Nifty and Bank Nifty Prediction for Tomorrow, 23 February 2024
Nifty and Bank Nifty Prediction for Tomorrow, 23 February 2024: Indian equity benchmarks ended the volatile session with significant gains on Thursday. Trading was volatile due to the weekly Nifty index options expiry on the NSE. The domestic markets opened higher following positive cues from Asian peers but soon turned into red due to a sharp fall in banking and financial stocks.
However, in the second half markets rallied with the support of IT and auto counter and closed with strong gains. The market breadth was positive. On the NSE, 1412 shares were advanced, while 1116 shares declined at the close. The NSE volatility index “India VIX” slipped 4.58% to 15.20.
The broader markets also closed in the green, as the Nifty mid and smallcap indexes gained 1.02% and 0.68% respectively. In the end, Sensex advanced 535.14 points and settled at 73158.24, while Nifty jumped 162.40 points and closed at 22217.45, both indices gained 0.74% each. 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 22119.80 making a positive opening of 49.65 points on Thursday. It has touched an intraday high of 22269.90 and a day’s low of 21943.
The Nifty futures price has given an intraday movement of 326.9 points. Ultimately, the Nifty futures closed higher by 196.85 points or 0.89% at 22267 levels.
The Bank Nifty futures for the February 29 expiry opened at 46999.90. It made a slightly lower opening of 24.95 points on Thursday. The Bank Nifty futures touched an intraday high at 47089 and a day’s low at 46506.
During the day, the Bank Nifty futures have given a movement of 583 points. In the end, Bank Nifty Futures closed slightly lower by 35.60 points or 0.08 percent and closed at 46989.25 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 23 Feb 2024
Nifty Futures Prediction for Tomorrow, 23 Feb 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22350 whereas All Down Moves can Initiate Short Covering @ 22150
Suppose the Nifty futures move above 22290 and sustain. Then the Nifty index can trade in a range of 22332- 22374- 22415 levels during the day.
If the Nifty futures share price moves below 22174 and is sustained. Then the index futures can trade in a range of 22118- 22085- 22045 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 23 Feb 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47250 whereas All down moves can Initiate Short Covering @ 46650
Suppose the Bank Nifty futures move above 47160 and sustain, then the index can trade in the range of 47240- 47370- 47635 levels during the day.
If the Bank Nifty futures move below 46760 and sustain, then the index can trade in the range of 46650- 46535- 46425 levels during the day.
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Global Market Updates
The other Asian stock markets closed higher on Thursday, indices opened higher as tech stocks fueled optimism in the region after US Nvidia reported strong earnings overnight. However, gains were capped by China’s economic worries despite Beijing’s efforts to boost market confidence.
Japan’s Nikkei 225 hit a record high and ended higher above 2% due to solid corporate earnings and a weaker yen. Jibun Bank flash purchasing managers’ index reading for February showed business activity contracted yet again. Hang Seng and Shanghai also closed more than 1% higher on Thursday.
South Korea’s Kospi ended higher as the Bank of Korea kept the interest rates unchanged as widely expected. Elsewhere, Australia’s S&P ASX 200, Straits Times, Taiwan, and SET Composite closed higher, while Jakarta ended in the red.
European stock markets are trading in the green on Thursday tracking gains from Asian market peers. Investors also cheered solid results from US AI chipmaker Nvidia overnight and strong numbers from engine maker Rolls-Royce. The Eurozone flash PMI data showed that business activity inches towards growth in February.
In the US, the Dow and Nasdaq futures are trading higher on Thursday, indicating a positive opening for the US markets today. The tech-heavy Nasdaq composite is expected to open a gap-up due to the optimism of Nvidia’s earnings and strong guidance.
Conclusion
The domestic markets oscillated sharply on either side and finally ended the session with strong gains. The move in the last hour shows that bulls are in control thus market participants should continue with a “buy on dips” approach until Nifty decisively breaks the 21,800 level. At the same time, investors remain cautious in selecting sectors, as we are seeing a mixed trend within the sectors.
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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Disclaimer-
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