Nifty and Bank Nifty Prediction for Tomorrow 24 Feb 2023
Nifty and Bank Nifty Prediction for Tomorrow 24 Feb 2023: Indian stock market indexes closed slightly lower after a volatile session on Thursday, sliding for the fifth consecutive season. The markets were trading volatile due to monthly derivative expiry. Among the sectors, PSU Bank, Metals, and FMCG advanced while some selling pressure was witnessed in Realty, Media, and Consumer Durables stocks on Thursday.
The market breadth was negative today. The broader markets also closed in the red, as Nifty mid and smallcap indexes declined by 0.15 percent and 0,08 percent respectively. At the close, Nifty managed to hold 17500 levels down by 0.25 percent while Sensex closed lower by 0.23 percent at 59605.80 levels. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 23 Feb (Feb Expiry)
The Nifty futures price opened at 17575 making a positive opening of 8.1 points today. It has touched an intraday high of 17628.70 and a day’s low of 17461.15.
The Nifty futures price has given a movement of 167.55 points today. In the end, it closed lower by 55 points or 0.31 percent and ended at 17511.90 levels.
The Bank Nifty futures opened at 40038 It made an absolute flat opening today. The Bank Nifty futures touched an intraday high at 40168.90 and a day’s low at 39597.85
During the day, the Bank Nifty futures have given a movement of 571.05 points. In the end, it closed lower by 41.10 points or 0.10 percent and closed at 39997.30 levels.
Nifty & Bank Nifty Prediction for Tomorrow 24 Feb 2023 (March Expiry)
Nifty Futures Prediction for Tomorrow 24 Feb 2023
Primary Nifty Trend in futures: Mild Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17700 whereas All Down Moves Initiates Short Covering (Buy) @ 17400
The Nifty futures (March Series) closed at 17628.90. If the Nifty futures ( March Series) share price Moves Above the current levels and sustains. Then you should Buy with the 1st Target of 17680 during the day with a Stop Loss of 17590 FOR the Target of 17680- 17702- 17735- 17775
If the Nifty futures (March Series) share price Moves Below 17500 and is sustained. Then you should Sell with the 1st Target of 17470 for the day with a Stop Loss of 17556. For the Target of 17470- 17440- 17412- 17380
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Bank Nifty Futures Prediction for Tomorrow 24 Feb 2023
Primary Trend of Bank Nifty Futures: Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 40500 whereas All Down Moves Initiates Short Covering (Buy) @ 39900
Bank Nifty futures (March Series) closed at 40363.10 levels. Suppose the Bank Nifty futures (March Series) Moves Above the current level and sustain, then you should Buy with the 1st Target of 40450 during the day with a Stop Loss of 40220 and the Target of 40450- 40525- 40660- 40700
If the Bank Nifty futures (March Series) Moves Below 39930 and sustain, then you should Sell with the 1st Target of 39770 the day with a Stop Loss of 40100. For the Target of 39770- 39660- 39580- 39510
Global Stock Market Updates
On the global front, the other Asian stock markets mostly closed in the red on Thursday, as market sentiments were hit after the Fed’s latest meeting minutes revealed a hawkish tone and an escalation of geopolitical tension.
The better-than-expected revenue of Chip giant Nvidia lifted the investor’s mood slightly across the region but the fear of rate hikes from the US Fed cast a shadow over the trading floor on Thursday. China and Hong Kong were closed marginally lower due to the geopolitical tension dented sentiment. Nikkei was not trading today due to a public holiday.
European stock market indexes are trading mostly higher at 5.30 pm IST, as investors digested minutes released by the US Federal Reserve showing more interest rate hikes that are needed to fight inflation, while corporate earnings encouraged investors and improved the sentiments.
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
The Sensex and Nifty remained volatile on the monthly expiry day. The markets traded cautiously between gains and losses, as the Fed’s meeting minutes revealed concerns over high inflation and its commitment to bring inflation under control. Investors now eagerly waiting for the US GDP data, which is expected later in the day. You can follow our Daily Morning Report at 7.30 am for market direction.
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