Nifty and Bank Nifty Prediction for Tomorrow 4 May 2023
Nifty and Bank Nifty Prediction for Tomorrow 4 May 2023: Indian equity market indices ended with minor cuts on Wednesday and snap a six-day winning streak. The domestic markets opened lower amid weak global cues and traded below their neutral lines throughout the day.
The market participants overlooked the fastest growth in India’s services PMI data and remain cautious ahead of the US Federal Reserve’s interest rate decision, due later today. Among the sectors FMCG, media, and realty saw some buying while selling pressure was witnessed in IT, PSU Bank, and metal sectors.
The market breadth was negative today, on NSE 907 shares were advanced while 1038 shares declined today. The broader markets closed mixed, as the Nifty midcap index gained 0.26 percent while the small-cap index fell 0.07 percent. At the close, Sensex and Nifty fell 0.26 percent and 0.32 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 3 May
The Nifty futures price on Monday opened at 18154.90, making a negative opening of 58.25 points today. It has touched an intraday high of 18180 and a day’s low of 18100.30
The Nifty futures price has given a movement of 79.7 points today. In the end, it closed lower by 62.15 points or 0.34 percent and ended at 18151 levels.
The Bank Nifty futures on Monday opened at 43152 It made a negative opening of 215.25 points today. The Bank Nifty futures touched an intraday high at 43348 and a day’s low at 43116.95
During the day, the Bank Nifty futures have given a movement of 231.05 points. In the end, it closed lower by 43.45 points or 0.10 percent and closed at 43323.80 levels.
Nifty & Bank Nifty Prediction for Tomorrow 4 May 2023
Nifty Futures Prediction for Tomorrow 4 May 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18230 whereas All Down Moves Initiates Short Covering (Buy) @ 18050
If the Nifty futures (May Series) share price Moves Above 18166 and sustains. Then you should Buy with the 1st Target of 18190 during the day with a Stop Loss of 18138 FOR the Target of 18190- 18228- 18250- 18285
If the Nifty futures (May Series) share price Moves Below 18106 and is sustained. Then you should Sell with the 1st Target of 18080 for the day with a Stop Loss of 18128. For the Target of 18080- 18050- 18022- 17980
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Bank Nifty Futures Prediction for Tomorrow 4 May 2023
Primary Trend in Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 43500 whereas All Down Moves Initiates Short Covering (Buy) @ 43100
Suppose the Bank Nifty futures (May Series) Moves Above 43450 and sustain, then you should Buy with the 1st Target of 43525 during the day with a Stop Loss of 43380 and the Target of 43525- 43620- 43700- 43810
If the Bank Nifty futures (May Series) Moves Below 43240 and sustain, then you should Sell with the 1st Target of 43145 the day with a Stop Loss of 43335. For the Target of 43145- 43060- 42970- 42860
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Global Stock Market Updates
On the global front, Asian markets mostly closed lower on Wednesday, as worries over US banking fresh turmoil and expectations of another round of interest rate hikes dampened the market’s mood. Investors remained concerned that a softening US economy and troubles in the country’s regional lenders could slow Asia’s growth. The market participants mostly expect another rate hike from the US central bank, picking a 25-basis point rise to the central bank’s rate target
Hang Seng index fell the most in the region, snapping a four-day winning streak, markets fell in the last hour of trade led by energy, industrials, healthcare, and IT. Markets in Japan and China closed today due to a holiday.
European stock market indexes are trading higher on Wednesday due to upbeat quarterly earnings. UniCredit company has posted quarterly earnings and lifted annual targets, while French bank BNP Paribas reported profits more than doubled in the first quarter.
Investors remain cautious ahead of the US Federal Reserve’s interest rate decision, which is due later in the day. The US Dow Jones and Nasdaq futures are trading marginally higher at 5 pm IST indicating a positive opening ahead of the Federal Reserves interest rate decisions.
Conclusion
Indian stock markets opened lower on Wednesday and traded in a tight range ahead of the Fed’s meeting outcome. Investors were cautious and preferred to remain sidelined ahead of the crucial events. Tomorrow, the markets will open based on the Fed’s meeting outcome. You can follow our Daily Morning Report at 7.30 am for market direction.
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