Nifty and Bank Nifty Prediction for Tomorrow 16 Feb 2023
Nifty and Bank Nifty Prediction for Tomorrow 16 Feb 2023: The Indian equity market indexes pared early losses and made a decent gain in the last hour on Wednesday. The market sentiments took a hit with hotter-than-expected US inflation, which feared investors that Fed would go hawkish in its next policy meeting in March. However, the market turned positive in the second half due to institutional buying, as FIIS and DIIs both were net buyers in the Indian equity markets for the last two sessions.
Among the sectors Realty, Auto, and IT sectors were advanced while some selling pressure was witnessed in FMCG and Pharma sectors. The market breadth was positive today. The broader markets also closed higher almost in line with their larger peers. At the close, Sensex and Nifty ended higher by 0.40 percent and 0.48 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 15 Feb
The Nifty futures price opened at 17899.80 making a negative opening of 45.35 points today. It has touched an intraday high of 18049 and a day’s low of 17872.35
The Nifty futures price has given a movement of 176.65 points today. In the end, it closed higher by 94.85 points or 0.53 percent and ended at 18040 levels.
The Bank Nifty futures opened at 41625.85 It made a negative opening of 76.6 points. The Bank Nifty futures touched an intraday high at 41849.90 and a day’s low at 41522.85
During the day, the Bank Nifty futures have given a movement of 327.05 points. In the end, it closed higher by 134.45 points or 0.32 percent and closed at 41836.90 levels.
Nifty & Bank Nifty Prediction for Tomorrow 16 Feb 2023 (Feb Expiry)
Nifty Futures Prediction for Tomorrow 16 Feb 2023
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18200 whereas All Down Moves Initiates Short Covering (Buy) @ 17950
If the Nifty futures share price Moves Above 18085 and sustains. Then you should Buy with the 1st Target of 18110 during the day with a Stop Loss of 18050 FOR the Target of 18110- 18147- 18175- 18202
If the Nifty futures (Feb Series) share price Moves Below 17995 and is sustained. Then you should Sell with the 1st Target for the day with a Stop Loss of 18032. For the Target of 17965- 17930- 17895- 17858
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Bank Nifty Futures Prediction for Tomorrow 16 Feb 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42200 whereas All Down Moves Initiates Short Covering (Buy) @ 41600
Suppose the Bank Nifty futures (Feb Series) Moves Above 41935 and sustain, then you should Buy with the 1st Target of 42040 during the day with a Stop Loss of 41840 and the Target of 42040- 42165- 42270- 42380
If the Bank Nifty futures (Feb Series) Moves Below 41720 and sustain, then you should Sell with the 1st Target of 41660 the day with a Stop Loss of 41820. For the Target of 41660- 41590- 41510- 41435
Global Stock Market Updates
On the global front, Asian indexes were closed lower while European key indexes are trading higher after the US inflation data came in hotter than expected. Investors remain cautious and fret that this may prompt US Federal Reserve to continue the interest rate hikes in the March meeting.
Meanwhile, UK CPI data showed inflation fell for the third month in a row in January to hit 10.1%, whereas the expectation was 10.3%. While South Korea reported that its unemployment rate was 3.6% in January 2023, down 0.5 percentage points from the same period last year. All major Asian indexes including Nikkei, Shanghai, Hang Seng, and Kospi closed in the red today.
The pan-European Stoxx 600 is trading higher at this moment. The key European indexes CAC and DAX are trading higher, while FTSE is trading flat to negative. The US future indexes, Dow and Nasdaq are trading marginally lower at this time at 5 pm IST
Conclusion
Indian stock markets closed higher for the second consecutive day today. The domestic markets made decent gains despite weakness in the global markets. Sensex and Nifty closed near the day’s high today. Technically, markets are looking positive, we may further see up move in the markets. You can follow our Daily Morning Report at 7.30 am for market direction.
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