Nifty and Bank Nifty Prediction for Monday, 4 December 2023

 

Nifty and Bank Nifty Prediction for Monday, 4 December 2023: Indian equity benchmarks ended with significant gains on Friday, rising for the fourth consecutive day. The domestic markets opened higher amid optimism on strong economic data released on Thursday post-markets. Positive global cues, strong FII buying, and robust manufacturing PMI data also boosted the market sentiments on Friday.

The equity benchmark, Nifty50 hit a fresh record high at 20291.55. Among the sectors, Nifty Media, PSU Bank, and FMCG index were in demand, while the Auto sector witnessed some selling pressure. The market breadth was strong with the advance decline indicating a ratio of 3:2 at the close.

In the broader markets, Nifty mid and smallcap indexes ended higher by 1.10% and 0.48% respectively. At the close, Sensex gained 492.75 points or 0.74% and closed at 67481.19, while Nifty was up 134.75 points or 0.67% and settled at 20267.90 level.

 

Nifty and Nifty Bank Futures Price Movement on Friday, 1 December

 

On Friday, December 1, the Nifty futures (December Series) opened at the 20292.90 level. The index made a positive opening of 22.3 points from the previous close. It touched an intraday high at 20410 and a day’s low at 20292.90.

The index moved to 117.10 points on Friday and closed higher by 89.40 points or 0.44 percent and ended at 20360 levels.

The Bank Nifty futures (December Series) opened at 44522.35 levels on Friday. It opened lower by 209.95 points. It has touched an intraday high at 45230.60 and a day’s low at 44522.35.

On Friday, the Bank Nifty futures gave a movement of 708.25 points and finished higher by 322.70 points or 0.72 percent and ended at 45055 levels.

 

Nifty & Bank Nifty Prediction for Monday, 4 Dec 2023

 

 

Nifty Futures Prediction for Monday, 4 Dec 2023

Primary Nifty Trend in Futures:  Positive

Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking  @ 20450 whereas All Down Moves can initiate Short Covering @ 20300

If the Nifty futures share price moves above 20385 and sustains. Then it can trade in the range of 20415- 20442- 20472 during the day with a stop loss of 20354.

If the Nifty futures share price moves below 20298 and is sustained. Then it can trade in the range of 20268- 20238- 20180 during the day with a stop loss of 20318.

 

Also read, Stock Market Prediction Next Week (4- 8 Dec 2023)

 

 

 

Bank Nifty Futures Prediction for Monday, 4 Dec 2023

Primary Trend of  Bank Nifty Futures: Mild Positive

Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 45400, whereas Down Moves can Initiate Short Covering @ 44950

Suppose the Bank Nifty futures move above 45165 and sustain, then it can trade in a range of 45250- 45320- 45430 during the day with a stop loss of 45080.

If the Bank Nifty futures move below 44900 and sustain, then the index can trade in the range of 44800- 44665- 44535 levels during the day with the stop loss of 44980.

 

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Global Stock Market Updates

 

U.S. Stock market indexes closed higher on Friday as Treasury yields dropped to a three-month low. The US markets rallied even after Fed Chairman Jerome Powell pushed back investor’s expectations for aggressive interest rate cuts ahead, calling it too early to declare victory over inflation. The 10-year US Treasury yields slipped to 4.2%, it was settled at 4.333% on Thursday.

European stock markets started the month of December on a strong note, rising more than 1% on the back of cooling inflation and improved economic data. These fueled hopes among investors that the European Central Bank (ECB) will start reducing the interest rate soon. The market sentiments were also upbeat as the final reading of the UK and Eurozone Manufacturing PMI improved in November.

 

Conclusions

 

Indian stock markets rallied on Friday due to strong macroeconomic data. Simultaneously, the US and European markets also concluded higher as sentiments were boosted by the prospects of interest rate cuts. We anticipate that the positive momentum in the markets will continue on Monday. You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.

 

Also, read- US Markets on Dec 1: Dow & Nasdaq Close Higher Despite Powell’s Caution

                  Global Stock Market Updates: Key Takeaways from Nov 27 to Dec 1, 2023 

       

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Happy Investing!

Editor’s Desk

 

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