Banknifty share price target | Nifty prediction for 17 Feb
Today’s market updates|| Nifty & Banknifty share price target for 17 Feb 2021
Nifty & Banknifty share price target for 17 Feb: Indian stock markets made an optimistic start on Tuesday tracking gains in other Asian market peers. The markets were trading firm in the early morning with gains of over half a percent on the back of buying Metals, Oil & Gas, and PSU stocks. The markets erased all gains in the afternoon session due to the weakness in Banknifty share and later closed almost flat.
The market sentiments were positive in the morning as the commerce ministry showed that the country’s export rose by 6.6% on a year-on-year basis. The trade deficit during the month narrowed to $14.54 billion from $15.3 billion in January 2020. Meanwhile, the World Health Organisation (WHO) has listed AstraZeneca and Oxford University’s Covid-19 vaccine for emergency use, widening access to the relatively inexpensive shot in the developing world.
On the global front, Asian markets were closed in the green today extended gains from the previous session in absence of any fresh cues from Wall Street, which was closed due to a holiday. The European stock markets are trading almost flat as investors held out for a larger U.S stimulus package to drive global economic growth. The US future indices Dow and Nasdaq futures are trading marginally higher.
Markets Indexes today – Sensex, Nifty, and Banknifty on the spot price
Nifty today closed almost flat, it fell 1.25 points while Sensex was down by 49.96 points or 0.09% and closed at 52104.17 level. The Banknifty share price declined 207.85 points or 0.55% and ended at 37098.40 levels.
The Nifty midcap and smallcap 100 indexes closed marginally higher today. The midcap index gained 102.85 points or 0.44% and at 23316.50. The Nifty smallcap index was up by 10.95 points or 0.14% and closed at 7974.95 levels.
The top five gainers in the Nifty50 index were Power Grid Corp, ONGC, Tata Steel, Hindalco, and NTPC. The top five losers in the Nifty50 index for the day were Axis Bank, ICICI Bank, Eicher Motors, Nestle, and Infosys. The most active stocks in the Nifty50 index for the day were SBI, Tata Steel, and Tata Motors.
On a sectoral front, Metals, Oil & Gas, Healthcare, Infrastructure, and Capital Goods sectors closed in the green today. The sectors closed in the red today were FMCG, IT & Software, Manufacturing, Media, and logistics.
Nifty & Banknifty share price in futures today
The Nifty futures share price opened at 15373.95 made a positive opening of 41.75 points. It has touched an intraday high at 15430 and a day’s low at 15246.10
The Nifty futures share price has given a movement of 183.9 points. In the end, it closed at absolutely flat with no change at 15332 levels.
The Banknifty share price in futures opened at 37550 It made a positive opening of 147.35 points today. It has touched an intraday high at 37770 and a day’s low at 36832.60
During the day, the Banknifty share price in futures has given a movement of 937.4 points. In the end, it fell by 157.65 points or 0.42%, and closed at 37245 levels.
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Nifty and Banknifty share price prediction for tomorrow 17 Feb ( Feb Expiry)
Nifty futures prediction for tomorrow 17 Feb 2021
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 15420 whereas All Down Moves Initiates Short Covering (Buy) @ 15250
If the Nifty futures share price Moves Above 15365 and sustain. Then you should Buy with 1st Target of 15384 during the day with a Stop Loss of 15280 FOR the Target of 15384-15422- 15452
If the Nifty futures share price Moves Below 15280 and sustain. Then you should Sell with the 1st Target of 15242 during the day with a Stop Loss of 15365. FOR the Target of 15242- 15197 -15160
Banknifty share price futures prediction for tomorrow 17 Feb 2021
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 37750, whereas All Down Moves Initiates Short Covering (Buy) @ 37000
Suppose Banknifty share price in futures Moves Above 37530 and sustain. Then you should Buy with the 1st Target of 37730 during the day with a Stop Loss of 37130. FOR the Target of 37730 – 37976- 38220
If the Banknifty share price in futures Moves Below 37130 and sustained. Then you should Sell with the 1st Target of 36875 during the day with a Stop Loss of 37530. FOR the Target of 36875 – 36690- 36570
Conclusions:
Indian markets opened positive with the support of the other Asian market peers but could not sustain at higher levels. The key indices touched a new record high in the morning session but profit booking in FMCG, private banking, and IT sectors erased all morning gains.
In the absence of any major domestic events, Indian markets will trade as per the global market cues. Traders/investors can follow our Daily Morning market views and can follow our Nifty and Banknifty share price prediction in futures for 17 Feb 2021.
Also read, How to trade Nifty & Bank Nifty futures next week
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