Nifty and Bank Nifty Prediction for Tomorrow 2 March 2023
Nifty and Bank Nifty Prediction for Tomorrow 2 March 2023: Indian equity markets made strong gains on Wednesday amid positive global cues. The sentiments were positive as China’s manufacturing activity expanded for the first time in seven months in February.
The domestic markets snapped the 8th-day losing streak and closed on a positive note on the back of buying in all the sectors led by metals, PSU Bank, and media sectors. The market breadth was strong today.
The broader markets outperformed the benchmark indexes, as Nifty mid and smallcap indexes gained 1.55 percent and 1.34 percent respectively. At the close, Sensex and Nifty advanced 0.76 percent and 0.85 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 1 March
The Nifty futures price opened at 17433.05 making a positive opening of 29.65 points today. It has touched an intraday high of 17550 and a day’s low of 17417.35
The Nifty futures price has given a movement of 132.65 points today. In the end, it closed higher by 135.55 points or 0.78 percent and ended at 17538.95 levels.
The Bank Nifty futures opened at 40600.25 It made a positive opening of 112.5 points today. The Bank Nifty futures touched an intraday high at 40942.95 and a day’s low at 40522.40
During the day, the Bank Nifty futures have given a movement of 420.55 points. In the end, it closed higher by 455.40 points or 1.12 percent and closed at 40942.95 levels.
Nifty & Bank Nifty Prediction for Tomorrow 2 March 2023 (March Expiry)
Nifty Futures Prediction for Tomorrow 2 March 2023
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17630 whereas All Down Moves Initiates Short Covering (Buy) @ 17450
If the Nifty futures (March Series) share price Moves Above 17556 and sustains. Then you should Buy with the 1st Target of 17597 during the day with a Stop Loss of 17530 FOR the Target of 17597- 17632- 17665- 17702
If the Nifty futures (March Series) share price Moves Below 17490 and is sustained. Then you should Sell with the 1st Target of 17458 for the day with a Stop Loss of 17518. For the Target of 17458- 17424- 17396- 17352
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Bank Nifty Futures Prediction for Tomorrow 2 March 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 41300 whereas All Down Moves Initiates Short Covering (Buy) @ 40900
Suppose the Bank Nifty futures (March Series) Moves Above 41060 and sustain, then you should Buy with the 1st Target of 41145 during the day with a Stop Loss of 40930 and the Target of 41145- 41256- 41330- 41418
If the Bank Nifty futures (March Series) Moves Below 40810 and sustain, then you should Sell with the 1st Target of 40730 the day with a Stop Loss of 40900. For the Target of 40730- 40660- 40550- 40435
Global Stock Market Updates
The other Asian stock market indexes closed higher on Wednesday to record their best day in seven-week. The sentiments were boosted due to strong growth in China’s manufacturing sectors. The news boosted the sentiments of gloomy investors amid concern that US interest rates will continue to hike a few more times in the current year.
Shanghai index advanced 1 percent, while Hang Seng gained the most, up 4 percent and above on Wednesday, as developers and consumer-tech stocks led the rally. Japan’s Nikkei also made a decent gain despite the factory activity slowed at the fastest rate in two and half years in February. The Australian economy grew 2.7% in 2022 in line with the economist’s expectations.
European markets are trading higher following the positive cues from the Asian market peers and as investors digested the slew of economic data in the region. The US future indexes, Dow and Nasdaq futures are trading higher at 5.30 PM IST indicating a positive opening for the US markets today.
Conclusion
Indian stock markets snapped the 8-day losing streak on the back of positive global markets. The NSE volatility index “India VIX” slumped 7.31% to 13. The market sentiments turned positive in the near term. Tomorrow markets will open as per global cues. You can follow our Daily Morning Report at 7.30 am for market direction.
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