Nifty and Bank Nifty Prediction for Tomorrow, 1 February 2024
Nifty and Bank Nifty Prediction for Tomorrow, 1 February 2024: Indian equity markets ended with significant gains on Wednesday amid initial volatility. The domestic markets opened lower following the weakness in global markets but soon recovered and extended gains. The indices closed near the day’s high ahead of the Interim Budget 2024 and the US Fed meeting outcome.
All the sectoral indices closed in the green, with Pharma, Realty, and PSU Bank gaining the most. The market breadth was strong on the NSE, 1694 shares advanced, while 833 shares declined at the close.
The broader markets outperformed the frontline index, as Nifty mid and smallcap indexes gained 1.63% and 2.25% respectively. In the end, Sensex jumped 612.21 points or 0.86% and settled at 71752.11, while Nifty advanced 203.60 points or 0.95% and closed at 21725.70. You can read the detailed market updates here.
Nifty and Bank Nifty Futures Price Movement for (29 February expiry)
The Nifty futures price for the February 29 expiry opened at 21614.95 making a negative opening of 15.55 points on Wednesday. It has touched an intraday high of 21840 and a day’s low of 21570
The Nifty futures price has given an intraday movement of 270 points. Ultimately, the Nifty futures closed higher by 155.95 points or 0.72% at 21786.45 levels.
The Bank Nifty futures for the February 29 expiry opened at 45579. It made a negative opening of 92.25 points on Wednesday. The Bank Nifty futures touched an intraday high at 46444.50 and a day’s low at 45405.55.
During the day, the Bank Nifty futures have given a movement of 1038.95 points. In the end, Bank Nifty Futures closed higher by 654.75 points or 1.43 percent and closed at 46326 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 1 Feb 2024
Nifty Futures Prediction for Tomorrow, 1 Feb 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 21950 whereas All Down Moves can Initiate Short Covering @ 21650
Suppose the Nifty futures move above 21832 and sustain. Then the index can trade in a range of 21858- 21885- 21935- 22012 levels during the day.
If the Nifty futures share price moves below 21730 and is sustained. Then the index futures can trade in a range of 21700- 21670- 21590- 21550 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 1 Feb 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 46700 whereas All down moves can Initiate Short Covering @ 45800.
Suppose the Bank Nifty futures move above 46520 and sustain, then the index can trade in the range of 46625- 46740- 46950- 47165 levels during the day.
If the Bank Nifty futures move below 460130 and sustain, then the index can trade in the range of 46030- 45930- 45760- 45640 levels during the day.
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Global Stock Market Updates
The other Asian stock markets closed mixed on Wednesday, as investors assessed the economic data released in the region. Market sentiments took a hit after the latest data showed that China’s manufacturing activity contracted for the fourth consecutive month in January. Asian stocks faced renewed pressure after China’s Evergrande winding-up news, dampening investor morale. This has pushed China’s and Hong Kong’s markets towards a sixth consecutive month of losses.
Japan’s Nikkei225 erased early losses and closed higher as the country’s industrial production rebounded in December, while retail sales fell. Australia’s S&P ASX 200 hit an all-time high and closed higher after the country’s fourth-quarter inflation rate came cooler than expected. Shanghai and Hang Seng dragged down the most in the region. Elsewhere, Strats Times and Jakarta closed slightly higher, while Taiwan, Kospi, and SET Composite ended in the red.
European stock market indexes are trading mixed with little changes as investors are looking ahead to German employment and inflation numbers and the US Fed’s monetary policy decision later in the day.
In the US, the Dow Jones future is trading slightly higher, while the Nasdaq future is trading sharply lower, indicating a mixed opening for the US markets today.
Conclusion
Short covering in the recently beaten-down stocks ahead of key US Fed policy rate decision and domestic Interim Budget announcement tomorrow triggered a major rally in benchmark indices. Going ahead, the local markets are likely to remain volatile tomorrow, traders should remain cautious and trade with strict stop loss.
Investors can also follow our Daily Morning Report at 7:30 a.m. for market direction. You can also follow our Nifty and Bank Nifty support and resistance levels during the live market. You may also like to read the key factors that are likely to impact the stock markets this week.
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