Nifty and Bank Nifty Prediction for Tuesday 2 May 2023
Nifty and Bank Nifty Prediction for Tuesday 2 May 2023: Indian equity market indexes ended with strong gains on Friday. The domestic markets opened higher amid positive global cues and immediately slipped to the negative zone in the morning deal. However, markets bounced back in the afternoon session and marched higher as the session progressed.
At the close Nifty reclaims 18000 while Sensex ends above the 61000 mark. All the sectoral indices were closed in the green on NSE ahead of the long weekend. The market breadth was strong once again with the advance decline indicating a ratio of 3:1 at the close. The broader markets outperformed the frontline index, as Nifty mid and smallcap indexes gained 1.24 percent and 0.83 percent respectively.
The domestic markets will be closed on Monday, 1 May on account of Maharashtra Day, trading will resume on Tuesday 2 May.
Nifty and Nifty Bank futures price movement on Friday, 28 April
On Friday, April 28, the Nifty futures (May Series) opened at the 18030.25 mark, it made a positive opening of 38.5 points from the previous close. It touched an intraday high at 18128.50 and a day’s low at 17965
The Nifty futures have given a movement of 163.5 points on Friday. In the end, it made a strong closing, up by 120.40 points or 0.67 percent, and ended at 18112.15 levels
The Bank Nifty futures (May Series) opened at 43039.90 levels on the last day of the week. It made a positive opening of 27.65 points on Friday. It has touched an intraday high at 43273.05 and a day’s low at 42875.05
On Friday, the Bank Nifty futures gave a movement of 398 points. At the close, it ended higher by 217.85 points or 0.51 percent and closed at 43230.10 levels.
Nifty & Bank Nifty Prediction for Tuesday 2 May 2023 (May Expiry)
Nifty Futures Prediction for Tuesday 2 May 2023
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18220 whereas All Down Moves Initiates Short Covering (Buy) @ 18050
If the Nifty futures share price Moves Above 18158 and sustains. Then you should Buy with 1st Target of 18190 during the day with a Stop Loss of 18128 FOR the Target of 18190- 18219- 17246- 17274
If the Nifty futures share price Moves Below 18090 and is sustained. Then you should Sell with the 1st Target of 18047 during the day with a Stop Loss of 18118. For the Target of 18047- 18018- 17980- 17956
Bank Nifty Futures Prediction for Tuesday 2 May 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 43600, whereas All Down Moves Initiates Short Covering (Buy) @ 43100
Suppose the Bank Nifty futures Moves Above 43330 and sustain, then you should Buy with the 1st Target of 43415 during the day with a Stop Loss of 43220. For the Target of 43415- 43476- 43570- 43680
If the Bank Nifty futures Moves Below 43135 and sustain, then you should Sell with the 1st Target of 43040 during the day with a Stop Loss of 41185. For the Target of 43040- 42956- 42840- 42775
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Global stock market updates
European stock market indexes ended higher on Friday, as traders digested fresh economic data and more corporate earnings. Banking stocks fell followed by utilities stocks while Oil and gas led gains due to a rise in crude oil prices on Friday.
On the earnings front, the British bank NatWest shares fell despite good results while Mercedes Benz share prices gained after the company reported a fall in YoY earnings but beat forecasts.
The preliminary data showed eurozone economy grew by 0.1% in the first quarter of 2023, a step up from the December 2022 end quarter when GDP was recorded flat. German’s GDP was flatlined over the period.
The US stock markets closed higher on Friday as a surge in energy stocks on better-than-expected quarterly results offset worries over Amazon’s slightly disappointing results. Energy stocks jumped after oil major Exxon Mobil Corp and Chevron Corp posted strong quarterly results on Friday.
On the economic front, the data released during the week are giving mixed signals and inflation still remains high. While economic data suggests that the Federal Reserve would hike interest rates in the upcoming next week’s meeting.
Conclusions
Indian stock market indexes ended near the day’s high on Friday. The healthy corporate earnings, FII inflow, and positive global cues supported the domestic markets last week. We hope the positive momentum will continue in the domestic markets in the near term. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also, read- Global Stock Markets Surge on Strong Quarterly Earnings – Weekly Report
Best Bank Stock to Buy Now for Short-Term Gains
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