Nifty and Bank Nifty Prediction for Tomorrow, 6 March 2024
Nifty and Bank Nifty Prediction for Tomorrow, 6 March 2024: Indian equity benchmarks ended the volatile session with moderate losses on Tuesday, snapping a four-day winning streak. The domestic markets opened lower following negative cues from the global markets and traded below their neutral lines throughout the day.
Among the sectors, PSU Bank, Auto, and Energy sectors gained while IT Media, and FMCG sectors witnessed selling pressure today. The market breadth was negative. On the NSE, 882 shares were advanced while 1720 shares declined. The NSE’s volatility index “India VIX” slipped 3.63% to 14.38.
In the broader market, the Nifty midcap index declined 0.27% and the smallcap index fell 1.24%. In the end, Sensex declined 195.15 points or 0.26% and closed at 73677.14 while Nifty was down by 49.30 points or 0.22% and settled at 22356.30. 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 22500 making a positive opening of 2.05 points on Tuesday. It has touched an intraday high of 22517.25 and a day’s low of 22352
The Nifty futures price has given an intraday movement of 165.25 points. Ultimately, the Nifty futures closed lower by 61 points or 0.27 percent at 22436.95 levels.
The Bank Nifty futures for the March series opened at 47535.05. It made a negative opening of 156.2 points on Tuesday. The Bank Nifty futures touched an intraday high at 48048.20 and a day’s low at 47487
During the day, the Bank Nifty futures have given a movement of 591.2 points. In the end, Bank Nifty Futures closed higher by 215.60 points or 0.45 percent and closed at 47906.85 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 6 March 2024
Nifty Futures Prediction for Tomorrow, 6 March 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All Up Moves can initiate profit Booking @ 22500 whereas All Down Moves can Initiate Short Covering @ 22300.
Nifty futures March 28 Expiry closed at 22436.95 a premium of 80.65 as compared to Nifty’s closing 22356.30 in the cash market. Suppose the Nifty futures move above 22465 and sustain. Then the Nifty index can trade in a range of 22502- 22540- 22585 levels during the day.
If the Nifty futures share price moves below 22390 and is sustained. Then the index futures can trade at 22355- 22292- 22268 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 6 March 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 48250 whereas All down moves can Initiate Short Covering @ 47500
Bank Nifty futures March 28 Expiry closed at 47906.85, at a premium of 325.85 compared to Bank Nifty’s closing of 47581 in the cash market. Suppose the Bank Nifty futures move above 47965 and sustain, then the index can trade in the range of 48040- 48170- 48250 levels during the day.
If the Bank Nifty futures move below 47640 and sustain, then the index can trade in the range of 47525- 47445- 47330 levels during the day.
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Global Market Updates
The other Asian stock market indexes mostly ended in the red on Tuesday, as investors assessed the economic data and followed negative cues from US markets overnight. Investors felt discouraged due to the lack of major stimulus announcements at China’s National People’s Congress meeting. China’s Shanghai index closed higher, while the Hang Seng index fell sharply due to a drag in IT stocks.
Japan’s Nikkei 225 erased early losses and ended slightly higher, as investors bet on index stocks on the decline. Australia’s S&P ASX 200 ended marginally lower. South Korea’s Kospi index closed lower, as investors assessed the Q4 GDP growth data which remains the same as advance estimates. Strait Times, Jakarta, and SET Composite closed lower, while Taiwan gained the most in the region.
European stock market indexes trimmed some early losses and are trading mixed on Tuesday. The markets opened lower tracking the negative cues from Wall Street and Asian markets overnight. Investors remain cautious ahead of the ECB’s interest rate decision and the UK budget later this week.
In the US, the Dow and Nasdaq futures are trading lower on Tuesday, indicating a negative opening for the US markets today.
Conclusion
The Indian stock markets ended slightly lower after reaching a new record high in the previous session, impacted by global caution ahead of the Fed Chair’s testimony and U.S. job data. Tomorrow, Indian 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 markets.
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