Nifty and Bank Nifty Prediction for Tomorrow 21 Feb 2023
Nifty and Bank Nifty Prediction for Tomorrow 21 Feb 2023: The equity market indices ended the volatile session with modest losses on Monday. The Sensex and Nifty closed lower for the second consecutive session on the back of selling in Oil& Gas, Banking, and Financial stocks. On the other hand, some buying was witnessed in the IT and Auto stocks. Meanwhile, the volatility index “India VIX” gained over 2% and ended at 13.38 levels.
The market breadth was negative today. In the broader markets, the Nifty midcap index closed slightly higher by 0.08 percent while smallcap index declined by 0.34 percent. At the close, Sensex and Nifty were down by 0.51 percent and 0.56 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 20 Feb
The Nifty futures price opened at 17965.75 making a positive opening of 14.75 points today. It has touched an intraday high of 18014.70 and a day’s low of 17835.6.
The Nifty futures price has given a movement of 179.1 points today. In the end, it closed lower by 84 points or 0.47 percent and ended at 17867 levels.
The Bank Nifty futures opened at 41250.15 It made a positive opening of 44.6 points. The Bank Nifty futures touched an intraday high at 41317.65 and a day’s low at 40636.15
During the day, the Bank Nifty futures have given a movement of 681.5 points. In the end, it closed lower by 410.80 points or 1.00 percent and closed at 40794.75 levels.
Nifty & Bank Nifty Prediction for Tomorrow 21 Feb 2023 (Feb Expiry)
Nifty Futures Prediction for Tomorrow 21 Feb 2023
Primary Nifty Trend in futures: Mild Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17950 whereas All Down Moves Initiates Short Covering (Buy) @ 17750
If the Nifty futures share price Moves Above 17902 and sustains. Then you should Buy with the 1st Target of 17934 during the day with a Stop Loss of 17865 FOR the Target of 17934- 17980- 18009- 18048
If the Nifty futures (Feb Series) share price Moves Below 17834 and is sustained. Then you should Sell with the 1st Target of 17800 for the day with a Stop Loss of 17855. For the Target of 17800- 17765- 17740- 17712
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Bank Nifty Futures Prediction for Tomorrow 21 Feb 2023
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 40950 whereas All Down Moves Initiates Short Covering (Buy) @ 40300
Suppose the Bank Nifty futures (Feb Series) Moves Above 40932 and sustain, then you should Buy with the 1st Target of 41060 during the day with a Stop Loss of 40790 and the Target of 41060- 41148- 41255- 41315
If the Bank Nifty futures (Feb Series) Moves Below 40650 and sustain, then you should Sell with the 1st Target of 40515 the day with a Stop Loss of 40760. For the Target of 40515- 40425- 40340- 40200
Global Stock Market Updates
On the global front, the Asian stock market indexes recovered from a mixed state and closed mostly in the green, as investors remain cautious and looking ahead to a series of economic data later this week, including FOMC minutes, PMI flash, and US GDP numbers. Shanghai gained over 2 percent after the Peoples Bank of China kept the 1 and 5-year prime loan rates unchanged as widely expected.
Nikkei closed edged higher mostly due to weakness in its heavyweight chip stocks that followed Wall Street’s declines on Friday, while the decline in energy shares also capped the index on the higher side. Hang Seng also pared early losses and made a decent gain on Monday.
European stock market indexes are trading with little changes. The trading volumes are low today, as US markets are closed today due to a public holiday. Investors also remained cautious ahead of the FOMOC minutes expected later this week. With little corporate news and a thin volume, most of the indexes in Europe are trading almost flat on Monday.
Conclusion
The domestic markets started the week on a subdued note. The selling pressure in banking and financial stocks dragged the benchmarks as the day progressed. Traders were also cautious ahead of the FOMC minutes, which are expected later during the week. You can follow our Daily Morning Report at 7.30 am for market direction.
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