Nifty and Bank Nifty Prediction for Tomorrow 6 May 2022
Nifty and Bank Nifty Prediction for Tomorrow 6 May 2022: Indian equity markets made a higher opening on Thursday following the positive cues from the global markets. Indian markets traded optimistic in the first half as the service activity improved in the month of April as per the private report.
The key indices gained on the back of buying in IT and Capital Goods stocks. The broader markets were closed mixed today. In the end, the benchmark indices erased most of their early gains and closed flat today. You can read the detailed market updates here.
Nifty and Nifty Bank futures price movement for 5 May (May Expiry)
The Nifty futures price opened at 16855.30, making a positive opening of 152.8 points. It has touched an intraday high of 16980.35 and a day’s low of 16660.55
The Nifty futures price has given a movement of 319.8 points today. In the end, it closed lower by 21.50 points or 0.13 percent and ended at 16681 levels.
The Bank Nifty futures opened at 35674, It made a positive opening of 365.85 points. The Bank Nifty futures has touched an intraday high at 35989.90 and a day’s low at 35161.80
During the day, the Bank Nifty futures has given a movement of 828.1 points. In the end, it closed lower by 115.65 points or 0.33 percent and closed at 35195.50 levels.
Nifty & Bank Nifty Prediction for Tomorrow 6 May 2022 (May Expiry)
Nifty Futures Prediction for Tomorrow 6 May 2022
Primary Nifty Trend in futures: Negative with Cautious Bias
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 16800 whereas All Down Moves Initiates Short Covering (Buy) @ 16500
If the Nifty futures share price Moves Above 16732 and sustain. Then you should Buy with 1st Target of 16775 during the day with a Stop Loss of 16700 FOR the Target of 16775- 16815 – 16847- 16918
If the Nifty futures share price Moves Below 16640 and is sustained. Then you should Sell with the 1st Target of 16580 for the day with a Stop Loss of 17685. FOR the Target of 16580- 16550- 16509- 16470
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Bank Nifty Futures Prediction for Tomorrow 6 May 2022
Primary Trend of Bank Nifty Futures: Negative with cautious bias
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35500 whereas All Down Moves Initiates Short Covering (Buy) @ 34900
Suppose the Bank Nifty futures Moves Above 35360 and sustain, then you should Buy with the 1st Target of 35500 during the day with a Stop Loss of 35260 the Target of 35500- 35650- 35815- 35960
If the Bank Nifty futures Moves Below 35080 and sustain, then you should Sell with the 1st Target of 34970 the day with a Stop Loss of 35200. FOR the Target of 34970 – 34890 – 34750 – 34670
Global Stock Markets today
On the global front, other Asian markets mostly closed in the red on Thursday. The market sentiments were upbeat after opening due to tracking a positive message from the US Fed overnight. The market mood turned negative later as China’s economic activity shrank in the month of April. China’s factory and services activities contracted at a steeper pace in April due to the lockdown to curb covid cases.
European markets indexes extended gains on Thursday after the Bank of England raised the interest rates to their highest levels since 2009. The positive cues from the US markets overnight are also supporting the market mood on Thursday. The US future indexes, Dow Jones and Nasdaq futures are trading lower at 5.30 pm IST.
Conclusion
Indian markets closed almost flat after opening a gap-up in the morning. Investors are now worried about high inflation and prospects of more rate cuts and slow economic growth. Markets are looking weak, traders need to remain cautious.
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