Nifty and Bank Nifty Prediction for Tomorrow 2 Feb 2023
Nifty and Bank Nifty Prediction for Tomorrow 2 Feb 2023: Indian equity benchmark indices closed mixed after a volatile session on Wednesday, as Finance Minister Nirmala Sitharaman delivered the Budget 2023 in the parliament today. The domestic market indices rallied strongly after the budget presentation was over, indices pared all gains due to heavy selling in Adani, Banking, and Insurance stocks and later ended mixed.
Among the sectors, FMCG and IT sectors closed higher whereas PSU Bank, Metals, and Media sectors witnessed selling today. The market breadth was negative today. The broader markets underperformed the benchmark, as Nifty mid and small-cap were closed lower by 0.94 percent and 1.15 percent respectively. You can read detailed market updates here.
Nifty and Bank Nifty futures price movement for 1 Feb
The Nifty futures price opened at 17925 making a positive opening of 126.35 points today. It has touched an intraday high of 18063.95 and a day’s low of 17472.35
The Nifty futures price has given a movement of 591.6 points today. In the end, it closed lower by 133.65 points or 0.75 percent and ended at 17665 levels.
The Bank Nifty futures opened at 41500 It made a positive opening of 436.85 points. The Bank Nifty futures touched an intraday high at 42251.95 and a day’s low at 39718.70
During the day, the Bank Nifty futures have given a movement of 2533.25 points. In the end, it closed lower by 353.15 points or 0.86 percent and closed at 40710 levels.
Nifty & Bank Nifty Prediction for Tomorrow 2 Feb 2023 (Feb Expiry)
Nifty Futures Prediction for Tomorrow 2 Feb 2023
Primary Nifty Trend in futures: Negative & Volatile
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17800 whereas All Down Moves Initiates Short Covering (Buy) @ 17500
If the Nifty futures share price Moves Above 17709 and sustains. Then you should Buy with the 1st Target of 17742 during the day with a Stop Loss of 17680 FOR the Target of 17742- 17775- 17827- 17885
If the Nifty futures (Feb Series) share price Moves Below 17612 and is sustained. Then you should Sell with the 1st Target of 17575 for the day with a Stop Loss of 17650. For the Target of 17575- 17527- 17485- 17435
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Bank Nifty Futures Prediction for Tomorrow 2 Feb 2023
Primary Trend of Bank Nifty Futures: Negative and Volatile
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 41200 whereas All Down Moves Initiates Short Covering (Buy) @ 40250
Suppose the Bank Nifty futures (Feb Series) Moves Above 40965 and sustain, then you should Buy with the 1st Target of 41165 during the day with a Stop Loss of 40740 and the Target of 41165 – 41335- 41450- 41590
If the Bank Nifty futures (Feb Series) Moves Below 40450 and sustain, then you should Sell with the 1st Target of 40360 the day with a Stop Loss of 40625. For the Target of 40360- 40265- 40145- 39975
Global Stock Market Updates
Asian stock market indexes closed higher after two days of correction on Wednesday, despite a slowdown in factory activity in China and Japan. Traders were optimistic after tracking gains in the US markets overnight on signs of slowing US inflation and on hopes that the Fed rate hike program is coming to an end finally.
Nikkei gained even after factory activity contracted for the third straight month in January, according to a private survey. China’s factory activity shrank more slowly in January, while Hang Sang factory activity improved in January, according to a private survey.
European markets are trading marginally higher as investors are cautious ahead of the US Federal Reserves meeting, which is due later in the day, and few heavyweight corporate earnings. The US future indexes, Dow and Nasdaq futures are trading lower at 5.30 pm, indicating a negative opening for the US markets today.
Conclusion
Indian stock markets ended mixed after high volatility today. The Union Budget, Selling in Adani, Banking and Insurance stocks, and FIIs selling pressure were the reasons for market volatility. The Bank Nifty was highly volatile today, as it has given a movement of 2500 points today.
Markets continue to remain volatile tomorrow due to US Fed’s interest rate decision, which is due later in the day and weekly options expiry. You can also follow our Daily Morning Report at 7.30 am for market direction.
Also, read Best Stock Market Books You Must Read-2023
Stock Market Prediction Next Week (23- 27 Jan 2023)
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