Nifty and Bank Nifty Prediction for Tomorrow 24 March 2023
Nifty and Bank Nifty Prediction for Tomorrow 24 March 2023: Indian equity markets ended a volatile session with modest losses on Thursday. The market sentiment was weak due to the negative cues from Wall Street overnight after US Fed hiked the interest rates by 25 basis points. The volatility in the markets is due to the expiry of weekly index options on the NSE. Among the sectors, FMCG, Pharma, and Metal closed slightly higher while selling pressure was witnessed in Banks, Realty, and Financial counters.
The market breadth was negative with 697 shares in advance and 1323 shares declining on NSE. The broader markets were also closed lower in line with their larger peers, as Nifty mid and smallcap indexes fell 0.41 percent and 0.43 percent respectively. At the close, Nifty ended below 17100 levels down by 0.44 percent while Sensex fell 0.50 percent on Thursday. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 23 March
The Nifty futures price opened at 17124.90 making a negative opening of 60.1 points today. It has touched an intraday high of 17239.55 and a day’s low of 17066.95
The Nifty futures price has given a movement of 172.6 points today. In the end, it closed lower by 103 points or 0.60 percent and ended at 17082 levels.
The Bank Nifty futures opened at 39955.20 It made a negative opening of 164.1 points today. The Bank Nifty futures touched an intraday high at 40273 and a day’s low at 39619.50
During the day, the Bank Nifty futures have given a movement of 653.5 points. In the end, it closed lower by 481.35 points or 1.20 percent and closed at 39637.95 levels.
Nifty & Bank Nifty Prediction for Tomorrow 24 March 2023
Nifty Futures Prediction for Tomorrow 24 March 2023
Primary Nifty Trend in futures: Mild Positive with a cautious approach
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17200 whereas All Down Moves Initiates Short Covering (Buy) @ 17000
If the Nifty futures (March Series) share price Moves Above 17109 and sustains. Then you should Buy with the 1st Target of 17142 during the day with a Stop Loss of 17074 FOR the Target of 17142- 17172- 17207- 17238
If the Nifty futures (March Series) share price Moves Below 17030 and is sustained. Then you should Sell with the 1st Target of 17000 for the day with a Stop Loss of 17055. For the Target of 17000- 16968- 16930- 16874
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Bank Nifty Futures Prediction for Tomorrow 24 March 2023
Primary Trend of Bank Nifty Futures: Negative with a cautious approach
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 39800 whereas All Down Moves Initiates Short Covering (Buy) @ 39200
Suppose the Bank Nifty futures (March Series) Moves Above 39840 and sustain, then you should Buy with the 1st Target of 39950 during the day with a Stop Loss of 39715 and the Target of 39950- 40040- 40170- 40250
If the Bank Nifty futures (March Series) Moves Below 39525 and sustain, then you should Sell with the 1st Target of 39410 the day with a Stop Loss of 39660. For the Target of 39410- 39330- 39220- 39115
Global Stock Market Updates
On the global front, other Asian markets were closed mostly higher on Thursday with investors reacting to the US Fed’s hint that the central bank may pause the rate hike cycle, following last week’s banking crisis. As widely expected US Fed hiked interest rates by 25 bps but it recast its outlook to a more cautious stance as a result of the banking stress.
Hang Seng gained more than 2%. The sentiments were boosted as the US Fed softer its tone for further rate hikes. The tech stocks rallied in Hong Kong after tech giant “Tencent” gained around 8% on Thursday. Japan closed marginally lower while the Shanghai index ended higher on Thursday. Indonesian stock markets are closed today due to New Year Holiday.
European stock market indexes are trading lower on Thursday after the US Fed hiked interest rates as expected. The sentiments were dampened due to the remarks from Treasury Secretary Janet Yellen that she is not considering “blanket insurance” for deposits.
However, investors are looking ahead to the monetary policy decision of Norway, Switzerland, and the UK, which are due later in the day. The US future indexes, Dow and Nasdaq futures are trading higher at 5 pm IST, indicating a positive opening for the US markets today.
Conclusion
Indian stock markets ended lower along with most of their global peers as the comments made by US Treasury Secretary Janet Yellen on the safety of bank deposits dented the global market sentiments. 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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