Nifty and Bank Nifty Prediction for Tomorrow 17 March 2023
Nifty and Bank Nifty Prediction for Tomorrow 17 March 2023: The Indian equity markets snap a 5-Day losing streak and closed slightly higher on Thursday. The markets were trading volatile due to the expiry of weekly index options on the NSE.
The market sentiments improved after Credit Suisse shares soared on Thursday, as the Swiss central bank stepped in to rescue the bank by proving liquidity. Among the sectors, media, FMCG, and realty sectors closed higher while metals, IT, and Pvt banks declined.
The market breadth was quite weak, 788 shares were in advance while 1258 shares declined on the NSE. The broader markets closed mixed, as the Nifty midcap index was slightly higher by 0.09% whereas smallcap index ended lower by 0.52% on the weekly expiry day.
At the close, Sensex and Nifty closed slightly higher by 0.14% and 0.08% respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 16 March
The Nifty futures price opened at 17019.90 making a negative opening of 17.45 points today. It has touched an intraday high of 17130 and a day’s low of 16918.50
The Nifty futures price has given a movement of 211.5 points today. In the end, it closed higher by 33 points or 0.19 percent and ended at 17070.35 levels.
The Bank Nifty futures opened at 39179.90 It made a negative opening of 41 points today. The Bank Nifty futures touched an intraday high at 39598.80 and a day’s low at 38831.50
During the day, the Bank Nifty futures have given a movement of 767.3 points. In the end, it closed higher by 254.15 points or 0.65 percent and closed at 39475.05 levels.
Nifty & Bank Nifty Prediction for Tomorrow 17 March 2023
Nifty Futures Prediction for Tomorrow 17 March 2023
Primary Nifty Trend in futures: Mild Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17250 whereas All Down Moves Initiates Short Covering (Buy) @ 17000
If the Nifty futures (March Series) share price Moves Above 17130 and sustains. Then you should Buy with the 1st Target of 17172 during the day with a Stop Loss of 17092 FOR the Target of 17172- 17218- 17258- 17306
If the Nifty futures (March Series) share price Moves Below 17054 and is sustained. Then you should Sell with the 1st Target of 17012 for the day with a Stop Loss of 17080. For the Target of 17012- 16976- 16938- 16900
If you want Live Trading calls for Nifty, Bank Nifty, Stocks Futures & Options, and Global/Domestic market happenings then join our Telegram Channel – https://t.me/nifty50stocks1
Bank Nifty Futures Prediction for Tomorrow 17 March 2023
Primary Trend of Bank Nifty Futures: Positive with a cautious approach
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 39800 whereas All Down Moves Initiates Short Covering (Buy) @ 39200
Suppose the Bank Nifty futures (March Series) Moves Above 39605 and sustain, then you should Buy with the 1st Target of 39680 during the day with a Stop Loss of 39470 and the Target of 39680- 39796- 39970- 40050
If the Bank Nifty futures (March Series) Moves Below 39360 and sustain, then you should Sell with the 1st Target of 39285 the day with a Stop Loss of 39440. For the Target of 39285- 39200- 39110- 38985
Global Stock Market Updates
On the global front, the other Asian markets closed lower tracking negative cues overnight from global markets, as fears of the banking crisis spread across trading floors due to fresh turmoil in Credit Suisse. The selling pressure in Asian shares continued despite Credit Suisse saying it would be borrowing as much as $ 53.7 billion from the Swiss Central Bank to boost liquidity.
Trading remains tense in the region as investors fear and are worried about the uncertainty in the banking sectors. Japan’s Nikkei trimmed some losses intraday losses after hitting a near two-month low in another volatile session. The trade data released in Japan came below expectations in February. Shanghai and Heng Seng also closed lower as energy stocks dragged and fresh worries about Credit Suisse turmoil.
European stock markets are trading higher on Thursday as banks were back in favor after Credit Suisse accepted a $54 bn bailout from the Swiss Central Bank. The US futures are trading mixed, as the Dow future is trading marginally lower while the Nasdaq future is trading slightly up at 5.30 pm IST
Conclusion
The Indian markets traded volatile and ended with slight changes. Tomorrow, the markets will trade as per the global cues in absence of any major domestic events. The volatility will remain in the marks in the near term ahead of ECB meeting outcome today and the Fed outcome next week. 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
Algo Trading Definition: Pros and Cons of Algorithmic trading
If you like the post “Nifty and Bank Nifty Prediction for Tomorrow 17 March 2023” please share it with others
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution to compile the data for its Website. The views and investment tips expressed by investment experts on Nifty50Stocks.com are their own and for educational purposes. Nifty50Stocks.com is not SEBI registered Advisors. Nifty50stocks.com advises its users to check with certified and SEBI-registered experts before taking any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
