Market Prediction Tomorrow: Nifty and Bank Nifty Trends & Analysis, April 5th
Market Prediction Tomorrow: Nifty and Bank Nifty Analysis: Indian equity market indices ended the volatile session with moderate gains on Thursday. The market volatility was due to the weekly expiry of Nifty index options on the NSE. The sentiments were optimistic as India’s HSBC services PMI rose to 61.2 in March, its strongest growth in 13.5 years. However, some profit booking was witnessed due to cautiousness ahead of the RBI Monetary policy outcome, due on Friday.
Among the sectors, IT, Banks, and Financial Services sectors were the top gainers, while selling pressure was witnessed in PSU Bank, Energy, and FMCG sectors. The market breadth was strong today. On the NSE, 1671 shares were advanced, while 941 shares declined. The NSE’s volatility index “India VIX” slipped 1.34% to 11.22.
In the broader markets, the Nifty midcap index ended flat to the positive up only 7.10 points, while the Nifty smallcap index gained 0.45%. The Sensex and Nifty hit an all-time high of 74,501.73 and 22619 respectively in the morning session. In the end, Sensex gained 350.82 points or 0.47% and closed at 74227.64, while Nifty added 80 points or 0.36% and settled at 22514.65.
Nifty and Bank Nifty Futures Price Movement for April Series
The Nifty futures price for the April series opened at 22640.05 making a gap-up opening of 97.45 points on Thursday. It has touched an intraday high of 22669 and a day’s low of 22420.05.
The Nifty futures price has given an intraday movement of 248.95 points. Ultimately, the Nifty futures closed higher by 95.45 points or 0.42% at the 22637.85 level.
The Bank Nifty futures for the April series opened at 48185 It made a gap-up opening of 272.7 points on Thursday. The Bank Nifty futures touched an intraday high at 48323.50 and a day’s low at 47920.
During the day, the Bank Nifty futures have given a movement of 403.5 points. In the end, Bank Nifty Futures closed marginally higher by 348.05 points or 0.73 percent and closed at 48260.35 levels.
Market Prediction Tomorrow: Nifty & Bank Nifty Trends & Analysis
Nifty Futures Prediction for Tomorrow, 5 April 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All Up Moves can initiate profit Booking @ 22730 whereas All Down Moves can Initiate Short Covering @ 22500.
Nifty futures March series closed at 22637.85 a premium of 123.2, compared to Nifty’s closing 22514.65 in the cash market.
Suppose the Nifty futures move above 22665 and sustain. Then the Nifty index can trade in a range of 22695- 22728- 22754 levels during the day.
If the Nifty futures share price moves below 22590 and is sustained. Then the index futures can trade at 22560- 22527- 22480 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 5 April 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 48600 whereas All down moves can Initiate Short Covering @ 48000.
Bank Nifty futures for the April series closed at 48260.35, at a premium of 199.55 compared to Bank Nifty’s closing of 48060.80 in the cash market.
Suppose the Bank Nifty futures move above 48360 and sustain, then the index can trade in the range of 48480- 48640- 48790 levels during the day.
If the Bank Nifty futures move below 48105 and sustain, then the index can trade in the range of, 48012- 47905- 47775 levels during the day.
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Global Stock Market Updates
The other Asian stock market indexes closed higher on Thursday, as investors digested US Fed Chair Powell’s comments overnight. The stock markets in China, Hong Kong, and Taiwan were closed today due to a public holiday. Japan’s Nikkei 225 trimmed some early gains and closed higher by 0.81% at 39773.14, after hitting the 40000 mark on an intraday basis. Australia’s S&P ASX 200 index was up by 0.45%, snapping its two-day losing streak.
South Korea’s Kospi index gained the most, and ended higher by 1.28%, as heavyweight Samsung up around 1.5% on expectation of stronger quarterly profits. The Straits Times and Jakarta ended positive while the SET composite closed in the negative territory.
European stock market indexes are trading higher following positive cues from US markets and Asian peers. Wednesday’s data that showed a decline in eurozone inflation reading, raised hope among investors for interest rate cuts in June. The Dow and Nasdaq futures are trading higher in the US markets, indicating a positive opening for the US markets today.
Conclusion
Stock Market Prediction Tomorrow: Indian stock markets will focus mainly on RBI monetary policy updates in the morning. RBI is expected to keep the policy rate and stance unchanged in tomorrow’s meeting. Any clue about interest rate cuts would surprise the market tomorrow. Indian Markets will remain volatile tomorrow, investors should continue the “buy on dips” approach and focus on stock selection.
You can also follow our Daily Morning Report at 7:30 a.m. for market direction and our Nifty and Bank Nifty Predictions in the live markets
You may also like to read – Stock Market Prediction: Insights and Outlook for Next Week (1st – 5th April 2024)
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