Nifty and Bank Nifty Prediction for Monday, 11 March 2024
Nifty and Bank Nifty Prediction for Monday, 11 March 2024:Indian equity benchmarks ended marginally higher on Thursday, extending their gains for the second consecutive session. Indian markets were closed on Friday, 8 March 2024, on account of Mahashivratri. The domestic markets opened higher following positive global cues on Thursday and gave up all early gains in the morning deal. The equity benchmarks traded in a tight range throughout the day and closed with minor gains.
Among the sectors, Media, Metal, and FMCG were in demand, while Oil & Gas and Banking sectors were under selling pressure. The market breadth was positive. On the NSE, 1611 shares were advanced, while 989 shares declined at the close on Thursday. The NSE’s volatility index, “India VIX” slipped 4.77% to 13.61.
The broader markets outperformed the benchmarks, as the Nifty midcap and smallcap index gained 0.22% and 0.85% respectively. In the end, Sensex closed slightly higher by 33.40 points or 0.05% and closed at 74119.39, while Nifty was up by 19.50 points or 0.09% at 22493.55.
Nifty and Nifty Bank Futures Price Movement on Thursday, 7 March
On Thursday, March 7, the Nifty futures (March Series) opened at 22602.05 levels. The index has made a slightly positive opening of 9 points from the previous close. It touched an intraday high of 22619.90 and a day’s low at 22526.30. The index moved to 93.6 points on Thursday, and it closed lower by 55.05 points or 0.24 percent and ended at 22538 levels.
The Bank Nifty futures (March Series) opened at 48200 levels on Thursday. The index made a positive opening of 82.55 points and touched an intraday high at 48202.35 and a day’s low at 47880.30. On Thursday, the Bank Nifty futures gave a movement of 322.05 points and finished lower by 217.45 points or 0.45 percent and ended at 47900 levels.
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Nifty & Bank Nifty Prediction for Monday, 11 March 2024
Nifty Futures Prediction for Monday, 11 March 2024
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 22650 whereas All Down Moves can initiate Short Covering @ 22500
Nifty futures March series closed at 22538 a premium of 44.45, compared to Nifty’s closing 22493.55 in the cash market. If the Nifty futures share price moves above 22585 and sustains. The Nifty index futures can trade in the range of 22622- 22664- 22705 during the day with a stop loss of 22550.
If the Nifty futures share price moves below 22490 and is sustained. Then it can trade in the range of 22452- 22408- 22385 during the day with a stop loss of 22520.
Bank Nifty Futures Prediction for Monday, 11 March 2024
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 48100, whereas Down Moves can Initiate Short Covering @ 47650.
Bank Nifty futures March series closed at 47900, at a premium of 64.2 compared to Bank Nifty’s closing of 47835.80 in the cash market. Suppose the Bank Nifty futures move above 48092 and sustain, then it can trade in a range of 48180- 48250- 48380 during the day with a stop loss of 48020.
If the Bank Nifty futures move below 47800 and sustain, then the index can trade in the range of 47710- 47635- 47550 levels during the day with a stop loss of 47880.
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Global Stock Market Updates on Friday
European stock market indexes closed mixed on Friday, as investors digested the US job report and the ECB’s signals for rate cuts. Germany’s DAX closed lower despite the industrial output rising 1% in January, more than the 0.5% expectations. The eurozone gross domestic product (GDP) data remained steady in the fourth quarter of 2024, as the revised data showed on Friday.
The market sentiments were earlier positive in Europe, as investors were encouraged after the ECB revised its inflation forecast in 2024 to 2.3% from 2.7% and kept the interest rate steady as widely expected. This raised the hope among investors for interest rate cuts starting in June.
The US stock markets pared intraday gains and ended in the red on Friday, as investors digested the mixed signals from the monthly job report. The eagerly awaited February jobs report showed that the American economy added 275,000 jobs compared with an expectation of 198000 by the economists polled by Dow Jones.
The unemployment rate was unexpectedly higher to 3.9% and wage growth declined slightly in February. This sustains investors’ optimism for June interest rate cuts, as the report suggests that the Fed can manage inflation without any adverse effect on the economy. The markets erased all intraday gains, as Nvidia’s downturn weighed on tech stocks. Nvidia shares slipped more than 5% on stock split speculation on Friday.
Conclusion
Indian stock markets ended Thursday’s session with minor gains. The domestic markets were closed on Friday on account of Mahashivratri. We expect the positive momentum in Indian stock markets to continue, although profit-taking at higher levels, remains a possibility. You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
Also, read- US Markets on 8 March: Dow & Nasdaq End Lower After Mixed Jobs Report
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