Nifty & Bank Nifty prediction for tomorrow 24 March 2021

 

Market updates today || Nifty and Bank Nifty futures prediction for tomorrow 24 March 2021

 

Nifty & Bank Nifty futures prediction for tomorrow 24 March 2021: Indian stock markets opened higher today tracking the positive global market peers in the morning. The markets traded above their neutral lines most of the day on the back of buying in the Banking and Oil & Gas sectors. In the end, markets ended another volatile trading session and closed in the green.

Domestic markets mood was upbeat as FICCI’s latest quarterly survey on manufacturing assessed recovery of the sector for Q3 FY21 and pointed that it is expected to regain the lost momentum in the Q4. Adding some more optimism, according to a private report India is expected to be the third-largest economy in the world by 2031. India should touch Japan’s nominal GDP (in USD) in 2031 if it grows 9 percent (and in 2030 if it grows at 10 percent). This assumption is entirely realistic 6 percent real growth, 5 percent inflation, and 2 percent depreciation.

However, the upside remained capped in the market due to surges in coronavirus cases especially in Maharastra and other five states. According to a report, the second wave of the pandemic is delaying business normalization in the country.

 

Stock market today: Nifty, Sensex, and Bank Nifty on the spot price

 

At the close, Nifty gained 78.35 points or 0.54 percent and finished at 14814.75 levels. Sensex was up by 280.15 points or 0.57 percent and closed at 50,051.44 levels. The Bank Nifty on spot price jumped 580.95 points or 1.73 percent and ended at 34184.40 levels.

The Nifty midcap and smallcap indices also made decent gains today. The midcap index was up by 204.80 points or 0.87 percent and finished at 23808.40 levels. The smallcap index closed higher by 29.80 points or 0.36 percent and ended at 8239.45 levels.

The top five gainers in the Nifty50 index were Shree Cement, Ultractech cement, Divis Lab, Titan Company, and Adani Ports. The top five losers in the Nifty50 index were IOC, Hindalco, ONGC, Power Grid Corp, and GAIL. The most active stocks in the Nifty50 index for the day were Adani Ports, Tata Motors, and ICICI Bank.

On a sectoral front, Banking, Automobiles, IT & Software, Pharma, and Realty sectors closed in the green. The sectors that closed in the red were Metals, Media, Insurance, Telecom, and FMCG. 

 

NSE Futures Indices today-  Nifty & Bank Nifty

 

The Nifty futures share price opened at 14752.10 made a positive opening of 10.5 points. It has touched an intraday high at 14900 and a day’s low at 14713.55

The Nifty futures share price has given a movement of 186.45 points. In the end, it closed higher by 85.4 points or 0.58 percent and ended at 14827 levels.

The Bank Nifty futures share price opened at 33760 It made a positive opening of 74.8 points today. It has touched an intraday high at 34424.90 and a day’s low at 33635

During the day, the Bank Nifty futures share price has given a movement of 789.90 points. In the end, it climbed 604.85 points or 1.80 percent and closed at 34290.05 levels.

 

Nifty & Bank Nifty prediction for tomorrow, 24 March 2021 (March Expiry)

 

 

Nifty futures prediction for tomorrow, 24 March 2021

Primary Nifty Trend in futures: Mild Positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 14950 whereas All Down Moves Initiates Short Covering (Buy) @ 14730

If the Nifty futures share price Moves Above 14865 and sustain. Then you should Buy with 1st Target of 14902 during the day with a Stop Loss of 14805  FOR the Target of 14902-14947- 14989

If the Nifty futures share price Moves Below 14805 and sustain. Then you should Sell with the 1st Target of 14772 during the day with a Stop Loss of 14865. FOR the Target of 14772- 14732 -14685

 

Bank Nifty futures prediction for tomorrow 24 March 2021

Primary Trend of  Bank Nifty Futures: Mild Negative

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 34750, whereas All Down Moves Initiates Short  Covering (Buy) @ 33800

Suppose, Bank nifty share price in futures Moves Above 34360 and sustain, then you should Buy with the 1st Target of 34660 during the day with a Stop Loss of  33960. FOR the Target of 34660 – 34750 – 34910

If  Bank nifty share price in the futures Moves Below 33960 and sustained, then you should Sell with the 1st Target of 33808 during the day with a Stop Loss of 34360. FOR the Target of 33808 – 33570 – 33327

 

Global stock markets today 

 

On the global fronts, the Asian markets indices were mostly closed in the red today as the US and its allies announced a new round of sanctions on Beijing. The European markets are trading lower as a new wave of coronavirus infection and fresh lockdown in Germany raised fears of a slow economic recovery in the continent from the pandemic. The US futures market indices Dow and Nasdaq futures are trading flat at 5 pm IST.

Conclusions: 

Indian stock markets closed higher despite negative cues from the other Asian markets. Today the markets gained on the back of buying in the banking sectors. A decent rally was seen in the Bank Nifty after the Supreme Court refused to grant interest waivers and extend the moratorium period.

Going forward, Indian markets will remain volatile ahead of F&O expiry. Traders need to remain cautious and trade with strict stop loss. Traders/investors can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures prediction for tomorrow, 24 March 2021

 

Also read, Indian stock market trend for next week [ 22-26 March]  

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Editor’s Desk

 

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