Nifty 50 futures | Bank Nifty futures prediction for 17 March
Markets erased early gains today | Nifty 50 & Bank Nifty futures prediction for 17 March
Nifty 50 & Bank Nifty futures prediction for 17 March: Indian stock market opened higher today tracking the positive Asian markets in the morning. The markets erased all early gains on the back of selling in banking, infrastructure, and metals stocks. The Bank Nifty traded volatile today and dragged more than 1 percent in the end. In the end, Sensex and Nifty 50 closed marginally lower.
In the morning the market sentiment was positive as India’s merchandise exports rose 0.67 percent year-on-year to $27.93 billion in February 2021over the same period in the previous year. The growth is due to the healthy growth in the pharma and chemical sectors. The market upside remains capped due to the concerns about the second wave of coronavirus cases in various states in India. Maharashtra government has imposed several restrictions including district-wise lockdowns to curb the second wave of coronavirus till 31st March.
Stock Market Today: Nifty 50, Sensex, and Bank Nifty on the spot price
At the close, Nifty 50 fell 19.05 points or 0.12 percent and ended at 14910.45 levels while Sensex was down by 31.12 points or 0.06 percent and closed at 50363.96 levels. The Bank nifty on the spot price slipped 377.95 points or 1.07 percent and ended at 34804.60 levels.
The Nifty midcap and smallcap index outperform the benchmark indices today. The Nifty midcap index closed higher by 96 points or 0.40 percent and ended at 24048.30 levels. The smallcap index gained 25.30 points or 0.30 percent and closed at 8441.40 levels.
The top five gainers in the Nifty 50 index were Asian Paints, Dr. Reddy’s Lab, HCL Tech, HUL, and TCS. The top losers in the Nifty 50 index for the day were Tata Steel, Cipla, Larsen, BPCL, and ICICI Bank. The most active stocks in the Nifty 50 index for the day were TCS, SBI, and reliance
On a sectoral front, IT & Software, FMCG, Chemical, Insurance, and Telecom sectors closed higher today. The sectors that dragged down the markets were Banking, Infrastructure, Oil & Gas, and Metals.
Nifty 50 & Bank Nifty futures share price today
The Nifty futures share price opened at 15008 made a positive opening of 39.25 points. It has touched an intraday high at 15082.20 and a day’s low at 14915.20
The Nifty futures share price has given a movement of 167 points. In the end, it closed almost flat, up by 5.75 points or 0.04 percent, and closed at 14974.50 levels.
The Bank Nifty futures share price opened at 35425 It made a positive opening of 120.3 points today. It has touched an intraday high at 35494 and a day’s low at 34790
During the day, the Bank Nifty futures share price has given a movement of 704 points. In the end, it declined 374.7 points or 1.06 percent and closed at 34930 levels.
Nifty 50 & Bank Nifty futures prediction for tomorrow 17 March (March Expiry)
Nifty 50 futures prediction for tomorrow 17 March 2021
Primary Nifty 50 Trend in futures: Negative
Range-Bound Trend of Nifty 50 Futures: All up Moves Initiates Profit Booking (Sale) @ 15060 whereas All Down Moves Initiates Short Covering (Buy) @ 14900
If the Nifty 50 futures share price Moves Above 14997 and sustain. Then you should Buy with 1st Target of 15024 during the day with a Stop Loss of 14938 FOR the Target of 15024-15065- 15112
If the Nifty 50 futures share price Moves Below 14938 and sustain. Then you should Sell with the 1st Target of 14895 during the day with a Stop Loss of 14997. FOR the Target of 14895- 14862 -14824
Bank Nifty futures prediction for tomorrow 17 March 2021
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35200, whereas All Down Moves Initiates Short Covering (Buy) @ 34550
Suppose Bank nifty share price in futures Moves Above 35080 and sustain, then you should Buy with the 1st Target of 35180 during the day with a Stop Loss of 34730. FOR the Target of 35180 – 35410 – 35560
If Bank nifty share price in the futures Moves Below 34730 and sustained, then you should Sell with the 1st Target of 34520 during the day with a Stop Loss of 35080. FOR the Target of 34520 – 34220 – 34130
Global markets today
On the global fronts, Asian markets were mostly closed in the green today tracking the positive global peers. The European markets are trading in the green zone due to the upbeat earning forecast by the corporates. The US future market indices are trading mixed today, Dow future is trading marginally lower whereas Nasdaq future is trading higher at 5 pm IST
Conclusions:
Indian stock markets closed marginally lower amid volatility. The banking and metal sectors dragged down the markets today. Broader markets outperformed the benchmark indices with midcap and smallcap indices closed higher.
Going ahead, Indian markets may remain volatile this week, traders need to be cautious ahead of the FOMC meeting outcome. Traders/investors can follow our Daily Morning market views and can follow our Nifty 50 and Bank Nifty futures prediction for tomorrow for 17 March 2021.
Also read, Nifty and Bank Nifty levels for the next week [15-19 March]
Intraday Trading books to make money from Stock Markets
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