Nifty and Bank Nifty Prediction for Monday 6 March 2023
Nifty and Bank Nifty Prediction for Monday 6 March 2023: Indian equity markets made a robust gain on Friday, following the positive global cues. Sensex and Nifty extended their early gains as the session progressed, on the back of buying stocks in all sectors with PSU Banks, Metals, and Banking stocks gaining the most.
Adani Group stocks were in demand after US-based GQG partners invested 15446 crores in group companies. India’s S&P Global Services PMI Business activity Index came at 59.4, the highest in 12 years and above all expectations.
Indian volatility index “India VIX” slipped 6.09 percent to 12.18 on Friday. The market breadth was strong with the advance-decline indicating a ratio of 3:1 at the close. FIIs and DIIS both were net buyers in the equity cash segments, FIIs bought Rs 246.24 crore worth of shares while DIIs bought Rs 2089.92 crore on the last day of the week.
Nifty and Nifty Bank futures price movement on Friday, 3 March
On Friday, Mar 3, the Nifty futures (March Series) opened at 17490.20 levels, it made a gap-up opening of 90.8 points from the previous close. It touched an intraday high at 17725.05 and a day’s low at 17475
The Nifty future has given a movement of 250.05 points on Friday. In the end, it closed higher by 262.05 points or 1.51 percent and ended at 17661.45 levels.
The Bank Nifty futures (March Series) opened at 40785.45 levels on the last day of the week. It made a positive opening of 157.65 points on Friday. It has touched an intraday high at 41560 and a day’s low at 40755.35
On Friday, the Bank Nifty future gave a movement of 804.65 points. At the close, it ended higher by 795.85 points or 1.96 percent and closed at 41423.65 levels.
Nifty & Bank Nifty Prediction for Monday 6 March 2023 ( Mar Expiry )
Nifty Futures Prediction for Monday 6 March 2023
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17800 whereas All Down Moves Initiates Short Covering (Buy) @ 17600
If the Nifty futures share price Moves Above 17706 and sustains. Then you should Buy with 1st Target of 17741 during the day with a Stop Loss of 17670 FOR the Target of 17741- 17792- 17830- 17865
If the Nifty futures share price Moves Below 17638 and is sustained. Then you should Sell with the 1st Target of 17610 during the day with a Stop Loss of 17658. For the Target of 17605- 17575- 17550- 17525
Bank Nifty Futures Prediction for Monday 6 March 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 41750, whereas All Down Moves Initiates Short Covering (Buy) @ 41200
Suppose the Bank Nifty futures Moves Above 41560 and sustain, then you should Buy with the 1st Target of 41665 during the day with a Stop Loss of 41480. For the Target of 41665- 41750- 41840- 41965
If the Bank Nifty futures Moves Below 41330 and sustain, then you should Sell with the 1st Target of 41235 during the day with a Stop Loss of 41435. For the Target of 41235- 41112- 41020- 40965
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Global stock market updates
European stock markets ended higher on Friday following the positive cues from Asian and US markets, as investors analyzed the slew of economic data released during the week. The sentiments become optimistic as German car manufacturer Volkswagen gained more than 11 percent after the company announced a better-than-expected 2023 forecast. Auto and mining stocks were advanced while Oil & Gas declined on Friday.
The US stock markets closed sharply higher on Friday, as the tech stocks bounced back after the 10-year-old Treasury yields eased from more than a decade high. The latest data released on Friday indicated that the US services sectors activity expanded for a second straight month in February, suggesting the economy remains resilient enough to withstand further rate hikes
Conclusions
Indian markets made a strong rally on Friday, tracking strong global cues. The global sentiment was boosted on Friday, as PMI services activity reported better-than-expected growth in US, China, and Eurozone. The positive trend is likely to continue on Monday. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also read, Stock Market Weekly Analysis: Latest Global Market Updates & Trends
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