Nifty prediction for tomorrow 23 Feb 2021
Today’s market updates || Nifty and Bank Nifty prediction for tomorrow 23 Feb 2021
Nifty & Bank Nifty Prediction for tomorrow 23 Feb 2021: Indian stock market opened marginally higher on Monday but it slipped after a few minutes of trading below their neutral lines. Indian markets were struggling for direction and traded almost flat in the early deals. Later in the late morning markets fell sharply and closed in the deep red today.
Some support came in the morning with the report that retail inflation for farm workers and rural laborers eased to 2.17% and 3.25% in January, mainly due to lower prices of certain food items. However, rising coronavirus cases remain a concern in the Indian markets. India reported more than 14000 new coronavirus cases with Maharashtra as the worst hit, following which the government has banned political, religious, and social gatherings and imposed a new lockdown in some areas.
On the global front, cues remained positive in the morning most of the Asian markets were closed mixed today. European markets are trading lower on inflation risk concern. The US futures indices Dow and Nasdaq futures are trading lower at 4 pm IST
Today’s market updates- Sensex, Nifty, and Bank Nifty on the spot price
At the close, Sensex and Nifty closed below their crucial levels. Nifty fell 306.05 points or 2.04%, and at 14675.70 while Sensex slipped 1145.44 points or 2.25% and closed at 49,744.32 levels. Bank Nifty on the spot price was down by 584.40 points or 1.63% and ended at 35257.20 levels.
The Nifty midcap and smallcap also indices also closed in the red today. The nifty midcap index fell 295.95 points or 1.28% and closed at 34340.75 levels. Smallcap index declined by 95.20 points or 1.19% and closed at 7885.05 levels.
The top five gainers in the Nifty50 index were Adani Ports, JSW Steel, Hindalco, Tata Steel, and ONGC. The top five losers in the Nifty50 index were M&M, Dr. Reddy’s Lab, Tech Mahindra, ITC, and IndusInd Bank. The most active stocks in the Nifty50 index were HDFC Bank, Reliance, and SBI.
On a sectoral front, barring metals all other major sectors closed in the red today. The sectors that fell the most were Automobiles, Banking, Finance, Capital Goods, Healthcare, Insurance, Oil & Gas and IT.
Nifty & Bank Nifty futures price today
The Nifty futures share price opened at 14982 made a negative opening of 5 points. It has touched an intraday high at 15002.85 and a day’s low at 14639.75
The Nifty futures share price has given a movement of 363.1 points. In the end, it fell 344.3 points or 2.30 %, and closed at 14642.70 levels.
The Bank Nifty futures share price opened at 35622.35 It made a negative opening of 227.45 points today. It has touched an intraday high at 36116 and a day’s low at 35075
During the day, the Bank Nifty futures share price has given a movement of 1041 points. In the end, it declined by 681.8 points or 1.90% and closed at 35168 levels.
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Nifty and Bank Nifty prediction for tomorrow 23 Feb ( Feb Expiry)
Nifty futures prediction for tomorrow 23 Feb 2021
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 14750 whereas All Down Moves Initiates Short Covering (Buy) @ 14500
If the Nifty futures share price Moves Above 14770 and sustain. Then you should Buy with 1st Target of 14812 during the day with a Stop Loss of 14550 FOR the Target of 14812-14865- 14902
If the Nifty futures share price Moves Below 14550 and sustain. Then you should Sell with the 1st Target of 14522 during the day with a Stop Loss of 14770. FOR the Target of 14522- 14491-14458
Bank Nifty futures prediction for tomorrow 23 Feb 2021
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35650, whereas All Down Moves Initiates Short Covering (Buy) @ 34600
Suppose Bank Nifty futures share price Moves Above 35455 and sustain. Then you should Buy with the 1st Target of 35640 during the day with a Stop Loss of 34880. FOR the Target of 35640 – 35830- 36018
If the Bank Nifty futures share price Moves Below 34880 and sustained. Then you should Sell with the 1st Target of 34790 during the day with a Stop Loss of 35455. FOR the Target of 34790 – 34610- 34435
Conclusions:
Indian stock markets slipped for the fifth consecutive day today. The market sentiments were negative due to the spike in coronavirus cases in India and mixed global cues. Barring metal sectors, all other major sectors were closed in the deep red today.
Going ahead market would remain volatile due to the F&O expiry week and concerns over inflation. Traders/ investors can follow our Daily Morning market views and can follow our Nifty and Bank Nifty prediction for tomorrow 23 Feb 2021
Also read, PSU Bank Shares | Stocks Recommendations
Nifty | Bank Nifty futures prediction ahead of F&O expiry
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