Nifty and Bank Nifty Prediction for Monday 20 Feb 2023
Nifty and Bank Nifty Prediction for Monday 20 Feb 2023: Indian equity markets snapped a 3-day winning streak and closed with modest losses after a volatile session on Friday. The market sentiments were downbeat due to weak global cues, as traders worried about surging inflation, US bond yields, and the dollar index. The hawkish comment from US Fed officials after PPI inflation data on Thursday also dented the market sentiments on Friday.
The market breadth was slightly on the negative side with the advance-decline indicating a ratio of 2:3 at the close. The selling pressure was witnessed mostly in the Realty, Pharma, and Banking sectors while some buying was seen in Oil & Gas sector. The broader markets also ended lower almost in line with their larger peers.
FIIs and DIIs both were net sellers on Friday. FIIs sold shares worth Rs 624.61 crore while DIIs offloaded Rs 85.29 crore on Friday. At the close, Sensex and Nifty were down by 0.51 percent and 0.52 percent on the last day of the week.
Nifty and Nifty Bank futures price movement on Friday, 17 Feb
On Friday, Feb 17, the Nifty futures (Feb Series) opened at 17986.20 levels, it made a negative opening of 76.65 points from the previous close. It touched an intraday high at 18045 and a day’s low at 17893.55
The Nifty future has given a movement of 151.45 points on Friday. In the end, it closed lower by 107.85 points or 0.60 percent and ended at 17955 levels.
The Bank Nifty futures (Feb Series) opened at 41549.95 levels on the last day of the week. It made a negative opening of 185.8 points on Friday. It has touched an intraday high at 41574.85 and a day’s low at 40950
On Friday, the Bank Nifty future gave a movement of 624.85 points. At the close, it ended lower by 531.60 points or 1.27 percent and closed at 41204.15 levels.
Nifty & Bank Nifty Prediction for Monday 20 Feb 2023 (Feb Expiry)
Nifty Futures Prediction for Monday 20 Feb 2023
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18000 whereas All Down Moves Initiates Short Covering (Buy) @ 17800
If the Nifty futures share price Moves Above 17980 and sustains. Then you should Buy with 1st Target of 18013 during the day with a Stop Loss of 17958 FOR the Target of 18013- 18047- 18074- 18102
If the Nifty futures share price Moves Below 17927 and is sustained. Then you should Sell with the 1st Target of 17896 during the day with a Stop Loss of 17950. For the Target of 17896- 17865- 17840- 17807
Bank Nifty Futures Prediction for Monday 20 Feb 2023
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 41350, whereas All Down Moves Initiates Short Covering (Buy) @ 40800
Suppose the Bank Nifty futures Moves Above 41370 and sustain, then you should Buy with the 1st Target of 41435 during the day with a Stop Loss of 41270. For the Target of 41435- 41515- 41605- 41680
If the Bank Nifty futures Moves Below 41100 and sustain, then you should Sell with the 1st Target of 41027 during the day with a Stop Loss of 41220. For the Target of 41027- 40960- 40800- 40670
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Global stock market updates
European stock market indexes closed slightly lower on Friday, as investors continued to assess the impact of surging inflation and retail sales in the US and UK and corporate earnings. The sentiments were hit as the producer price inflation in German rose more than expected in January. The UK’s retail sales volume also rose unexpectedly in January, the latest data showed on Friday. Oil & Gas stocks led the losses followed by tech and banking on Friday.
The US stock markets closed mixed on Friday. Dow Jones advanced while S&P 500 and Nasdaq closed lower, as growth stocks including tech closed lower. Investors fear aggressive interest rate hikes by the Federal Reserve in the next meeting due to the signs of a stronger economy and sticky inflation persisting. The heavyweight stocks, Alphabet, Microsoft, and Apple closed in the red while Facebook ended almost flat on Friday.
Conclusions
Indian stock market witnessed profit booking amid weak global cues. The sentiments become negative due to unfavorable economic data released in the US on Thursday. The combination of hotter-than-expected inflation data and more robust job markets and hawkish comments about aggressive interest rate hikes dented the market sentiments. In absence of any positive trigger on the domestic front, traders preferred to remain sideline and booked profit.
On Monday, the domestic markets will open as global cues. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also read, Indian Stock Market Weekly Updates: Sensex, Nifty settle with modest gains
Global Stock Market Weekly Analysis: Trends and Performance
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