Prediction Tomorrow: What to Expect from Nifty and Bank Nifty on March 21st
Nifty & Bank Nifty Prediction Tomorrow: The Indian equity benchmarks closed edged higher on Wednesday amid volatility. The domestic markets opened higher following positive global markets and traded volatile throughout the day. The local markets erased most of their intraday gains in the last hour as investors remain cautious ahead of the Fed’s interest rate decision, due later today.
Among the sectors Energy, Realty, and FMCG stocks gained the most, while Metal, Private banks, and Financial Services witnessed selling pressure. The market breadth was weak with the advance decline indicating a 2:3 ratio at the close. The NSE’s volatility index “India VIX” slipped 4.53% to 13.47.
The broader markets closed almost flat, as the Nifty midcap index closed flat to negative, while the smallcap index ended edged higher by 6.70 points. In the end, Sensex closed higher by 89.64 points or 0.12 percent and closed at 72101.69, while Nifty ended marginally higher by 21.65 points or 0.10 percent at 21839.10.
Nifty and Bank Nifty Futures Price Movement for March Series
The Nifty futures price for the March series opened at 21900 making a positive opening of 13.5 points on Wednesday. It has touched an intraday high of 21988.80 and a day’s low of 21798.05
The Nifty futures price has given an intraday movement of 190.75 points. Ultimately, the Nifty futures closed higher by 32.50 points or 0.15% at the 21919 level.
The Bank Nifty futures for the March series opened at 46475. It made a positive opening of 25.95 points on Wednesday. The Bank Nifty futures touched an intraday high at 46789.55 and a day’s low at 46002
During the day, the Bank Nifty futures have given a movement of 787.55 points. In the end, Bank Nifty Futures closed lower by 15.55 points or 0.03 percent and closed at the 46464.60 level.
Nifty & Bank Nifty Prediction for Tomorrow, 21 March 2024
Nifty Futures Prediction for Tomorrow, 21 March 2024
Primary Trend in Nifty Futures: Negative
Range-Bound Trend: All up Moves can initiate profit Booking @ 22050 whereas All Down Moves can Initiate Short Covering @ 21800
Nifty futures March series closed at 21910.05 a premium of 70.95, compared to Nifty’s closing 21839.10 in the cash market.
Suppose the Nifty futures move above 21956 and sustain. Then the Nifty index can trade in a range of 21986- 22045- 22092 levels during the day.
If the Nifty futures share price moves below 21890 and is sustained. Then the index futures can trade at 21846- 21802- 21765 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 21 March 2024
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 46900 whereas All down moves can Initiate Short Covering @ 46000
Bank Nifty futures for the March series closed at 46449.05, at a premium of 138.15 compared to Bank Nifty’s closing of 46310.90 in the cash market.
Suppose the Bank Nifty futures move above 46610 and sustain, then the index can trade in the range of 46680- 46800- 46970 levels during the day.
If the Bank Nifty futures move below 46310 and sustain, then the index can trade in the range of 46210- 46060- 45930 levels during the day.
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Global Stock Market Updates
The other Asian stock market indexes mostly closed higher on Wednesday. Shanghai closed higher as the People’s Bank of China unchanged the 1-year Loan Prime Rate and due to upbeat economic data released this week. Hang Seng closed flat to the positive while the Kospi index gained the most in the region.
European markets are trading mixed with little changes, investors are waiting for the US Federal Reserve outcome later in the day and digested bigger than expected fall in the UK’s inflation data in February. The US stock market indexes are trading near their flat line (at 9.30 p.m. IST) ahead of the Fed interest rate decision and Fed’s Chair Powell’s commentary.
Conclusion
Indian stock markets closed slightly higher on Wednesday as investors were cautious ahead of the Fed’s interest rate outcome, later in the day. The US central bank is expected to keep the rates unchanged but the Fed’s Chair Powell’s commentary will be important for more clues about rate cuts this year.
Tomorrow, Indian stock markets are likely to open as per global cues. You can also follow our Daily Morning Report at 7:30 a.m. for market direction and follow our Nifty and Bank Nifty support and resistance levels.
You may also like to read – Next Week’s Stock Market Prediction: 7 Essential Factors Driving Market Movement
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