Nifty and Bank Nifty Prediction for Tomorrow, 21 February 2024
Nifty and Bank Nifty Prediction for Tomorrow, 21 February 2024: Indian equity benchmarks ended higher for the sixth consecutive day on Tuesday. The domestic markets opened on a cautious note following mixed global cues and traded volatile. Among the sectoral indices, media, financial services and bank nifty gained the most, while IT, auto, and metal witnessed selling pressure.
The market breadth was flat today, on the NSE, 1255 shares were advanced, while 1290 shares declined at the close. The broader markets underperformed the frontline index, as Nifty mid and smallcap indexes closed lower by 0.13% and 0.53% respectively.
The Nifty index hits an all-time high at 22215.60 levels in the last hour. In the end, Sensex advanced 349.24 points or 0.48% and closed at the 73057.40 level, while Nifty gained 74.70 points or 0.34% and settled at the 22196.95 level. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (29 February expiry)
The Nifty futures price for the February 29 expiry opened at 22140 making a negative opening of 31.4 points on Tuesday. It has touched an intraday high of 22234 and a day’s low of 22076
The Nifty futures price has given an intraday movement of 158 points. Ultimately, the Nifty futures closed higher by 60.55 points or 0.27% at 22231.95 levels.
The Bank Nifty futures for the February 29 expiry opened at 46648. It made a slightly higher opening of 9.1 points on Tuesday. The Bank Nifty futures touched an intraday high at 47225.20 and a day’s low at 46464.35.
During the day, the Bank Nifty futures have given a movement of 760.85 points. In the end, Bank Nifty Futures closed higher by 585.15 points or 1.25 percent and closed at 47224.05 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 21 Feb 2024
Nifty Futures Prediction for Tomorrow, 21 Feb 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
Suppose the Nifty futures move above 22238 and sustain. Then the Nifty index can trade in a range of 22276- 22312- 22340 levels during the day.
If the Nifty futures share price moves below 22150 and is sustained. Then the index futures can trade in a range of 22115- 22080- 22040 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 21 Feb 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47640 whereas All down moves can Initiate Short Covering @ 47150
Suppose the Bank Nifty futures move above 47275 and sustain, then the index can trade in the range of 47415- 47520- 47640 levels during the day.
If the Bank Nifty futures move below 47090 and sustain, then the index can trade in the range of 47020- 46930- 46750 levels during the day.
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Global Market Updates
The other Asian stock market indexes mostly closed higher on Tuesday as investors digested China’s Central Bank’s decision on its key interest rate. The Central Bank of China cut the benchmark five-year loan prime rate by 25 bps for the first time since June and kept the one-year tenure unchanged. It was a bigger rate cut than the economists had forecasted, Shanghai and Hang Seng indexes pared early losses and closed higher.
Japan’s Nikkei 225 erased early gains and closed lower, as traders were cautious ahead of Nvidia’s quarterly earnings due on Wednesday. Elsewhere, Kospi, SET Composite, and Australia’s S&P ASX 200 ended in the red, while Straits Times, Taiwan, and Jakarta Composite closed higher.
European stock market indexes trimmed most of their early losses and are trading on a mixed note. The UK’s Barclays gained 6% following the announcement of a significant operational restructuring. This revamp entails substantial shareholder payouts, considerable cost reductions, asset divestitures, and a restructuring of its business segments, all amidst a backdrop of declining annual profits.
In the US, the Dow and Nasdaq futures are trading lower, indicating a negative opening for the US markets today. You can also read about today’s US market direction here
Conclusion
Heavy buying in private banking and financial stocks supported the domestic markets on Tuesday. However, correction in mid and small-caps implies that investors are persisting in their cautious approach, likely prompted by higher valuations. Going ahead, investors will remain cautious tomorrow, ahead of FOMC minutes which will be released on Wednesday.
Investors 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 the live market.
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