Market Prediction Tomorrow: Nifty and Bank Nifty Trends & Analysis, April 9, 2024
Market Prediction Tomorrow: Indian stock market indexes ended higher on Monday, following positive global cues. The equity benchmark indices began the week’s first trading day on a positive note, extending their gains as the session progressed. Sensex and Nifty hit a fresh record high of 74869.30 and 22697.30 respectively in the afternoon session.
The domestic markets gained, on the back of buying in Auto, Realty, and Energy stocks while some selling pressure was witnessed in PSU Banks, Media, and IT sectors. The market breadth was slightly on the seller’s side. On the NSE, 1245 shares advanced while 1343 shares declined at the close. The NSE’s volatility index, “India VIX” jumped 2.40% to 11.61.
The broader markets underperformed the equity benchmarks, as the Nifty mid and smallcap index ended higher by only 0.04% and 0.32% respectively. In the end, Sensex gained 494.28 points or 0.67% and closed at 74742.50, while Nifty jumped 152.60 points or 0.68% and settled at 22666.30 level.
Nifty and Bank Nifty Futures Price Movement for April Series
The Nifty futures price for the April series opened at 22653 making a positive opening of 57.5 points on Monday. It has touched an intraday high of 22773.30 and a day’s low of 22625.10
The Nifty futures price has given an intraday movement of 148.2 points. Ultimately, the Nifty futures closed higher by 156.50 points or 0.69% at the 22752 level.
The Bank Nifty futures for the April series opened at 48705.10 It made a positive opening of 47 points on Monday. The Bank Nifty futures touched an intraday high at 48847 and a day’s low at 48567.05.
During the day, the Bank Nifty futures have given a movement of 279.95 points. In the end, Bank Nifty Futures closed marginally higher by 21.90 points or 0.05 percent and closed at 48680 levels.
Market Prediction Tomorrow: Nifty & Bank Nifty Trends & Analysis
Nifty Futures Prediction for Tomorrow, 9 April 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22800 whereas All Down Moves can Initiate Short Covering @ 22650
Nifty futures April series closed at 22752 a premium of 85.7 points, compared to Nifty’s closing of 22666.30 in the cash market.
Suppose the Nifty futures move above 22775 and sustain. Then the Nifty index can trade in a range of 22805- 22838- 22880 levels during the day.
If the Nifty futures share price moves below 22721 and is sustained. Then the index futures can trade at 22685- 22650- 22620 levels during the day.
If you want Live Market Updates, Views for Nifty & Bank Nifty, Stocks, and Global/Domestic market happenings then join our WhatsApp Channel here or our Telegram Channel – https://t.me/nifty50stocks1
Bank Nifty Futures Prediction for Tomorrow, 9 April 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 49000 whereas All down moves can Initiate Short Covering @ 48500.
Bank Nifty futures for the April series closed at 48680, at a premium of 98.3 points, compared to Bank Nifty’s closing of 48581.70 in the cash market.
Suppose the Bank Nifty futures move above 48760 and sustain, then the index can trade in the range of 48840- 48970- 49060 levels during the day.
If the Bank Nifty futures move below 48550 and sustain, then the index can trade in the range of, 48460- 48350- 48240 levels during the day.
With Upstox Options Strategy Builder, you can create an option strategy. You can also try the ready-made options strategy Free at Upstox. Click here to Open a Free Trading and Demat Account and get a lifetime Demat AMC Free and Rs 20 flat Brokerage.
Global Market Updates
The other Asian stock market indexes mostly ended in the green on Monday. The markets traded higher following positive cues from Wall Street on Friday. Japan’s Nikkei 225 rebounded after a sharp fall last week, gaining 0.90% today, while Australia’s S&P ASX 200 index ended higher by 0.16%.
China resumed its trading after two days of holiday and ended lower by 0.73%, while Hang Seng closed flat to the positive. Elsewhere, the Straits Times, Taiwan, SET, and Jakarta Composite, all closed in the positive territory.
European stock markets are trading higher ahead of key economic data and the central bank’s decision later this week. The market sentiments are also positive following positive cues from US and Asian peers. The Dow Jones and Nasdaq futures are trading marginally lower, indicating a negative opening for the US markets today.
Conclusion
As mentioned in the stock market prediction report, the domestic markets started the week on a strong note, with the support of positive global cues. The positive momentum continued in the markets despite expensive valuations of stocks. Tomorrow Indian markets will open as per global cues.
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 Next Week (8 – 12 April 2024)
If you like the post “Market Prediction Tomorrow: Nifty and Bank Nifty Trends & Analysis, April 9, 2024” please share it with others
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution in compiling the data for its Website. The views and investment tips expressed here are by third-party experts and are for educational purposes. Nifty50Stocks.com is not SEBI registered Advisors. Nifty50stocks.com advises its users to check with certified and SEBI-registered experts before making any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
