Nifty and Bank Nifty Prediction for Tomorrow, April 10, 2024
Nifty and Bank Nifty Prediction for Tomorrow, April 10, 2024: Indian equity benchmarks ended the volatile session with minor cuts on Tuesday. The domestic markets opened higher following gains from Asian market peers, gave up all gains in the second half, and ended slightly lower. The Sensex, Nifty, and Bank Nifty hit an all-time high in the morning session today.
Among the sectoral indices, the Nifty metal, realty, and financial services gained the most, while media, PSU bank, and energy witnessed some selling pressure. The market breadth was weak. On the NSE, 1105 shares advanced, while 1477 shares declined today. The NSE’s volatility index “India VIX” slipped 2.04% to 11.37.
In the broader markets, the Nifty midcap index ended lower by 0.29%, while the Nifty smallcap index gained 0.27%. In the end, Sensex declined 58.79 points or 0.08% and closed at 74683.71, while the Nifty was down by 23.55 points or 0.10% and settled at 22642.75.
Nifty and Bank Nifty Futures Price Movement for April Series
The Nifty futures price for the April series opened at 22820 making a positive opening of 71.5 points on Tuesday. It has touched an intraday high of 22845 and a day’s low of 22702.15
The Nifty futures price has given an intraday movement of 142.85 points. Ultimately, the Nifty futures closed marginally lower by 13.5 points or 0.06% at the 22735 level.
The Bank Nifty futures for the April series opened at 48857 It made a positive opening of 165.85 points on Tuesday. The Bank Nifty futures touched an intraday high at 49074.95 and a day’s low at 48622.05.
During the day, the Bank Nifty futures have given a movement of 452.9 points. In the end, Bank Nifty Futures closed higher by 118.60 points or 0.24 percent and closed at 48809.75 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 10 April 2024
Nifty Futures Prediction for Tomorrow, 10 April 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22800 whereas All Down Moves can Initiate Short Covering @ 22630.
Nifty futures April series closed at 22735 a premium of 92.25, compared to Nifty’s closing of, 22642.75 in the cash market.
Suppose the Nifty futures move above 22768 and sustain. Then the Nifty index can trade in a range of 22802- 22840- 22875 levels during the day.
If the Nifty futures share price moves below 22700 and is sustained. Then the index futures can trade at 22665- 22625- 22590 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 10 April 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 49150 whereas All down moves can Initiate Short Covering @ 48500
Bank Nifty futures for the April series closed at 48809.75, at a premium of 79.2 compared to Bank Nifty’s closing of, 48730.55 in the cash market.
Suppose the Bank Nifty futures move above 48890 and sustain, then the index can trade in the range of 48970- 49070- 49185 levels during the day.
If the Bank Nifty futures move below 48605 and sustain, then the index can trade in the range of, 48470- 48380- 48285 levels during the day.
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Global Stock Market Updates
The other Asian stock market indexes closed higher on Tuesday, as investors assessed economic data released in the region and looked for US inflation data on Wednesday. Australia’s consumer confidence declined in April due to persistent inflation and higher interest rates. Japan’s consumer confidence index rose to its highest level since May 2019.
Japan’s Nikkei 225 closed higher by 1.07% while Australia’s S&P ASX 200 is up by 0.45%, rebounded its Monday’s losses. South Korea’s Kospi erased early gains and closed lower by 0.46%. Shanghai ended flat to the positive flat, while Hang Seng gained 0.57%. The Straits Times, Taiwan, SET Composite, and Jakarta all closed higher, on Tuesday.
European stock market indexes are mostly trading lower on Tuesday. Investors remain cautious ahead of the more economic data later this week including US inflation and the European Central Bank’s interest rate decision. The Dow future is trading flat, while the Nasdaq future is trading slightly higher at 5.15 pm IST, in the US, indicating a flat opening for the US markets today.
Conclusion
Indian markets hit an all-time high on an auspicious day of Gudi Padwa, but could not manage to hold the gains in the second half. Investors preferred to book profit at higher levels, ahead of the inflation reading from India and the US. The March inflation reading in the US would be crucial and the deciding factor of June rate cuts, particularly after January and February’s hotter-than-expected inflation rate.
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You may also like to read – Stock Market Prediction Next Week (8 – 12 April 2024)
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