Nifty and Bank Nifty Prediction for Tomorrow 28 March 2023
Nifty and Bank Nifty Prediction for Tomorrow 28 March 2023: Indian equity markets ended marginally higher after a volatile session on Monday. The profit bookings in the final hour erased most of the intraday gains in Sensex and Nifty. The markets were volatile ahead of the monthly F&O expiry, which is scheduled on Wednesday. Among the sectors, Pharma, FMCG, and PSU Banks were in demand while Realty, Media, and Auto witnessed some selling pressure.
The market breadth was negative today, 425 shares were in advance while 1639 declined on NSE. The broader markets underperformed today, Nifty midcap and smallcap indexes fell 0.47 percent and 1.59 percent respectively. At the close, Sensex and Nifty advanced 0.22 percent and 0.24 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 27 March
The Nifty futures price opened at 16995.25 making a positive opening of 40.2 points today. It has touched an intraday high of 17124.55 and a day’s low of 16940.80
The Nifty futures price has given a movement of 183.75 points today. In the end, it closed higher by 69.50 points or 0.41 percent and ended at 17024.55 levels.
The Bank Nifty futures opened at 39449 It made a positive opening of 25.2 points today. The Bank Nifty futures touched an intraday high at 39750 and a day’s low at 39337.20
During the day, the Bank Nifty futures have given a movement of 412.8 points. In the end, it closed higher by 8.2 points or 0.2 percent and closed at 39432 levels.
Nifty & Bank Nifty Prediction for Tomorrow 28 March 2023
Nifty Futures Prediction for Tomorrow 28 March 2023
Primary Nifty Trend in futures: Sideways to Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17150 whereas All Down Moves Initiates Short Covering (Buy) @ 16900
If the Nifty futures (March Series) share price Moves Above 17075 and sustains. Then you should Buy with the 1st Target of 17107 during the day with a Stop Loss of 17052 FOR the Target of 17107- 17145- 17174- 17203
If the Nifty futures (March Series) share price Moves Below 17013 and is sustained. Then you should Sell with the 1st Target of 16975 for the day with a Stop Loss of 17040. For the Target of 16975- 16938- 16900- 16874
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Bank Nifty Futures Prediction for Tomorrow 28 March 2023
Primary Trend of Bank Nifty Futures: Sideways to Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 39800 whereas All Down Moves Initiates Short Covering (Buy) @ 39000
Suppose the Bank Nifty futures (March Series) Moves Above 39525 and sustain, then you should Buy with the 1st Target of 39615 during the day with a Stop Loss of 39415 and the Target of 39615- 39720- 39840- 39950
If the Bank Nifty futures (March Series) Moves Below 39330 and sustain, then you should Sell with the 1st Target of 39250 the day with a Stop Loss of 39660. For the Target of 39250- 39135- 39060- 38900
Global Stock Market Updates
On the global front, the other Asian market indexes were mostly closed lower on Monday, as traders remained cautious and assessed the impact of the banking sector crisis in the US and Europe. The weak economic data released in China and geopolitical tension also dampened the market mood in the region.
Japan’s Nikkei index gained as a weaker yen boosted the sentiments in the exporter-heavy markets, while worries about the banking crisis fell the bank stocks and capped the market on the higher side. China’s Shanghai index fell as the Industrial profits declined and geopolitical tension hit the market sentiments. Hang Seng was down due to heavy selling in tech shares.
European stock markets are trading higher as investors hope for an end to banking volatility. Banking stocks are trading higher and Deutsche Bank is trading above 5%, as the First Citizen bank has agreed to buy a large part of Silicon Valley Bank. The US futures, Dow, and Nasdaq are trading higher at this moment, indicating a positive opening for US stock markets.
Conclusion
Indian stock markets started the week on a positive note. The benchmarks trimmed most of their intraday gains in the last hour, as traders remained concerned about the banking crisis. Markets will remain volatile ahead of the expiry. 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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