Nifty and Bank Nifty Tomorrow Prediction & Analysis- March 28, 2024
Nifty and Bank Nifty Tomorrow Prediction: Indian equity benchmarks ended with significant gains on Wednesday amid mixed global cues. The domestic markets opened higher and extended their early gains as the session progressed. However, Sensex and Nifty trimmed their intraday gains in the last hour, due to a profit taking at a higher level.
Among the sectors, Nifty Realty, Consumer Durables, and Private Banks closed higher, while PSU Bank, IT, and Media witnessed some selling pressure. The market breadth was slightly weak. On the NSE, 1136 shares advanced, while 1491 shares declined.
In the broader markets, the Nifty midcap index closed flat to the positive, adding only 0.06%, while the smallcap index gained, 0.96% at the close. The Sensex ended higher by 526.02 points or 0.73% and closed at 72996.31, while the Nifty index gained 118.95 points or 0.54% and settled at 22123.65.
Nifty and Bank Nifty Futures Price Movement for March Series
The Nifty futures price for the March series opened at 22099 making an edge higher opening of 10.45 points on Wednesday. It has touched an intraday high of 22210 and a day’s low of 22081.55
The Nifty futures price has given an intraday movement of 128.55 points. Ultimately, the Nifty futures closed higher by 105.45 points or 0.48% at the 22194 level.
The Bank Nifty futures had a monthly expiry today, for the March series the index opened at 46708.30 It made a slightly negative opening of 9.25 points on Wednesday. The Bank Nifty futures touched an intraday high at 46960.90 and a day’s low at 46649.05.
During the day, the Bank Nifty futures have given a movement of 311.85 points. In the end, Bank Nifty Futures closed higher by 65.80 points or 0.14 percent and closed at 46783.35 levels.
Nifty and Bank Nifty Tomorrow Prediction, March 28, 2024
Nifty Futures Prediction for Tomorrow, 28 March 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22300 whereas All Down Moves can Initiate Short Covering @ 22150
Nifty futures March series closed at 22194 a premium of 70.35, compared to Nifty’s closing 22123.65 in the cash market.
Suppose the Nifty futures move above 22218 and sustain. Then the Nifty index can trade in a range of 22252- 22285- 22325 levels during the day.
If the Nifty futures share price moves below 22170 and is sustained. Then the index futures can trade at 22130- 22094- 22055 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 28 March 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47050 whereas All down moves can Initiate Short Covering @ 46400.
Bank Nifty futures for the April series closed at 47263.80, at a premium of 477.85 compared to Bank Nifty’s closing 46785.95 in the cash market.
Suppose, the Bank Nifty futures move above 47335 and sustain, then the index can trade in the range of 47445- 47540- 47635 levels during the day.
If the Bank Nifty futures move below 46930 and sustain, then the index can trade in the range of 46840- 46730- 46650 levels during the day.
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Global Market Updates
The other Asian stock market indexes closed mixed on Wednesday, Nikkei gained the most as the yen weakened against the dollar. Shanghai and Hang Seng fell the most over 1%. The industrial profit released in China shows signs of stabilizing the economy, but the concern about the ailing property markets dampens the market sentiment. Hang Seng was down due to a drag in tech stocks and the Midland property index.
European stock market indexes are trading mixed on Wednesday following mixed cues from Asian markets. The Dow and Nasdaq futures are trading higher in the US, indicating a positive opening for the US markets today.
Conclusion
Indian stock market indexes closed higher despite the mixed global cues. Investors are now looking for key economic data from the US this week, and the RBI interest rate decision next week. The domestic markets will likely remain volatile tomorrow on the Nifty F&O expiry and long weekend. You can also follow our Daily Morning Report at 7:30 a.m. for market direction and follow, our Nifty and Bank Nifty support and resistance levels.
You may also like to read – Stock Market Prediction: What to Expect Next Week (March 25th – 29th, 2024)
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