Nifty and Bank Nifty Prediction for Tomorrow 4 August 2022
Nifty and Bank Nifty Prediction for Tomorrow 4 August 2022: It was a positive start for the Indian equity markets on Wednesday. Soon after opening market turned negative despite positive cues from the Asian markets. Indian markets traded negatively most of the day due to geopolitical tensions and as the country’s services activity lost momentum in July.
In the last hour, the benchmark indices Sensex and Nifty recovered their intraday losses on the back of buying in IT, Financial, and Oil & Gas stocks and closed near day’s high. The border markets underperformed the benchmarks, as the Nifty mid and smallcap indexes closed in the red today. You can read the detailed market updates here
Nifty and Nifty Bank futures price movement for 3 Aug (Aug Expiry)
The Nifty futures price opened at 17360, making a positive opening of 13.7 points today. It has touched an intraday high of 17426 and a day’s low of 17243.85
The Nifty futures price has given a movement of 182.15 points today. In the end, it closed higher by 77.70 points or 0.45 percent and ended at 17424 levels.
The Bank Nifty futures opened at 37930 It made a negative opening of 93.9 points. The Bank Nifty futures has touched an intraday high at 38122 and a day’s low at 37743.95
During the day, the Bank Nifty futures has given a movement of 378.05 points. In the end, it closed higher by 25.75 points or 0.07 percent and closed at 38049.65 levels.
Nifty & Bank Nifty Prediction for Tomorrow 4 August 2022 ( Aug Expiry)
Nifty Futures Prediction for Tomorrow 4 August 2022
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17550 whereas All Down Moves Initiates Short Covering (Buy) @ 17300
If the Nifty futures share price Moves Above 17462 and sustain. Then you should Buy with 1st Target of 17494 during the day with a Stop Loss of 17422 FOR the Target of 17494- 17530- 17555- 17590
If the Nifty futures share price Moves Below 17370 and is sustained. Then you should Sell with the 1st Target of 17350 for the day with a Stop Loss of 17405. For the Target of 17350- 17309- 17270- 17240
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Bank Nifty Futures Prediction for Tomorrow 4 August 2022
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 38400 whereas All Down Moves Initiates Short Covering (Buy) @ 37900
Suppose the Bank Nifty futures Moves Above 38205 and sustain, then you should Buy with the 1st Target of 38327 during the day with a Stop Loss of 38070 and the Target of 38327- 38424- 38550- 38676
If the Bank Nifty futures Moves Below 37930 and sustain, then you should Sell with the 1st Target of 37825 the day with a Stop Loss of 38020. For the Target of 37825 – 37725 – 37627- 37550
Global Stock Markets Today
On the global front, the other Asian markets mostly closed higher on Wednesday following the turbulence caused by US House Speaker Nancy Pelosi’s controversial visit to Taiwan. Investors were cautious and closely monitoring the developments around US-China tension.
Shanghai index erased early gains and dipped 0.7 percent while defence stocks surged. Hang Seng gained after yesterday’s sharp fall, led by tech shares. Nikkei also closed higher today due to robust corporate earnings.
European markets are trading slightly higher on Wednesday, despite the latest data showed that eurozone retail sales plunged in June and factory gate price continued to rise. Eurozone business activity measured by PMI was also contracted in July. The US future indexes, Dow Jones and Nasdaq futures are trading marginally higher at 5.30 pm IST.
Conclusion
Indian markets continued their northward journey despite US-China geopolitical tension. The benchmark indices Sensex and Nifty ended higher after a volatile session today. The foreign institutional investors (FIIs) buying supported the domestic market sentiments in the last few trading sessions. Tomorrow Indian markets will open as per global cues, trader should remain cautious due to weekly F&O expiry and ahead of RBI monetary policy which is due on Friday.
Also read: Best Options Trading Books in India-Must Read 2021
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