Nifty and Bank Nifty Prediction for Tomorrow, 2 April 2024
Nifty and Bank Nifty Prediction for Tomorrow, 2 April 2024: Indian equity benchmarks ended higher on Monday amid positive global cues, rising for the third consecutive session. The domestic markets opened higher and traded in a tight range throughout the session. The Sensex and Nifty hit a fresh record high in the morning session.
Among the sectors, barring Auto and FMCG, all other sectoral indices ended in the green, with Media, Realty, and Metal gaining the most. The market breadth was strong. On the NSE 2314 shares were advanced while 338 shares declined. The NSE’s volatility index “India VIX” dropped 5.84% to 12.08.
The broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes gained 1.74% and 3.26% respectively. In the end, Sensex gained 363.20 points or 0.49% and closed at 74014.55, while Nifty jumped 135.10 points or 0.61% and settled at 22462.
Nifty and Bank Nifty Futures Price Movement for April Series
The Nifty futures price for the April series opened at 22539.95 making a higher opening of 51.75 points on Monday. It has touched an intraday high of 22647 and a day’s low of 22515.10.
The Nifty futures price has given an intraday movement of 131.9 points. Ultimately, the Nifty futures closed higher by 123.65 points or 0.55% at the 22611.85 level.
The Bank Nifty futures for the April series opened at 47702.95 It made a positive opening of 157.8 points on Monday. The Bank Nifty futures touched an intraday high at 47947.25 and a day’s low at 47647.65 respectively.
During the day, the Bank Nifty futures have given a movement of 299.6 points. It closed higher, by 397.70 points or 0.84 percent, and ended at 47942.85 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 2 April 2024
Nifty Futures Prediction for Tomorrow, 2 April 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22650 whereas All Down Moves can Initiate Short Covering @ 22500
Nifty futures April series closed at 22611 a premium of 149, compared to Nifty’s closing 22462 in the cash market.
Suppose the Nifty futures move above 22625 and sustain. Then the Nifty index can trade in a range of 22656- 22692- 22730 levels during the day.
If the Nifty futures share price moves below 22580 and is sustained. Then the index futures can trade at 22555- 22502- 22470 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 2 April 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 48350 whereas All down moves can Initiate Short Covering @ 47800
Bank Nifty futures for the April series closed at 47942.85, at a premium of 364.6 compared to Bank Nifty’s closing of 47578.25 in the cash market.
Suppose the Bank Nifty futures move above 48022 and sustain, then the index can trade in the range of 48148- 48240- 48350 levels during the day.
If the Bank Nifty futures move below 47790 and sustain, then the index can trade in the range of, 47670- 47560- 47435 levels during the day.
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Global Market Updates
Asian stock market indexes closed mixed on Monday. China’s Shanghai index rallied the most as the factory activity data rose more than expected in March. The official manufacturing PMI data showed that the purchasing managers index reading expanded by 50.8, compared to February’s reading of 49.1, while the Reuters economist’s expectation was 49.9. The Shanghai index extended its early gains and closed higher by 1.18%.
Meanwhile, Japan’s Tankan survey showed that the business sentiments index of large manufacturers dropped in March, while non-manufacturers rose more than expected in March. Japan’s Nikkei 225 fell the most in the region, down by 1.42%. South Korea’s Kospi index erased most of its early gains and closed slightly higher by 0.04%. The Straits Times and SET Composite closed higher while the Taiwan and Jakarta Composite ended in the red.
European stock markets are closed due to Easter Monday. The Dow Jones and Nasdaq futures are trading higher in the US, indicating a positive opening for today’s US markets.
Conclusion
Indian stock markets started the first trading session of the new financial year on an optimistic note. Sensex and Nifty hit a new high. The traders were encouraged due to institutional buying, positive global cues, and the Fed’s interest rate cut hope in June after Chairman Jerome Powell’s speech on Friday. Going forward, the positive sentiment is likely to continue in the markets, investors should maintain a “buy on dips” strategy.
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You may also like to read – Stock Market Prediction: Insights and Outlook for Next Week (1st – 5th April 2024)
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Editor’s Desk
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