Nifty and Bank Nifty Prediction for Tomorrow, 22 February 2024
Nifty and Bank Nifty Prediction for Tomorrow, 22 February 2024: Indian equity benchmarks ended the volatile session with significant losses on Wednesday, snapping a six-day winning streak. The domestic markets opened higher despite negative global cues and traded volatile in the morning session. The indices fell sharply in the second half on the back of selling in Media, Energy, and IT stocks, while some buying was witnessed in Realty, PSU banks, and Metal sectors.
The market breadth was negative. On the NSE, 885 shares were advanced while 1673 shares declined on Wednesday. The broader markets underperformed the benchmarks, as Nifty mid and smallcap indexes fell 1.25% and 1.04% respectively.
In the end, Sensex declined 434.30 points or 0.59% and closed at 72623.10, while Nifty was down by 141.90 points or 0.64% and settled at 2055.05 levels. 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 22245.15 making a positive opening of 27.95 points on Wednesday. It has touched an intraday high of 22272 and a day’s low of 22022.85
The Nifty futures price has given an intraday movement of 249.15 points. Ultimately, the Nifty futures closed lower by 183.20 points or 0.82% at 22034 levels.
The Bank Nifty futures for the February 29 expiry opened at 47400.05. It made a higher opening of 200.05 points on Wednesday. The Bank Nifty futures touched an intraday high at 47400.05 and a day’s low at 46900.85.
During the day, the Bank Nifty futures have given a movement of 499.2 points. In the end, Bank Nifty Futures closed lower by 248.10 points or 0.53 percent and closed at 46939.90 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 22 Feb 2024
Nifty Futures Prediction for Tomorrow, 22 Feb 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22130 whereas All Down Moves can Initiate Short Covering @ 21930
Suppose the Nifty futures move above 22095 and sustain. Then the Nifty index can trade in a range of 22135- 22170- 22224 levels during the day.
If the Nifty futures share price moves below 22002 and is sustained. Then the index futures can trade in a range of 21968- 21935- 21890 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 22 Feb 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47350 whereas All down moves can Initiate Short Covering @ 46750
Suppose the Bank Nifty futures move above 47130 and sustain, then the index can trade in the range of 47220- 47370- 47615 levels during the day.
If the Bank Nifty futures move below 46750 and sustain, then the index can trade in the range of 46640- 46520- 46400 levels during the day.
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Global Stock Markets Today
The other Asian stock market indexes mostly closed lower on Wednesday, as investors were cautious ahead of the FOMC minutes and US chip maker Nvidia’s quarterly earnings. China’s Shanghai index pared early losses, as investors cheered policymakers’ efforts to boost market confidence. Hang Seng pared some intraday gains in the last hour but closed with substantial gains due to a rally in property, technology, and healthcare sectors.
Japan’s Nikkei 225 closed lower, as investors digested the trade data and the Reuter’s Tankan poll that showed that the country’s manufacturers’ business confidence fell in February. Elsewhere, Australia’s ASX 200, Kospi, Taiwan, and Straits Times closed in the red, while SET composite ended in the green.
European markets are trading mixed on Wednesday, as investors remained cautious ahead of the FOMC minutes and focused on corporate earnings. The UK’s FTSE was down as HSBC shares fell sharply after reporting a drop in pre-tax profits in the December end quarter.
In the US, the Dow and Nasdaq futures are trading marginally lower on Wednesday, indicating a negative opening for the US markets today.
Conclusion
Indian stock markets witnessed a profit booking at a higher level following Nifty’s hitting its fresh record high in the previous session. Traders maintained a cautious stance ahead of the US Fed’s minutes which will be released later in the day. Going ahead, tomorrow markets will open as per global cues. 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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