Nifty and Bank Nifty Prediction for Tomorrow 9 March 2023
Nifty and Bank Nifty Prediction for Tomorrow 9 March 2023: Indian equity market indexes made decent gains after a volatile session on Wednesday. The domestic markets were trading lower in the first half, as sentiments were hit after US Fed Chair Jerome Powell stated that the central bank is likely to hike the interest rate faster than previously anticipated to tame inflation. Markets pared all early losses in the last hour on the back of buying in banking stocks.
Among the sectors, Auto, Oil & Gas, and Banks witnessed buying today while Realty, Pharma, and IT declined. The market breadth was neutral today. The broader markets also gained in line with their larger peers, as Nifty mid and small-cap indices added 0.51 percent and 0.21 percent respectively. At the close, Sensex and Nifty advanced 0.21 percent and 0.24 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 8 March
The Nifty futures price opened at 17715.10 making a negative opening of 59.85 points today. It has touched an intraday high of 17805.75 and a day’s low of 17654
The Nifty futures price has given a movement of 151.75 points today. In the end, it closed higher by 23.75 points or 0.13 percent and ended at 17798.70 levels.
The Bank Nifty futures opened at 41348.80 It made a negative opening of 169 points today. The Bank Nifty futures touched an intraday high at 41749.05 and a day’s low at 41242.60
During the day, the Bank Nifty futures have given a movement of 506.45 points. In the end, it closed higher by 222.20 points or 0.56 percent and closed at 41740 levels.
Nifty & Bank Nifty Prediction for Tomorrow 9 March 2023 (Mar Expiry)
Nifty Futures Prediction for Tomorrow 9 March 2023
Primary Nifty Trend in futures: Mild Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17930 whereas All Down Moves Initiates Short Covering (Buy) @ 17700
If the Nifty futures (March Series) share price Moves Above 17830 and sustains. Then you should Buy with the 1st Target of 17862 during the day with a Stop Loss of 17790 FOR the Target of 17862- 17894- 17931- 17967
If the Nifty futures (March Series) share price Moves Below 17747 and is sustained. Then you should Sell with the 1st Target of 17706 for the day with a Stop Loss of 17780. For the Target of 17706- 17665- 17636- 17595
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Bank Nifty Futures Prediction for Tomorrow 9 March 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42200 whereas All Down Moves Initiates Short Covering (Buy) @ 41700
Suppose the Bank Nifty futures (March Series) Moves Above 41855 and sustain, then you should Buy with the 1st Target of 41930 during the day with a Stop Loss of 41720 and the Target of 41930- 42025- 42145- 42232
If the Bank Nifty futures (March Series) Moves Below 41550 and sustain, then you should Sell with the 1st Target of 41470 the day with a Stop Loss of 41680. For the Target of 41470- 41380- 41300- 41225
Global Stock Market Updates
The other Asian stock market indexes closed mostly in the red on Wednesday, hit hard by a hawkish comment from US Fed Chair Jerome Powell on further aggressive interest rate hikes. His comments fell stocks, gold, and crude sharply lower while pushing the dollar to a three-month high. Markets are now pricing almost 70% chance for 50 bps interest rate hikes in March policy.
The major stock market indexes in the region Shanghai, and Hang Seng were closed lower. Hang Seng fell the most above 2 percent on Wednesday. Japan’s Nikkei was the only stock index in Asia pacific region that ended higher, up nearly 0.5%, as a weakening yen cheered exporters.
European markets are trading flat (at 5 pm IST) erasing most of their early losses, as the latest data showed that the eurozone economy stagnated in the final quarter of the year 2022. Investors are now looking ahead to the US non-farm payroll data which is due on Friday.
The US futures, Dow, and Nasdaq futures are trading marginally higher today, indicating a positive opening for the US stock markets today after a fall in the previous session.
Conclusion
After a weak opening, Indian markets recovered sharply despite negative global cues. The domestic markets are looking positive, and the trend is likely to continue in the near term. You can follow our Daily Morning Report at 7.30 am for market direction.
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