Nifty and Bank Nifty Prediction for Monday 27 Feb 2023
Nifty and Bank Nifty Prediction for Monday 27 Feb 2023: Indian equity markets ended another volatile session with minor cuts on Friday. The Sensex and Nifty fell for the sixth consecutive session on Friday, which is the longest losing streak in 2023. The market sentiments were downbeat, as most Asian markets retreated in the second half due to interest rate hike fear in the US. Traders were also concerned, as foreign investors are continuously selling in Indian equity markets.
The market breadth was slightly on the weaker side with the advance-decline indicating a ratio of 3:4 at the close. Among the sectors, Oil & Gas, Consumer Durables, and Pharma stocks advanced while Metals, PSU Bank, and Auto stocks declined on Friday.
The broader markets also closed lower almost in line with their larger peer, as Nifty Mid and Smallcap indexes declined 0.21 percent and 0.17 percent respectively. At the close, Sensex and Nifty were down by 0.25 percent and 0.26 percent respectively on Friday
Nifty and Nifty Bank futures price movement on Friday, 24 Feb
On Friday, Feb 24, the Nifty futures (March Series) opened at 17637.90 levels, it made a positive opening of 14.9 points from the previous close. It touched an intraday high at 17700 and a day’s low at 17510
The Nifty future has given a movement of 190 points on Friday. In the end, it closed lower by 61 points or 0.35 percent and ended at 17562 levels.
The Bank Nifty futures (March Series) opened at 40455.30 levels on the last day of the week. It made a positive opening of 152.55 points on Friday. It has touched an intraday high at 40622 and a day’s low at 40061.65
On Friday, the Bank Nifty future gave a movement of 560.35 points. At the close, it ended lower by 157.75 points or 0.39 percent and closed at 40145 levels.
Nifty & Bank Nifty Prediction for Monday 27 Feb 2023 ( March Expiry )
Nifty Futures Prediction for Monday 27 Feb 2023
Primary Nifty Trend in futures: Mild Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17650 whereas All Down Moves Initiates Short Covering (Buy) @ 17450
If the Nifty futures share price Moves Above 17605 and sustains. Then you should Buy with 1st Target of 17635 during the day with a Stop Loss of 17562 FOR the Target of 17635- 17667- 17702- 17742
If the Nifty futures share price Moves Below 17500 and is sustained. Then you should Sell with the 1st Target of 17470 during the day with a Stop Loss of 17535. For the Target of 17470- 17445- 17409- 17380
Bank Nifty Futures Prediction for Monday 27 Feb 2023
Primary Trend of Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 40500, whereas All Down Moves Initiates Short Covering (Buy) @ 39700
Suppose the Bank Nifty futures Moves Above 40425 and sustain, then you should Buy with the 1st Target of 40490 during the day with a Stop Loss of 40280. For the Target of 40490- 40606- 40718- 40800
If the Bank Nifty futures Moves Below 40060 and sustain, then you should Sell with the 1st Target of 39990 during the day with a Stop Loss of 40220. For the Target of 39990- 39910- 39770- 39640
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Global stock market updates
The European stock markets erased all early gains and closed lower on Friday, as investors digested economic data and corporate earnings. The latest data released earlier in the morning showed that the German economy contracted stronger than expected in the fourth quarter of 2022.
As per the latest survey, British consumers have turned slightly more positive on their personal finances and the economic outlook. However, French and German consumer confidence declined slightly in February, hitting the market sentiments on Friday
The US stock market indexes closed lower after a volatile session on Friday as hot economic data indicated more aggressive interest rate hikes by the central bank. Investors were worried after the core personal consumption expenditures (PCE) price index jumped in January, its biggest rise since August.
Personal spending also rose above expectations in January, the biggest increase in two years. The University of Michigan’s gauge of consumer expectations in February was revised higher to its highest level in over a year
Conclusions
The downward trends continued amid sharp volatility in the Indian stock markets due to uncertainty in the global economic outlook and geopolitical tensions. The continuous selling pressure from foreign investors also dampened the domestic market sentiment.
The cues from US markets were negative on Friday, and the Asian markets are likely to follow the same on Monday. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also read, Indian Stock Market Weekly Update (20 – 24 Feb)
Stock Market Updates: Worst week for the US markets in 2023
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