Nifty and Bank Nifty Prediction for Tomorrow 1 Feb 2023
Nifty and Bank Nifty Prediction for Tomorrow 1 Feb 2023: Indian equity markets ended with minor gains after a volatile session on Tuesday. The equity benchmarks turned positive after Economic Survey 2023 was tabled by the Finance Minister in the Parliament today. The government had projected that India to remain the fastest-growing major economy in the world with a GDP growth forecast of 7% in 2023 and 6-6.8% in 2024.
The domestic markets ended in the green on the back of buying in PSU Banks, Media, and Auto stocks while some selling was witnessed in the IT, Oil & Gas, and Pharma stocks. The market breadth was strong today. The broader markets outperformed the benchmarks today, as Nifty mid and smallcap indexes gained by 1.63 percent and 2.91 percent respectively.
At the close, Sensex and Nifty ended slightly higher by 0.08 percent and 0.07 percent respectively. You can read detailed market updates here.
Nifty and Bank Nifty futures price movement for 31 Jan
The Nifty futures price opened at 17785 making a positive opening of 43.25 points today. It has touched an intraday high of 17836.30 and a day’s low of 17636.25
The Nifty futures price has given a movement of 200.05 points today. In the end, it closed higher by 53.25 points or 0.30 percent and ended at 17795 levels.
The Bank Nifty futures opened at 40855.60 It made a positive opening of 151.15 points. The Bank Nifty futures touched an intraday high at 41169.35 and a day’s low at 40470
During the day, the Bank Nifty futures have given a movement of 699.35 points. In the end, it closed higher by 436.55 points or 1.07 percent and closed at 41141 levels.
Nifty & Bank Nifty Prediction for Tomorrow 1 Feb 2023 (Feb Expiry)
Nifty Futures Prediction for Tomorrow 1 Feb 2023
Primary Nifty Trend in futures: Positive & Volatile
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17930 whereas All Down Moves Initiates Short Covering (Buy) @ 17640
If the Nifty futures share price Moves Above 17855 and sustains. Then you should Buy with the 1st Target of 17895 during the day with a Stop Loss of 17825 FOR the Target of 17895- 17930- 17975- 18055
If the Nifty futures (Feb Series) share price Moves Below 17735 and is sustained. Then you should Sell with the 1st Target of 17700 for the day with a Stop Loss of 17790. For the Target of 17700- 17640- 17585- 17532
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Bank Nifty Futures Prediction for Tomorrow 1 Feb 2023
Primary Trend of Bank Nifty Futures: Positive and Volatile
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 41800 whereas All Down Moves Initiates Short Covering (Buy) @ 40500
Suppose the Bank Nifty futures (Feb Series) Moves Above 41360 and sustain, then you should Buy with the 1st Target of 40465 during the day with a Stop Loss of 41200 and the Target of 41465 – 41670- 41965- 42200
If the Bank Nifty futures (Feb Series) Moves Below 40800 and sustain, then you should Sell with the 1st Target of 40690 the day with a Stop Loss of 40980. For the Target of 40690- 40500- 40380- 40250
Global Stock Market Updates
Asian stock market indexes closed lower on Tuesday as investors were nervous ahead of the US Federal Reserve Policy which is due on Wednesday. The losses were limited due to the rebound in the Chinese economy first time in four months, as the economy reopened after years of Covid restrictions.
Traders broadly expect the US Fed to raise the interest rate by 25 bps on Wednesday while the Bank of England (BoE) and the European Central Bank (ECB) will hike by 50 bps on Thursday. The key equity indexes Nikkei, Shanghai, and Hang Seng ended lower today.
European stock market indexes are trading lower on Tuesday on the back of weak Wall Street and Asian sessions, as investors fretted over a raft of expected interest rate hikes this week, which can push the global economy tipping into recession. The US future Indexes Dow and Nasdaq futures are trading lower at 5.30 pm IST, indicating a lower opening for the US stock markets today.
Conclusion
Indian stock markets ended on a positive note after a volatile session. Tomorrow the market will remain volatile due to Union Budget 2023-24 announcements. Traders should trade with strict stop loss and preferably avoid taking any carryforward position, as the US Fed interest rate decision is also scheduled for tomorrow later in the day. You can also follow our Daily Morning Report at 7.30 am for market direction.
Also, read Best Stock Market Books You Must Read-2023
Stock Market Prediction Next Week (23- 27 Jan 2023)
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