gauge the path of an interest rate hike from the ECB. The US future indexes are trading mixed at 5 pm IST, Dow future is trading marginally higher while Nasdaq future is trading in the red.
Conclusion
Indian markets opened on a weak note and extended losses as the session progressed. The market sentiments were downbeat after the US 10-year bond yield advanced 4% and the fresh set of US data on Thursday suggested that inflation will remain elevated for a longer period. Tomorrow markets will open as per global cues. You can follow our Daily Morning Report at 7.30 am for market direction.
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