Nifty and Bank Nifty Prediction for Tuesday, 26 March 2024
Nifty and Bank Nifty Prediction for Tuesday, 26 March 2024:Indian equity benchmarks ended higher on Friday, extending their winning streak for the third consecutive session. The domestic markets opened downtick following losses from Asian markets, immediately rebounded from the day’s low, and closed with decent gains.
However, profit booking was witnessed in the last hour on Friday, ahead of the long weekend, and the markets trimmed some intraday gains. Indian will be closed on Monday, 25th March 2024, on account of the Holi Celebration.
Barring the Nifty IT sector, all other indices closed in the green with Realty, Auto, and Pharma gaining the most. The market breadth was strong with the advance decline indicating a ratio of 5:2 at the close. The NSE’s volatility index “India VIX” slipped 2.33% to 12.22.
The broader markets outperformed on Friday, as the Nifty mid and smallcap indices gained 0.59% and 0.64% respectively. At the close, Sensex gained 190.75 points or 0.26% and closed at 72831.94, while Nifty was up by 84.80 points or 0.39% and settled at 22096.75 on Friday.
Nifty and Nifty Bank Futures Price Movement on Friday, 22 March
On Friday, March 22, the Nifty futures (March Series) opened at 22060 levels. The index made a negative opening of 42.5 points from the previous close. It touched an intraday high of 22258 and a day’s low at 21953.85.
The index moved to 304.15 points on Friday, and it closed higher by 52.50 points or 0.24 percent and ended at 22155 levels.
The Bank Nifty futures (March Series) opened at 46719.70 levels on Friday. The index made a negative opening of 74.95 points and touched an intraday high at 47075 and a day’s low at 46610.
On Friday, the Bank Nifty futures gave a movement of 465 points and finished higher by 135.35 points or 0.29 percent and ended at 46930 levels.
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Nifty & Bank Nifty Prediction for Tuesday, 26 March 2024
Nifty Futures Prediction for Tuesday, 26 March 2024
Primary Nifty Trend in Futures: Mild Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 22260 whereas All Down Moves can initiate Short Covering @ 22050.
Nifty futures March series closed at 22155, a premium of 58.25 as compared to Nifty’s closing of 22096.75 in the cash market.
If the Nifty futures share price moves above 22185 and sustains. The Nifty index futures can trade 22218- 22254- 22290 during the day with a stop loss of 22160.
If the Nifty futures share price moves below 22090 and is sustained. Then it can trade in the range of 22058- 22027- 21992 during the day with a stop loss of 22115.
Bank Nifty Futures Prediction for Tuesday, 26 March 2024
Primary Trend of Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 47200, whereas Down Moves can Initiate Short Covering @ 46700.
Bank Nifty futures March series closed at 46929, at a premium of 65.25 compared to Bank Nifty’s closing of 46863.75 in the cash market.
Suppose the Bank Nifty futures move above 47080 and sustain, then it can trade in a range of 47170- 47275- 47390 during the day with a stop loss of 47018.
If the Bank Nifty futures move below 46800 and sustain, then the index can trade in the range of 46700- 46610- 46530 levels during the day with a stop loss of 46885.
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Conclusion
The domestic equity markets swiftly rebounded after the initial downtick on Friday. Indian markets joined the global rally after the US and UK central banks kept the rate unchanged and indicated interest rate cuts coming soon. The momentum will likely continue on Tuesday but markets will remain highly volatile ahead of the monthly F&O expiry.
You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
Also, read- Stock Market Prediction: What to Expect Next Week (March 25th – 29th, 2024)
Global Stock Market Insights: Weekly Stock Market Overview (Mar 18-22)
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