Nifty and Bank Nifty Prediction for Tomorrow 3 May 2023
Nifty and Bank Nifty Prediction for Tomorrow 3 May 2023: Indian stock market indexes closed higher for the sixth consecutive session on Tuesday. The markets traded in a range-bound after a gap-up opening today. The sentiments were upbeat due to the strong economic data released during the extended weekend.
However, some cautiousness was witnessed in the last hour due to US Federal Reserve monetary policy decision, which is due later during the week. The market breadth was strong today, on NSE 1197 shares advanced while 747 shares declined. The broader markets outperformed, as Nifty mid and smallcap indexes gained 0.07 percent and 0.69 percent respectively.
Among the sectors Metal, Energy and IT were in demand while Pharma, FMCG, and Realty stocks declined. At the close, Sensex and Nifty advanced 0.40 percent and 0.46 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 2 May
The Nifty futures price on Monday opened at 18180.45, making a positive opening of 69.3 points today. It has touched an intraday high of 18247.25 and a day’s low of 18180.45
The Nifty futures price has given a movement of 66.8 points today. In the end, it closed higher by 92.80 points or 0.51 percent and ended at 18203.95 levels.
The Bank Nifty futures on Monday opened at 43360 It made a positive opening of 142.6 points today. The Bank Nifty futures touched an intraday high at 43479 and a day’s low at 43255.65
During the day, the Bank Nifty futures have given a movement of 223.35 points. In the end, it closed higher by 137.60 points or 0.32 percent and closed at 43355 levels.
Nifty & Bank Nifty Prediction for Tomorrow 3 May 2023
Nifty Futures Prediction for Tomorrow 3 May 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18300 whereas All Down Moves Initiates Short Covering (Buy) @ 18050
If the Nifty futures (May Series) share price Moves Above 18230 and sustains. Then you should Buy with the 1st Target of 18265 during the day with a Stop Loss of 18200 FOR the Target of 18265- 18292- 18315- 18341
If the Nifty futures (May Series) share price Moves Below 18138 and is sustained. Then you should Sell with the 1st Target of 18106 for the day with a Stop Loss of 18170. For the Target of 18106- 18080- 18050- 18022
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Bank Nifty Futures Prediction for Tomorrow 3 May 2023
Primary Trend in Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 43700 whereas All Down Moves Initiates Short Covering (Buy) @ 43150
Suppose the Bank Nifty futures (May Series) Moves Above 43525 and sustain, then you should Buy with the 1st Target of 43635 during the day with a Stop Loss of 43430 and the Target of 43635- 43710- 43820- 43900
If the Bank Nifty futures (May Series) Moves Below 43250 and sustain, then you should Sell with the 1st Target of 43155 the day with a Stop Loss of 43350. For the Target of 43155- 43040- 42950- 42840
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Global Stock Market Updates
On the global front, Asian markets mostly closed higher as the sale of First Republic Bank’s assets to JPMorgan Chase resolved the third US bank failure. Investors remain cautious due to the health of US banking sectors and Federal Reserve’s meeting due later this week. Meanwhile, Australia’s central bank shocked markets with an unexpected increase in interest rates by 25 bps.
China remains closed for the Labor Day holiday and will resume trading on Thursday. Nikkei ended higher on Tuesday ahead of a long weekend, as Japan’s stock markets will remain closed for the next three days to celebrate the Golden Week holidays.
South Korea’s Kospi ended higher as the nation’s inflation rate slowed to a 14-month low. Hang Seng index advanced, driven by the gains in ENN Energy.
European stock market indexes are trading marginally lower as eurozone inflation edged higher in April as energy prices rose, but core inflation unexpectedly eased. Investors are looking ahead to the start of the Federal Reserve’s latest monetary policy meeting. The US Dow and Nasdaq futures are trading marginally lower at this moment ( 5.30 pm IST)
Conclusion
The Indian stock markets ended on a strong note on Tuesday. After opening a gap-up markets traded range bound, as investors remain cautious ahead of the Fed’s interest decision. The market trend is positive but traders should remain cautious and trade with strict stop loss. You can follow our Daily Morning Report at 7.30 am for market direction.
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