Nifty and Bank Nifty Prediction for Tomorrow, 14 March 2024
Nifty and Bank Nifty Prediction for Tomorrow, 14 March 2024: Indian equity benchmarks tumbled on Wednesday. The domestic markets started the day on an optimistic note, tracking positive global cues. The Sensex and Nifty immediately turned negative and extended their losses as the session progressed. Among the sectors, barring FMCG all other sectoral indices closed in the red with Metal, Media, Energy, and Realty falling more than 5% today.
The market breadth was in favor of sellers. On the NSE, 192 shares advanced while 2424 shares declined today. The NSE’s volatility index “India VIX” climbed 5.82% to 14.43.
The broader markets fell sharply and underperformed, compared to their larger peers, as the Nifty mid and smallcap index declined 4.40% and 5.28% respectively. In the end, Sensex was down 906.07 points or 1.23% and closed at 72761.89, while Nifty declined 797.05 points or 5.28% and settled at 21997.70. You can read the detailed market updates here
Nifty and Bank Nifty Futures Price Movement for March Series
The Nifty futures price for the March series opened at 22505 making a positive opening of 57.95 points on Wednesday. It has touched an intraday high of 22515 and a day’s low of 22025
The Nifty futures price has given an intraday movement of 490 points. Ultimately, the Nifty futures closed lower by 370.60 points or 1.65 percent at 22076.45 levels.
The Bank Nifty futures for the March series opened at 47600. It made a positive opening of 72.75 points on Wednesday. The Bank Nifty futures touched an intraday high at 47684.30 and a day’s low at 46947.55
During the day, the Bank Nifty futures have given a movement of 736.75 points. In the end, Bank Nifty Futures closed lower by 505.25 points or 1.06 percent and closed at 47022 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 14 March 2024
Nifty Futures Prediction for Tomorrow, 14 March 2024
Primary Trend in Nifty Futures: Negative
Range-Bound Trend: All Up Moves can initiate profit Booking @ 22120 whereas All Down Moves can Initiate Short Covering @ 21950.
Nifty futures March series closed at 22076.45 a premium of 78.75, compared to Nifty’s closing 21997.70 in the cash market.
Suppose the Nifty futures move above 22132 and sustain. Then the Nifty index can trade in the range of 22170- 22216- 22236 levels during the day.
If the Nifty futures share price moves below 22050 and is sustained. Then the index futures can trade at 22012- 21980- 21935 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 14 March 2024
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47200 whereas All down moves can Initiate Short Covering @ 47750.
Bank Nifty futures for the March series closed at 47022, at a premium of 40.7 compared to Bank Nifty’s closing of 46981.30 in the cash market.
Suppose, the Bank Nifty futures move above 47220 and sustain, then the index can trade in the range of 47285- 47380- 47502 levels during the day.
If the Bank Nifty futures move below 46940 and sustain, then the index can trade in the range of 46830- 46756- 46635 levels during the day.
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Global Market Updates
The other Asian stock market indexes closed mixed on Wednesday. Japan’s Nikkei 225 erased early gains and ended lower for the third straight session, as investors fear the likelihood of a policy shift in the Bank of Japan’s next week meeting. Australia’s S&P ASX 200 extended its previous session gains today.
South Korea’s Kospi index ended higher, as the country’s unemployment rate came lower in February than the previous month. The Shanghai index closed lower due to the uncertainty of the policy direction from Beijing. Hang Seng pared early gains and closed flat to the negative, as Chinese property developer listed in the city dragged the indices. The Straits Times, Taiwan, and SET Composite ended in the green territory.
European stock market indexes trades marginally higher on Wednesday, as investors digested the US inflation and the UK’s GDP data. The economic data released in the UK showed that the country’s GPD growth rose in January.
In the US, the Dow Jones and Nasdaq futures are trading marginally higher on Wednesday at 5.10 p.m. IST, indicating a positive opening for the US markets today.
Conclusion
The broader markets took a significant hit due to concern about the high valuations in mid and small-cap stocks. Traders decided to reduce their exposure and this led to a correction in the markets. Additionally, the economic data released on Tuesday wasn’t promising, prompting traders to take profits and hold off on making long-term investments for now.
Tomorrow, Indian markets will open as per global cues. You 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.
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