Nifty and Bank Nifty Prediction for Tomorrow 22 Feb 2023
Nifty and Bank Nifty Prediction for Tomorrow 22 Feb 2023: Indian equity benchmarks closed in the red for the third straight session on Tuesday amid volatility. The Sensex and Nifty ended with minor losses, as investors were cautious ahead of the monthly F&O expiry and FOMC minutes, due later this week. The volatility Index “India VIX” gained more than 4% and closed at 14.01 levels.
Among the sectors, Nifty PSU Bank, Realty, and IT sectors witnessed selling pressure while some buying was seen in FMCG, Financial Service, and Consumer Durables stocks. The market breadth was negative today. The broader markets underperformed the benchmarks, as Nifty mid and smallcap indexes declined 0.36 percent each. At the close, Sensex and Nifty were down by 0.03 and 0.10 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 21 Feb
The Nifty futures price opened at 17883.60 making a positive opening of 20.95 points today. It has touched an intraday high of 17932 and a day’s low of 17801.
The Nifty futures price has given a movement of 131 points today. In the end, it closed lower by 11.65 points or 0.07 percent and ended at 17851 levels.
The Bank Nifty futures opened at 40820 It made a positive opening of 23.95 points. The Bank Nifty futures touched an intraday high at 40985.80 and a day’s low at 40550.70
During the day, the Bank Nifty futures have given a movement of 435.1 points. In the end, it closed lower by 58.15 points or 0.14 percent and closed at 40737.90 levels.
Nifty & Bank Nifty Prediction for Tomorrow 22 Feb 2023 (Feb Expiry)
Nifty Futures Prediction for Tomorrow 22 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 17874 and sustains. Then you should Buy with the 1st Target of 17902 during the day with a Stop Loss of 17852 FOR the Target of 17902- 17934- 17980- 18009
If the Nifty futures (Feb Series) share price Moves Below 17826 and is sustained. Then you should Sell with the 1st Target of 17800 for the day with a Stop Loss of 17847. For the Target of 17800- 17768- 17738- 17715
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Bank Nifty Futures Prediction for Tomorrow 22 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 40842 and sustain, then you should Buy with the 1st Target of 40935 during the day with a Stop Loss of 40735 and the Target of 40935- 41060- 41140- 41250
If the Bank Nifty futures (Feb Series) Moves Below 40625 and sustain, then you should Sell with the 1st Target of 40525 the day with a Stop Loss of 40690. For the Target of 40525- 40435- 40360- 40290
Global Stock Market Updates
On the global front, Asian stock market indexes closed mixed on Tuesday, due to fear of the central bank’s monetary policy tightening, geopolitical tensions, and weak economic data. Investors remain cautious as they are waiting for the minutes of the last Federal Reserve meeting for further monetary policy clues.
Japan’s Nikkei closed lower, as flash PMI data in February showed an expansion in services activity but the manufacturing activity contracted at the fastest pace. Hang Seng declined due to a slide in Tech stocks. Shanghai closed higher as the export data fell in February but at a slower pace as compared to the previous month.
European markets are trading lower on Tuesday, following the weakness in Asian markets and as investors analyzed the UK’s borrowing figure. The key indexes are trading lower despite a surprisingly strong rebound in business activity in the eurozone, as per the latest data. The US future indexes, Dow Jones and Nasdaq futures are trading lower at 5 pm IST, indicating a negative opening for the US markets today.
Conclusion
Despite opening positive, markets erased all their gains and closed in the red today. Traders were cautious ahead of F&O Expiry, FOMC minutes, and US GDP data lined up during the week. The sentiments remain subdued as Foreign investors have again started selling in the Indian markets since the last two sessions. You can follow our Daily Morning Report at 7.30 am for market direction.
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