Nifty and Bank Nifty Prediction for Monday 20 March 2023
Nifty and Bank Nifty Prediction for Monday 20 March 2023: Indian equity markets ended with strong gains on Friday. The rally in banking stocks was witnessed across the globe after Wall Street’s biggest banks came for a joint rescue for First Republic banks on Thursday. This boosted the global market sentiments and traders also priced in less hawkish Federal Reserves amid worries about the global banking turmoil.
Among the sectors, Banks, Realty, and IT sectors gained while selling pressure was witnessed on the Auto, Media, and Healthcare sectors. The NSE’s volatility index India VIX declined by 8.94% to 14.7675. The market breadth was positive with the Advance-Decline indicating a ratio of 2:1 at the close.
The broader markets also closed positive on Friday. The Nifty midcap index underperformed the benchmarks, up only 0.32% while smallcap index gained in line with the frontline index, and advanced 0.69%. At the close, Sensex and Nifty added 0.62% and 0.67% respectively on the last day of the week.
Nifty and Nifty Bank futures price movement on Friday, 17 March
On Friday, Mar 17, the Nifty futures (March Series) opened at 17165 levels, it made a gap-up opening of 117.7 points from the previous close. It touched an intraday high at 17208.75 and a day’s low at 17020.05
The Nifty future has given a movement of 188.7 points on Friday. In the end, it closed higher by 141.70 points or 0.83 percent and ended at 17189 levels.
The Bank Nifty futures (March Series) opened at 39660 levels on the last day of the week. It made a gap-up opening of 263.8 points on Friday. It has touched an intraday high at 39847.30 and a day’s low at 39136.85
On Friday, the Bank Nifty future gave a movement of 710.45 points. At the close, it ended higher by 438.15 points or 1.11 percent and closed at 39834.35 levels.
Nifty & Bank Nifty Prediction for Monday 20 March 2023 (March Expiry)
Nifty Futures Prediction for Monday 20 March 2023
Primary Nifty Trend in futures: Range-bound with a Cautious approach
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17300 whereas All Down Moves Initiates Short Covering (Buy) @ 17050
If the Nifty futures share price Moves Above 17230 and sustains. Then you should Buy with 1st Target of 17274 during the day with a Stop Loss of 17205 FOR the Target of 17274- 17306- 17344- 17380
If the Nifty futures share price Moves Below 17138 and is sustained. Then you should Sell with the 1st Target of 17095 during the day with a Stop Loss of 17176. For the Target of 17095- 17056- 17014- 16975
Bank Nifty Futures Prediction for Monday 20 March 2023
Primary Trend of Bank Nifty Futures: Volatile with a Cautious approach
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 40050, whereas All Down Moves Initiates Short Covering (Buy) @ 39400
Suppose the Bank Nifty futures Moves Above 39980 and sustain, then you should Buy with the 1st Target of 40050 during the day with a Stop Loss of 39835. For the Target of 40050- 40165- 40260- 40375
If the Bank Nifty futures Moves Below 39660 and sustain, then you should Sell with the 1st Target of 39570 during the day with a Stop Loss of 39792. For the Target of 39570- 39490- 39415- 39325
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Global stock market updates
The US stock markets declined on Friday and the Dow Jones index fell sharply as selling pressure in the banking space continued. The First Republic Bank tanked 33% on Friday and logging its biggest weekly drop. The bank has suspended its dividend and borrowed heavily from the Fed’s discount window.
Gold hits an 11-month high, while the US Treasury note fell on Friday. On the economic front, a new survey showed that consumer sentiment declined in early March for the first time in four months.
European stock market indexes fell sharply on Friday due to the sell-off in banking stocks. The selling pressure in Credit Suisse stocks resumed on Friday despite getting financial help, as investors are worried about the economic impact of aggressive monetary policy tightening by the European Central Bank.
On the economic front, the eurozone annual inflation slightly eased in February but core inflation continued to rise, according to data released on Friday by Eurostat.
Conclusions
The domestic markets witnessed a relief rally on Friday on the back of positive global cues and on the hope that the banking turmoil has subsidized. Investors also in expectations that Fed would not take aggressive steps in hiking interest rates or may pause the rate hikes in next week’s meeting.
Meanwhile, on Friday the US and European markets fell sharply due to heavy selling pressure in banking stocks, Credit Suisse decline 8% and Frist Republic Bank fell 33%. We expect, the market sentiments to remain negative and volatile in the near term. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also read, Indian Stock Market Weekly Update (13-17 Mar 2023)
Global Stock Market: Dow drops sharply on Friday, erasing weekly gains
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