Nifty and Bank Nifty Prediction for Tomorrow, 16 February 2024
Nifty and Bank Nifty Prediction for Tomorrow, 16 February 2024: Indian equity benchmarks ended the volatile session with minor gains on Thursday. The domestic markets opened higher but slipped immediately and traded volatile throughout the session. The markets were volatile due to the expiry of the Nifty weekly options index on the NSE.
Among the sectors, PSU bank, Energy, and Auto sectors closed higher, while FMCG, Pharma, and media sectors closed in the red. The market breadth was strong. On the NSE, 1635 shares were advanced, while 900 shares declined. The NSE’s volatility index “ India VIX” slipped 1.36% to 15.22.
The broader markets outperformed the equity benchmarks, as the Nifty mid and smallcap index gained 1.01% and 1.32% respectively. In the end, Sensex gained 227.56 points or 0.32% and closed at 72050.39, while Nifty advanced 70.70 points or 0.32% and settled at 21910.75 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 21970.20 making a positive opening of 53.35 points on Thursday. It has touched an intraday high of 22027.95 and a day’s low of 21846
The Nifty futures price has given an intraday movement of 181.95 points. Ultimately, the Nifty futures closed higher by 104.60 points or 0.48% at 22021.45 levels.
The Bank Nifty futures for the February 29 expiry opened at 46250. It made a gap-up opening of 160.05 points on Thursday. The Bank Nifty futures touched an intraday high at 46465.25 and a day’s low at 45678.90.
During the day, the Bank Nifty futures have given a movement of 786.35 points. In the end, Bank Nifty Futures closed higher by 350.26 points or 0.76 percent and closed at 46440.15 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 16 Feb 2024
Nifty Futures Prediction for Tomorrow, 16 Feb 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22100 whereas All Down Moves can Initiate Short Covering @ 21950
Suppose the Nifty futures move above 22035 and sustain. Then the Nifty index can trade in a range of 22075- 22120- 22152 levels during the day.
If the Nifty futures share price moves below 21970 and is sustained. Then the index futures can trade in a range of 21942- 21912- 21870 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 16 Feb 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 46800 whereas All down moves can Initiate Short Covering @ 46200
Suppose the Bank Nifty futures move above 46520 and sustain, then the index can trade in the range of 46625- 46730- 46810 levels during the day.
If the Bank Nifty futures move below 46190 and sustain, then the index can trade in the range of 46110- 46018- 45930 levels during the day.
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Global Market Updates
The other Asian stock market indexes closed higher on Thursday following a sharp selloff in the previous session due to hotter-than-expected US inflation data. Japan closed higher and closed the 38000 mark, despite the country’s GDP growth in the fourth quarter contracted for the second consecutive quarter and entering into a technical recession.
Australia’s S&P ASX snapped a three-day losing streak and closed higher. South Korea’s Kospi index ended lower as investors assessed the trade data. While Hang Seng, Strait Times, Taiwan, SET Composite, and Jakarta ended higher on Thursday
European stock market indexes are trading higher on Thursday, as investors assessed UK’s GDP growth and corporate earnings. The UK’s FTSE erased all early gains and is trading flat as the country’s economy contracted by 0.3% in the last quarter of 2023, pushing the country into a technical recession after third-quarter growth was revised down to -0.1%.
In the US, the Dow Jones and Nasdaq futures are trading slightly higher, indicating a positive opening for the US markets today.
Conclusion
The Indian stock market indexes concluded the day with minor gains and continued their winning streak for the third consecutive session. The equity benchmarks ended near the day’s peak. Local markets edged up, reflecting the optimistic mood in global markets. Going ahead, Indian markets are expected to follow cues from global market trends.
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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