Nifty and Bank Nifty Prediction for Monday, 19 February 2024
Nifty and Bank Nifty Prediction for Monday, 19 February 2024: Indian equity benchmarks ended with modest gains on Friday, rising for the fourth consecutive session. The domestic equity markets opened higher following the positive global cues and traded on a firm note throughout the session on the back of heavy buying in frontline stocks including L&T, Infosys, and M&M.
Among the sectoral indices, the Nifty Auto, Pharma, and Realty sectors gained the most, while the PSU Bank and Energy sectors witnessed some selling pressure. The market breadth was positive with the advance decline indicating a 2:1 ratio at the close.
The broader markets closed higher in line with the frontline index, as Nifty mid and smallcap indices ended higher by 0.64% and 0.55% respectively. In the end, Sensex closed higher by 376.25 points or 0.52% and settled at 72426.64, while Nifty advanced 129.95 points or 0.59% and finished at 22040.70 level.
Nifty and Nifty Bank Futures Price Movement on Friday, 16 February
On Friday, February 16, the Nifty futures (Feb Series) opened at 22060.20 levels. The index made a positive opening, up by 55.15 points from the previous close. It touched an intraday high at 22139.95 and a day’s low at 22039.45
The index moved to 100.5 points on Friday, and it closed higher by 84.45 points or 0.38 percent and ended at 22089.50 levels.
The Bank Nifty futures (Feb Series) opened at 46580 levels on Friday. The index made a positive opening of 194.95 points and touched an intraday high at 46885.95 and a day’s low at 46350.
On Friday, the Bank Nifty futures gave a movement of 535.95 points and finished higher by 85.95 points or 0.19 percent and ended at 46475 levels.
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Nifty & Bank Nifty Prediction for Monday, 19 Feb 2024
Nifty Futures Prediction for Monday, 19 Feb 2024
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 22200 whereas All Down Moves can initiate Short Covering @ 22050
If the Nifty futures share price moves above 22132 and sustains. The Nifty index futures can trade in the range of 22182- 22224- 22254 during the day with a stop loss of 22104.
If the Nifty futures share price moves below 22040 and is sustained. Then it can trade in the range of 22004- 21970- 21940 during the day with a stop loss of 22065.
Bank Nifty Futures Prediction for Monday, 19 Feb 2024
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 46950, whereas Down Moves can Initiate Short Covering @ 46200.
Suppose the Bank Nifty futures move above 46650 and sustain, then it can trade in a range of 46740- 46860- 46970 during the day with a stop loss of 46570.
If the Bank Nifty futures move below 46350 and sustain, then the index can trade in the range of 46265- 46130- 46040 levels during the day with a stop loss of 46435.
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Global Stock Market Updates on Friday
The US stock market indexes closed in the red on Friday and ended the week marginally lower. The market sentiments were downbeat, as the producer price index came in hotter than expected in January and pushed the Treasury yields higher.
The official data showed that the US Producer Prices Index (PPI) had increased by 0.3% at a five-month high in January, after hitting 0.1% in December. The core wholesale prices rose 0.5%, much above the market expectation of 0.1%. The 10-year US Treasury yields hit an intraday high of 4.343% on Friday and closed at 4.284%, it was settled at 4.227% on Thursday.
European stock market indexes closed higher on Friday and ended the week on a positive note. The major sectors closed in the positive territory with mining stocks leading the gains while utility stocks declined. On the economic front, the latest data showed UK retail sales came in higher than expected in January and rebounded from a record fall in December.
On the earnings front, shares in Metso gained almost 11% after the Finnish mining equipment maker reported a Q4 profit beat estimates and gave an upbeat outlook for its aggregates unit. Share of NatWest gained after the lender beat expectations in the quarterly earnings with a 20% increase in full-year pre-tax operating profit.
Conclusion
Indian stock markets continued their northward journey fourth consecutive day and ended the week with strong gains. The ease in domestic inflation, narrowing trade deficit, and expansion of industrial production lifted the market sentiments last week. We anticipate the positive momentum will continue on Monday.
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Also, read- Global Stock Market Weekly Review: US Stocks Dip, European and Asian Markets Rise
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Editor’s Desk
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