Nifty and Bank Nifty Prediction for Tomorrow, 29 February 2024
Nifty and Bank Nifty Prediction for Tomorrow, 29 February 2024: The domestic equity benchmarks ended sharply lower on Wednesday. The Sensex and Nifty opened slightly higher despite negative cues from global markets. The key equity indices traded near their flat line until the mid-morning session. Indices fell sharply in the late morning session and closed near the day’s low.
All sectors ended in red, with media, PSU Bank, and realty stocks declining the most. The market breadth was weak. On the NSE, 442 shares advanced, while 2136 shares declined at the close. The NSE’s volatility index “India VIX” rose 3.83% to 16.33.
The broader markets underperformed the equity benchmarks, as the Nifty mid and smallcap indexes closed lower by 1.94% and 1.87% respectively. In the end, Sensex plunged 790.33 points or 1.08% and closed at 72304.89, while Nifty declined 247.20 points or 1.11% and settled at 21951.15. 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 22196.85 making a slightly negative opening of 6.2 points on Wednesday. It has touched an intraday high of 22225 and a day’s low of 21890.
The Nifty futures price has given an intraday movement of 335 points. Ultimately, the Nifty futures closed sharply lower by 308.05 points or 1.39% at 21895 levels.
The Bank Nifty futures for the February 29 expiry opened at 46602.05. It made a slightly higher opening of 14.85 points on Wednesday. The Bank Nifty futures touched an intraday high at 46767.10 and a day’s low at 45772.75.
During the day, the Bank Nifty futures have given a movement of 994.35 points. In the end, Bank Nifty Futures closed sharply lower by 814.45 points or 1.75 percent and closed at 45772.75 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 29 Feb 2024
Nifty Futures Prediction for Tomorrow, 29 Feb 2024
Primary Trend in Nifty Futures: Negative
Range-Bound Trend: All up Moves can initiate profit Booking @ 22000 whereas All Down Moves can Initiate Short Covering @ 21800
Suppose the Nifty futures move above 21942 and sustain. Then the Nifty index can trade in a range of 21982- 22018- 22046 levels during the day.
If the Nifty futures share price moves below 21880 and is sustained. Then the index futures can trade in a range of 21860- 21824- 21780 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 29 Feb 2024
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 46200 whereas All down moves can Initiate Short Covering @ 45400
Suppose the Bank Nifty futures move above 45915 and sustain, then the index can trade in the range of 45990- 46130- 46230 levels during the day.
If the Bank Nifty futures move below 45690 and sustain, then the index can trade in the range of 45610- 45430- 45360 levels during the day.
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Global Market Updates
The other Asian stock market indexes mostly closed lower on Wednesday, as investors were sidelined ahead to US inflation and China’s manufacturing activity data later this week. The market sentiments were downbeat as China’s economic struggles. In Japan, investors preferred to book profit as Nikkei 225 gained around 9% in the last three weeks.
China’s Shanghai index fell the most in the region as investors booked profit after the liquidation petition was filed against the developer Country Garden for non-payment of a $205 million loan. Meanwhile, the Hang Seng Property Index gained after Hong Kong decided to cancel property tightening measures and waive stamp duties on REIT unit transfers.
Japan’s Nikkei 225 ended marginally lower, while Australia’s S&P ASX 200 was flat. Shanghai and Hang Seng fell the most in the region. South Korea’s Kospi index gained, while the Straits Times and SET Composite closed in the red on Wednesday.
European stock market indexes are trading mostly lower on Wednesday following the weak global cues, as investors preferred to remain sidelined ahead of the inflation data from Europe and the US later this week. The UK’s FTSE is falling the most after the disappointing quarterly results from St James’s Place and Reckitt Benckiser
In the US the Dow and Nasdaq futures are trading lower on Wednesday, indicating a negative opening for the US markets today.
Conclusion
Indian stock markets mirrored the global market weakness today. The sentiments were cautious ahead of upcoming US economic data, particularly PCE data, with fears that positive forecasts could delay a Fed rate cut. Turmoil in China’s property sector also influenced Asian markets negatively.
Investors preferred to book profit due to the concerns over a potential slowdown in Q3 GDP growth to 6.6% from 7.6% in Q2, the data is scheduled to be released on Thursday. 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 in the live market.
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