Nifty & Bank Nifty Forecast for tomorrow 6 April 2021

 

Market Forecast for 6 April: Nifty and Bank Nifty futures

 

 

Nifty & Bank Nifty forecast for tomorrow 6 April: Indian stock markets made a negative start on Monday due to surges in coronavirus cases in India. Indian markets traded in deep red on the back of heaving selling on Banking, Realty, and Oil & Gas sectors. In the second half, markets recovered some of their losses and closed in the red.

The market sentiments were negative as India reported 1,03,793 fresh coronavirus cases in the last 24 hrs, the highest single-day spike of the year. The death toll from the infection has now jumped to 165132.  Maharashtra recorded 57K, new coronavirus cases on Sunday and decided to impose strict restrictions, weekend lockdowns, and night curfew in the state. Traders are now concern about its impact on the Indian economy.

The market sentiment was subdued as India’s manufacturing sector activity grew at the slowest pace in March in the last seven months. The IHS Markit India Manufacturing Purchasing Manager’s Index (PMI) fell to 55.4 in March from 57.5 in February.

 

Today’s market updates: Sensex, Nifty & Bank Nifty on the spot price.

 

At the close, Nifty fell 229.55 points or 1.54 percent and closed at 14637.80 levels while Sensex was down by 870.51 points or 1.74 percent and finished at 49159.32 levels. The Bank Nifty on the spot price tanks 1179.15 points or 3.48 percent and ended at 32678.85 levels.

The midcap and smallcap indices also closed in the red today. The Nifty midcap 100 index fell 319.15 points or 1.32 percent and closed at 23798.60 levels. The smallcap 100 index declined 120.55 points or 1.46 percent and finished at 8162 levels.

The top five gainers in the Nifty50 index were HCL Tech, TCS, Britannia, Wipro, and Infosys. The top five losers in the Nifty50 index were Bajaj Finance, IndusInd Bank, SBI, Eicher Motors, and Mahindra and Mahindra. The most active stocks in the Nifty50 index were Tata Steel, Tata Motors, and Bajaj Finance.

On a sectoral front, IT & Software, Metals, Healthcare, and Power sectors closed in the green today. The sectors that dragged down the markets were Banking, Financials, Automobiles, FMCG, and OIl & Gas.

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Nifty and Bank Nifty futures movements for 5 April 2021

 

The Nifty share price in futures opened at 14890 made a negative opening of 63.35 points. It has touched an intraday high at 14899.85 and a day’s low at 14490

The Nifty futures share price has given a movement of 409.85 points. In the end, it fell 246.75 points or 1.65 percent and ended at 14706.60 levels.

The Bank Nifty futures share price opened at 33925 It made a negative opening of 230.2 points today. It has touched an intraday high at 33999 and a day’s low at 32412

During the day, the Bank Nifty futures share price has given a movement of 1587 points. In the end, it closed lower by 1314.5 points or 3.85 percent and closed at 32840.70 levels.

 

Nifty & Bank Nifty futures forecast for 6 April ( April Expiry)

 

 

Nifty forecast for tomorrow in futures, 6 April 2021

 

Primary Nifty Trend in futures: Mild Negative

 

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 14800 whereas All Down Moves Initiates Short Covering (Buy) @ 14600

If the Nifty futures share price Moves Above 14754 and sustain. Then you should Buy with 1st Target of 14802 during the day with a Stop Loss of 14670  FOR the Target of 14804-14842- 14907

If the Nifty futures share price Moves Below 14670 and sustain. Then you should Sell with the 1st Target of 14630 during the day with a Stop Loss of 14800. FOR the Target of 14630- 14598 -14535

 

 

Bank Nifty forecast in futures for 6 April 2021

 

Primary Trend of  Bank Nifty Futures: Mild Negative

 

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 33200, whereas All Down Moves Initiates Short  Covering (Buy) @ 32400

Suppose Bank nifty share price in futures Moves Above 33085 and sustain, then you should Buy with the 1st Target of 33418 during the day with a Stop Loss of  32620. FOR the Target of 33418 – 33615 – 33750

If Bank nifty share price in the futures Moves Below 32620 and sustained, then you should Sell with the 1st Target of 32430 during the day with a Stop Loss of 33085. FOR the Target of 32430 – 32195 – 31840

 

Global markets today 

 

On the global fronts, Asian markets closed mixed today. The markets in Shanghai and Hong Kong were closed for the holiday today. The European markets are also not trading today due to the holiday. The US futures Dow and Nasdaq futures are trading higher at this moment (5 PM IST)

 

Conclusions: 

 

After last week’s gain, Indian stock markets started the week on a pessimistic note. The market declined sharply due to the spike in coronavirus cases in India and strict restrictions imposed in India’s financial capital city. Markets declined due to the fear that restrictions imposed could impact economic activity and hinder growth. 

Traders are advised to remain cautious ahead of the RBI policy and closely monitor the surges of coronavirus cases and restrictions to curb the infections. You can also follow our daily morning market updates report and Nifty and Bank Nifty forecast for 6 April.

 

Also read,    Nifty Fifty [NIFTY 50] & Bank Nifty futures weekly prediction   

                    What is SGX Nifty? Can Indian trade in SGX Nifty?  

 

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Editor’s Desk

 

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