Nifty | Bank Nifty Prediction for Tomorrow 4 May 2022
Nifty & Bank Nifty Prediction for Tomorrow 4 May 2022: Indian equity markets opened a gap down on Monday tracking the negative global market cues. The Indian markets later erased most of their losses, as buying was witnessed in Metals, Media, and Financial Services stocks.
The market sentiment got boosted due to robust GST collections and growth in manufacturing activity in the month of April. The broader markets underperformed today as compared with benchmark indexes. You can read the detailed market updates here.
Nifty and Nifty Bank futures price movement for 2 May (May Expiry)
The Nifty futures price opened at 16925, making a gap down opening of 210.25 points. It has touched an intraday high of 17118 and a day’s low of 16925
The Nifty futures price has given a movement of 193 points today. In the end, it closed slightly lower by 55.25 points or 0.32 percent and ended at 17080 levels.
The Bank Nifty futures opened at 35629, It made a negative opening of 515.25 points. The Bank Nifty futures has touched an intraday high at 36279.50 and a day’s low at 35629
During the day, the Bank Nifty futures has given a movement of 650.5 points. In the end, it closed higher by 60.75 points or 0.17 percent and closed at 36205 levels.
Nifty & Bank Nifty Prediction for Tomorrow 4 May 2022 (May Expiry)
Nifty Futures Prediction for Tomorrow 4 May 2022
Primary Nifty Trend in futures: Volatile with Cautious Bias
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17200 whereas All Down Moves Initiates Short Covering (Buy) @ 16900
If the Nifty futures share price Moves Above 17115 and sustain. Then you should Buy with 1st Target of 17165 during the day with a Stop Loss of 17090 FOR the Target of 17165- 17215 – 17247- 17285
If the Nifty futures share price Moves Below 17030 and is sustained. Then you should Sell with the 1st Target of 17000 for the day with a Stop Loss of 17055. FOR the Target of 17000- 16955- 16915- 16840
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Bank Nifty Futures Prediction for Tomorrow 4 May 2022
Primary Trend of Bank Nifty Futures: Volatile with cautious bias
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 36500 whereas All Down Moves Initiates Short Covering (Buy) @ 35900
Suppose the Bank Nifty futures Moves Above 36340 and sustain, then you should Buy with the 1st Target of 36415 during the day with a Stop Loss of 36220 the Target of 36415- 36555- 36635- 36730
If the Bank Nifty futures Moves Below 36080 and sustain, then you should Sell with the 1st Target of 35960 the day with a Stop Loss of 36185. FOR the Target of 35960 – 35880 – 35770 – 35640
Global Stock Markets today
On the global front, other Asian markets mostly closed in the red in holiday-affected trade on Monday. The market sentiments were negative as Chinese manufacturing activity shrank at the fastest pace since the start of the pandemic and on worries about the aggressive monetary policy tightening by Fed later this week.
European markets are trading in the red today snapping a three-day winning streak. FTSE is not trading today due to a holiday. The market sentiments were down-beat tracking negative cues from Wall Street on Friday and fear about US interest rate hikes on Wednesday. The US futures are trading almost flat at 6.30 pm IST
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Conclusion
Indian markets erased early losses on Monday with the support of strong economic data. The strong GST collection and positive PMI manufacturing activity data for the month of April managed to recoup early losses today, as we have already mentioned in our morning report.
Tomorrow is a market holiday on account of ID-Ul-Fitr. On Wednesday Indian markets will remain volatile ahead of Fed monetary policy outcome. The much-awaited LIC IPO will also open on 4 May Wednesday.
Also read: Stock Market Prediction Next Week (2- 6 May 2022)
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