NIFTY and BANK NIFTY Prediction for Tomorrow, 13 March 2024
NIFTY and BANK NIFTY Prediction for Tomorrow, 13 March 2024: Indian equity benchmarks ended the volatile session with minor gains on Tuesday. The domestic markets opened slightly higher and traded highly volatile in the morning sessions. Investors remained cautious in the second half ahead of inflation readings from India and the US, due later in the day.
Among the sectors, IT and Nifty Financial Services closed in the green while the PSU Bank, Media, and Metal index fell the most. The market breadth was weak. On the NSE, 456 shares were advanced while 2175 shares declined today. The Nifty volatility index “India VIX” slipped 2.55% to 13.64.
The broader markets underperformed the equity benchmarks, and the Nifty mid and smallcap indexes closed lower by 1.41% and 1.98% respectively. In the end, Sensex gained 165.32 points or 0.22% and closed at 73667.96, while Nifty edged higher by 3.05 points or 0.01% and settled at 22335.70. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for March Series
The Nifty futures price for the March series opened at 22447.90 making a positive opening of 26.55 points on Tuesday. It has touched an intraday high of 22537.90 and a day’s low of 22378
The Nifty futures price has given an intraday movement of 159.9 points. Ultimately, the Nifty futures closed higher by 15.65 points or 0.07 percent at 22437 levels.
The Bank Nifty futures for the March series opened at 47499.90. It made a positive opening of 10.05 points on Tuesday. The Bank Nifty futures touched an intraday high at 48034 and a day’s low at 47162.55
During the day, the Bank Nifty futures have given a movement of 871.45 points. In the end, Bank Nifty Futures closed higher by 35.15 points or 0.07 percent and closed at 47525 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 13 March 2024
Nifty Futures Prediction for Tomorrow, 13 March 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22550 whereas All Down Moves can Initiate Short Covering @ 22400
Nifty futures March series closed at 22437 a premium of 101.3, compared to Nifty’s closing of 22335.70 in the cash market.
Suppose the Nifty futures move above 22471 and sustain. Then the Nifty index can trade in a range of 22505- 22540- 22580 levels during the day.
If the Nifty futures share price moves below 22375 and is sustained. Then the index futures can trade at 22335- 22292- 22260 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 13 March 2024
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47800 whereas All down moves can Initiate Short Covering @ 47300.
Bank Nifty futures for the March series closed at 47525, at a premium of 242.6 compared to Bank Nifty’s closing of 47282.40 in the cash market.
Suppose the Bank Nifty futures move above 47710 and sustain, then the index can trade in the range of 47810- 47935- 48050 levels during the day.
If the Bank Nifty futures move below 47470 and sustain, then the index can trade in the range of 47380- 47260- 47094 levels during the day.
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Global Market Updates
The other Asian stock market indexes mostly ended in the green on Tuesday with tech stocks leading the gains in the region, ahead of the US inflation data. Hang Seng gained the most due to a rally in tech shares and property stimulus hope. China’s Shanghai index declined as investors booked profit and looked for more policy cues from Beijing.
Japan’s Nikkei 225 index erased most of its early losses and closed slightly lower, as some investors fear that the Bank of Japan may exit its long-standing ultra-easy policy in its next week meeting. Australia’s S&P ASX 200 index ended slightly higher after a sharp fall in the previous session. Elsewhere Kospi, Straits Times, Jakarta Composite, and Taiwan ended in the green territory, while SET Composite closed in the red.
European stock market indexes are trading higher on Tuesday tracking gains from Asian markets. Investors are eagerly waiting for the release of US consumer price index data for more clues on the timings of interest rate cuts by the Federal Reserve.
In the US, the Dow Jones future trades flat to the negative, while the Nasdaq future traded higher on Tuesday at 5.10 p.m. IST, ahead of the consumer price index data.
Conclusion
After initial volatility, the domestic markets traded a range-bound session on Tuesday. The smallcap and midcap indexes were under pressure due to valuation concerns. Investors remained cautious ahead of the inflation data from India and the US.
Tomorrow, Indian markets will open as per domestic macroeconomic data and global cues. You can also follow our Daily Morning Report at 7:30 a.m. for market direction. You can also follow our Nifty and Bank Nifty support and resistance levels during live markets.
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