Nifty 50 and Nifty Bank Prediction for tomorrow, March 31, 2023: On Wednesday, the benchmark indices in India closed on a positive note, with the U.S. market’s upward trend being a significant factor. This was a result of the ease of the banking crisis in the U.S. Currently, the Dow Jones, S&P, and Nasdaq are all up by 0.3% to 0.5%.
Moreover, the weekly expiry of Nifty and BankNifty added some hopes of a rebound in the Indian equity market. Despite a range-bound move, Nifty 50 and Nifty Bank closed strongly, up by 0.76% and 0.86%, respectively. The strength was also evident in the broader market, except for the energy index, which closed in mildly negative territory.
Nifty 50 and Nifty Bank Price Movement on 29 March 2023
The Nifty 50 index opened at 16,977.30 today, hitting a low of 16,940.60 before closing at 17,080.70, 129 points higher than its previous closing price, or an increase of 0.76%. The Nifty Bank also saw a rise, opening at 39,611.55 and hitting a low of 39,609.55 in the last half hour of trading, closing at 39,910.15, up 0.86% or 342.25 points from the previous day’s close.
Both indices demonstrated a strong rebound on the March F&O expiry on March 29.
Nifty 50 and Nifty Bank Prediction
Nifty 50 Prediction for Tomorrow 31 March 2023
On March 29th, the Nifty 50 experienced a smart recovery, which led to a significant move above the 17,000 mark. This boosted trader confidence in the recovery of Nifty stocks and created a bullish setup for tomorrow.
Chart Credit: Chartink/Nifty hourly analysis
The hourly chart for the Nifty 50 shows a falling wedge trend line breakout on Wednesday, with the market closing above the breakout point of 17060. This sets up a bullish reversal pattern for tomorrow’s trading session.
For potential upside, the immediate resistance is at 17215. The next resistance will be 17307, which is the 200-day EMA on the hourly chart. If the Nifty breaks through these levels, the next target range will be between 17530 and 17570. This range is important because of a gap that was created in the market a few days ago. So, Nifty may try to fill the gap again before falling again. However, Nifty needs to break through and sustain the hurdles above 17200 for this to happen.
On the downside, the Nifty is expected to find support between 17060 and 17030, with 17000 as a major support area for risk-takers. If the Nifty falls below 17000, it may continue to drop toward the previous downside zone of 16950-16800.
With a clear understanding of the Nifty levels for tomorrow, traders can confidently predict market movements and make informed decisions to potentially earn profits.
Nifty Bank Prediction for Tomorrow, March 31, 2023
On March 29, 2023, Banknifty demonstrated a strong resurgence amidst high volatility during the March F&O expiry day. It surpassed other sectors in terms of performance. Throughout the day, Banknifty displayed notable strength and garnered more buying interest from traders compared to the Nifty.
Chart Credit: Chartink/Banknifty hourly analysis
The chart structure of the Banknifty indicates that it is likely to be more bullish than the Nifty for tomorrow’s trading session.
The presence of a classical rounding bottom formation in the Banknifty chart makes it an attractive option for long positions in tomorrow’s trading session.
There are significant bullish opportunities for Banknifty, with large potential ranges on the upside. So, the chances of bearishness tomorrow will be relatively low.
Banknifty has the potential for upside gains, with immediate resistance at 40185 and the next resistance level at 40800, which is approximately 900 points from the current level. If Banknifty manages to break through these levels, the next target range would be 41200. This is significant due to a previous market gap. Traders should note that Banknifty must break through and maintain levels above 40200 for this to happen.
The Banknifty chart indicates that the immediate support levels will be at 39650 and 39400. The next significant demand area ranges between 39270 and 39150. The strongest support level will be at 38900, which would require extremely negative news to break. Barring any such news, Banknifty is likely to respect the support levels.
Global Markets Update
At this moment Dow Jones, S&P 500, and the Nasdaq are trading flat to half percent higher. Dow Jones is trading flat to slightly negative. But the S&P 500 and Nasdaq are up by 0.3% and 0.5% respectively.
The European stock markets, including the DAX, CAC, and FTSE, have ended today’s trading session with gains of 1.26%, 1.06%, and 0.74%, respectively. In addition, most Asian markets also closed with positive results today, with the Hang Seng index leading the way with a 0.58% increase.
A notable event that occurred today is that the U.S. dollar index has cooled off by approximately 0.5%. It has consistently remained below 102.
Conclusion
Tomorrow’s trading session is expected to be significant for Nifty and Banknifty as it marks the weekly close. While favorable trading conditions are being created by the diminishing impact of the banking crisis in the U.S. and Europe, It is crucial for both indices to close above key zones to establish a solid foundation for next week. Investors and traders worldwide are taking bullish long positions this week. So, we anticipate an exciting trading session tomorrow. This may help the indices close in a potentially promising manner above key resistance zones.
