Nifty and Bank Nifty Prediction for Tomorrow 16 March 2023
Nifty and Bank Nifty Prediction for Tomorrow 16 March 2023: Indian equity markets closed lower for the fifth consecutive day on Wednesday. The benchmarks erased all early gains as the session progressed and closed with modest losses. The selling pressure in the banking financial counter dragged the markets in the last hour. Among the sectors metals, consumer durables, and pharma advanced while banking media and financial services dragged.
Market breadth was negative, as 872 shares advanced on NSE while 1146 shares declined. The broader markets outperformed the benchmarks as Nifty mid and smallcap indexes ended marginally higher by 0.07 percent and 0.41 percent respectively. At the close, Nifty and Sensex declined 0.42 percent and 0.59 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 15 March
The Nifty futures price opened at 17224.95 making a positive opening of 99.5 points today. It has touched an intraday high of 17263.40 and a day’s low of 17010.90
The Nifty futures price has given a movement of 252.5 points today. In the end, it closed lower by 98.20 points or 0.57 percent and ended at 17027.55 levels.
The Bank Nifty futures opened at 39980 It made a positive opening of 336.6 points today. The Bank Nifty futures touched an intraday high at 40056.35 and a day’s low at 39108
During the day, the Bank Nifty futures have given a movement of 948.35 points. In the end, it closed lower by 449.35 points or 1.13 percent and closed at 39194.05 levels.
Nifty & Bank Nifty Prediction for Tomorrow 16 March 2023
Nifty Futures Prediction for Tomorrow 16 March 2023
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17100 whereas All Down Moves Initiates Short Covering (Buy) @ 16850
If the Nifty futures (March Series) share price Moves Above 17082 and sustains. Then you should Buy with the 1st Target of 17110 during the day with a Stop Loss of 17054 FOR the Target of 17110- 17154- 17185- 17230
If the Nifty futures (March Series) share price Moves Below 16990 and is sustained. Then you should Sell with the 1st Target of 16958 for the day with a Stop Loss of 17032. For the Target of 16958- 16918- 16870- 16830
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Bank Nifty Futures Prediction for Tomorrow 16 March 2023
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 39400 whereas All Down Moves Initiates Short Covering (Buy) @ 38700
Suppose the Bank Nifty futures (March Series) Moves Above 39435 and sustain, then you should Buy with the 1st Target of 39570 during the day with a Stop Loss of 39335 and the Target of 39570- 39635- 39702- 39792
If the Bank Nifty futures (March Series) Moves Below 39050 and sustain, then you should Sell with the 1st Target of 38910 the day with a Stop Loss of 39220. For the Target of 38910- 38825- 38730- 38600
Global Stock Market Updates
The other Asian stock market indexes bounced back on Wednesday, tracking positive cues from Wall Street overnight and as the likelihood of more aggressive interest rate hikes from the US Fed receded. Traders across the region were relieved after US inflation data was delivered in line with market expectations and bet on recent beaten-down stocks as turmoil in banking stocks also eased.
Japan’s Nikkei closed flat to positive and snapped the three-day losing streak. Banking stocks supported the markets to close in the positive zone. Chinese markets saw a broad-based rally as investors welcomed domestic data that showed signs of improvement. Hang Seng also closed higher today as tech stocks supported.
European stock market indexes are trading sharply lower as fresh turmoil at Credit Suisse Group hits the European bank shares and dented sentiment in the US futures as investors are still in fear of SVB’s collapse.
In the US future indexes, the Dow future is down more than 500 points or 1.67% while the Nasdaq future is down 1.47% (at 5.30 pm IST), indicating a gap-down opening for the US stock markets.
Conclusion
Indian stock markets erased all early gains, as banking and financial stocks fell sharply in the last hour. The domestic markets selloff starts following negative European markets and US futures. The fresh turmoil in Credit Suisse dented the Europen markets as its biggest backer, Saudi National Bank, has said it won’t provide further financial help for the bank.
The market sentiments have turned negative again and more selloffs are likely in the domestic markets, particularly in the Banking and Financial stocks. You can follow our Daily Morning Report at 7.30 am for market direction.
Also, read Best Options Trading Books in India-Must Read 2022
Share Market Books in Hindi | शेयर मार्किट हिन्दी बुक्स
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