Nifty and Bank Nifty Prediction for Tomorrow 5 May 2023
Nifty and Bank Nifty Prediction for Tomorrow 5 May 2023: Indian stock market indexes ended with strong gains on Thursday. After a flat opening, the indices gradually marched in the north direction as the session progressed and closed near the day’s high. The trading was slightly volatile on account of the weekly index options expiry on the NSE. Barring FMCG all other sectors closed in the green with Financials, PSU Banking, and Metal stocks gaining the most.
The market breadth was quite strong today. On NSE 1329 shares were advanced while 608 shares declined. The broader markets underperformed the frontline index today, as Nifty mid and smallcap indexes closed higher by 0.58 percent and 0.79 percent respectively. At the close, Sensex and Nifty advanced 0.91 percent and 0.92 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 4 May
The Nifty futures price on Monday opened at 18119.85, making a negative opening of 30.1 points today. It has touched an intraday high of 18315.90 and a day’s low of 18113.10
The Nifty futures price has given a movement of 202.8 points today. In the end, it closed higher by 134.05 points or 0.74 percent and ended at 18284 levels.
The Bank Nifty futures on Monday opened at 43212.70 It made a negative opening of 98.9 points today. The Bank Nifty futures touched an intraday high at 43695 and a day’s low at 43212.70
During the day, the Bank Nifty futures have given a movement of 482.3 points. In the end, it closed higher by 324.10 points or 0.75 percent and closed at 43635.70 levels.
Nifty & Bank Nifty Prediction for Tomorrow 5 May 2023
Nifty Futures Prediction for Tomorrow 5 May 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18350 whereas All Down Moves Initiates Short Covering (Buy) @ 18200
If the Nifty futures (May Series) share price Moves Above 18318 and sustains. Then you should Buy with the 1st Target of 18347 during the day with a Stop Loss of 18280 FOR the Target of 18347- 18374- 18415- 18448
If the Nifty futures (May Series) share price Moves Below 18246 and is sustained. Then you should Sell with the 1st Target of 18218 for the day with a Stop Loss of 18268. For the Target of 18218- 18192- 18164- 18137
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Bank Nifty Futures Prediction for Tomorrow 5 May 2023
Primary Trend in Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 43950 whereas All Down Moves Initiates Short Covering (Buy) @ 43550
Suppose the Bank Nifty futures (May Series) Moves Above 43720 and sustain, then you should Buy with the 1st Target of 43800 during the day with a Stop Loss of 43620 and the Target of 43800- 43908- 43970- 44180
If the Bank Nifty futures (May Series) Moves Below 43470 and sustain, then you should Sell with the 1st Target of 43380 the day with a Stop Loss of 43560. For the Target of 43380- 43315- 43240- 43160
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Global Stock Market Updates
On the global front, Asian stock markets mostly erased early losses and closed higher on Thursday. Sentiments were negative in the morning deals as U.S. Federal Reserve hiked rates by 25 basis points to its highest level since August 2007 and China’s factory activity fell into contraction for the first time in three months.
However, the sentiments turned positive as the Fed’s decision was in line with the expectations and further hinted that there could pause in interest rate hikes depending on incoming data. Nikkei was closed today due to a holiday, while China resumed trading after a long Labor Day holiday.
Hang Seng and Shanghai indexes gained due to a rally in financial stocks and state-owned enterprises. Shanghai index pared early losses and China’s tourism rebounded to pre-covid 19 levels over the May Day holidays.
European stock market indexes are trading lower as investors digested the latest rate hike by the US Federal Reserve and remain cautious ahead to the European Central Bank’s next policy decision. The US future indexes, Dow Jones and Nasdaq futures are trading slightly lower at 5 pm IST, indicating a lower opening for the US markets.
Conclusion
After the flat start, Indian markets gradually inched higher and closed near the day’s high today. The domestic market outlook is positive, investors can buy good-quality stocks on dips. You can follow our Daily Morning Report at 7.30 am for market direction.
Also, read Best Options Trading Books in India-Must Read 2022
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