Nifty and Bank Nifty Prediction for Tomorrow 17 Feb 2023
Nifty and Bank Nifty Prediction for Tomorrow 17 Feb 2023: Indian stock market indexes ended with minor gains after a volatile session on Thursday. The market sentiments were upbeat due to positive global cues, better-than-expected trade balance, falling crude oil prices, and institutional buying. Trading was volatile on account of the weekly index options expiry on the NSE.
Among the sectors, IT, Realty, and Metal shine today while some selling pressure was seen in the Financial Services, Banking, and Auto sectors in the second half.
The market breadth was positive today. The broader markets outperformed the frontline index, as Nifty mid and smallcap indexes gained 0.70 percent and 0.99 percent respectively. At the close, Sensex and Nifty ended marginally higher by 0.07 percent and 0.11 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 16 Feb
The Nifty futures price opened at 18090 making a positive opening of 54.85 points today. It has touched an intraday high of 18150 and a day’s low of 18047.80
The Nifty futures price has given a movement of 102.2 points today. In the end, it closed higher by 22.2 points or 0.12 percent and ended at 18057.35 levels.
The Bank Nifty futures opened at 41977.05 It made a positive opening of 185.75 points. The Bank Nifty futures touched an intraday high at 42036.75 and a day’s low at 41665
During the day, the Bank Nifty futures have given a movement of 371.75 points. In the end, it closed lower by 101.30 points or 0.24 percent and closed at 41690 levels.
Nifty & Bank Nifty Prediction for Tomorrow 17 Feb 2023 (Feb Expiry)
Nifty Futures Prediction for Tomorrow 17 Feb 2023
Primary Nifty Trend in futures: Mild Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18150 whereas All Down Moves Initiates Short Covering (Buy) @ 17950
If the Nifty futures share price Moves Above 18103 and sustains. Then you should Buy with the 1st Target of 18133 during the day with a Stop Loss of 18080 FOR the Target of 18133- 18154- 18176- 18215
If the Nifty futures (Feb Series) share price Moves Below 18030 and is sustained. Then you should Sell with the 1st Target of 17995 for the day with a Stop Loss of 18064. For the Target of 17995- 17962- 17925- 17885
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Bank Nifty Futures Prediction for Tomorrow 17 Feb 2023
Primary Trend of Bank Nifty Futures: Rangebound
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 41950 whereas All Down Moves Initiates Short Covering (Buy) @ 41500
Suppose the Bank Nifty futures (Feb Series) Moves Above 41850 and sustain, then you should Buy with the 1st Target of 41935 during the day with a Stop Loss of 41720 and the Target of 41935- 42040- 42125- 42250
If the Bank Nifty futures (Feb Series) Moves Below 41590 and sustain, then you should Sell with the 1st Target of 41515 the day with a Stop Loss of 41680. For the Target of 41515- 41410- 41360- 41310
Global Stock Market Updates
On the global front, Asian indexes were closed mostly higher on Thursday, as investors digested the stronger US retail sales data. Japan reported a record trade deficit of 3.5 trillion yen ($26 billion) as per the trade data released on Thursday. The Japanese Yen slightly strengthened following the trade data release.
Australia’s unemployment data came higher than economists expected in January. Hong Kong’s Hang Seng index trimmed earlier gains and ended higher with the support of gains in the tech index. China’s Shanghai index erased early gains and closed almost a percent lower on Thursday.
European stock market indexes are trading higher as investors cheered better than expected US retail sales data. The sentiments are boosted due to some corporate news and optimistic quarter earnings report. The US future indexes, Dow and Nasdaq futures are trading almost flat at 5 pm IST.
Conclusion
Indian stock markets ended marginally higher amid volatility on the weekly expiry day. Markets witness profit booking in banking and financial space as the day progressed and erased most of the gains. Tomorrow traders should remain cautious, as indexes closed near the day’s low today. You can follow our Daily Morning Report at 7.30 am for market direction.
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