Nifty and Bank Nifty Prediction for Monday, 18 March 2024
Nifty and Bank Nifty Prediction for Monday, 18 March 2024: Indian equity benchmarks ended lower on Friday amid weak global cues. The domestic markets opened lower due to disappointing economic data from the US, which pushed the US Treasury yields higher and is likely to emphasize the need for higher interest rates over an extended period.
The Indian markets extended early losses on selling oil & gas, auto, and pharma shares, while some buying was witnessed in metal and FMCG stocks. The market breadth was negative on Friday. On the NSE, 1196 shares were advanced while 1385 shares declined.
The broader markets closed mixed on Friday, as the Nifty mid-cap index closed lower by 0.46% while the smallcap index gained 0.39%. In the end, Sensex declined 453.85 points or 0.62% and closed at 72643.43, while Nifty was down 123.30 points or 0.56% and settled at 22023.35.
Nifty and Nifty Bank Futures Price Movement on Friday, 15 March
On Friday, March 15, the Nifty futures (March Series) opened at 22185.65 levels. The index has made a negative opening of 78.9 points from the previous close. It touched an intraday high of 22192.75 and a day’s low at 22000.
The index moved to 192.75 points on Friday, and it closed lower by 144.55 points or 0.65 percent and ended at 22120 levels.
The Bank Nifty futures (March Series) opened at 46825 levels on Friday. The index made a negative opening of 171.15 points and touched an intraday high at 46987.20 and a day’s low at 46440.25.
On Friday, the Bank Nifty futures gave a movement of 546.95 points and finished lower by 315.30 points or 0.67 percent and ended at 46680.85 levels.
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Nifty & Bank Nifty Prediction for Monday, 18 March 2024
Nifty Futures Prediction for Monday, 18 March 2024
Primary Nifty Trend in Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 22200 whereas All Down Moves can initiate Short Covering @ 22030.
Nifty futures March series closed at 22133.20 a premium of 109.85 as compared to Nifty’s closing 22023.35 in the cash market.
If the Nifty futures share price moves above 22160 and sustains. The Nifty index futures can trade in the range of 22186- 22218- 22254 during the day with a stop loss of 22138.
If the Nifty futures share price moves below 22092 and is sustained. Then it can trade in the range of 22056- 22028- 22000 during the day with a stop loss of 22118.
Bank Nifty Futures Prediction for Monday, 18 March 2024
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 47050, whereas Down Moves can Initiate Short Covering @ 46300.
Bank Nifty futures March series closed at 46694.70, at a premium of 100.6 compared to Bank Nifty’s closing of 46594.10 in the cash market.
Suppose the Bank Nifty futures move above 46830 and sustain, then it can trade in a range of 46970- 47060- 47175 during the day with a stop loss of 46750.
If the Bank Nifty futures move below 46440 and sustain, then the index can trade in the range of 46330- 46260- 46180 levels during the day with a stop loss of 46515
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Global Stock Market Updates on Friday
European stock market indexes mostly closed in the red on Friday, as investors remained cautious, ahead of the inflation data and the central bank’s interest rate decision. The key indexes, Germany’s DAX and UK’s FTSE closed lower, while France’s CAC closed flat to the positive on Friday.
The Bank of Japan, the Bank of England, and the US Federal Reserve will announce their interest rate decision next week. Germany’s Hello Fresh gained, more than 11% after the meal-kit company announced its quarterly results. Household goods shares led the losses in the region, while telecom shares gained on Friday.
The US stock market indexes closed lower on Friday and ended the week on a subdued note. The market sentiments were dented due to hotter-than-expected inflation data during the week, which pushed the Treasury yields higher ahead of the Federal Reserve interest rate decision next week. The 10-year treasury yield closed higher at 4.318% from 4.300% on Thursday.
The Michigan consumer sentiment index flash data showed the index fell to 76.5 in March from 76.9 in February, lower than the economist expectation of 77.4. The sentiments become slightly negative after the inflation data, as the CME FedWatch tool shows that the chances of cutting interest in June have slightly reduced to 58% from 74% shown in the previous week.
Conclusion
Indian stock markets ended the volatile session with losses on Friday. The domestic markets traded below their neutral line throughout the day. Though the indexes tried to recover their losses in the second half, the selling pressure of selected heavyweights capped the recovery.
The global market sentiments are slightly weak. On Monday, the domestic markets will open following the global cues. You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
Also, read- Global Stock Market Performance & Analysis: Weekly Overview (11 – 15 March)
Options Trading Books: Your Ultimate 2023 Guide to Winning Big
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Editor’s Desk
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