Nifty and Bank Nifty Prediction for Monday, 8 April 2024
Nifty and Bank Nifty Prediction for Monday, 8 April 2024: Indian equity benchmarks closed almost flat on Friday. Sensex and Nifty ended mixed with little change after a range-bound session post RBI monetary policy outcome. As widely expected, RBI unchanged the repo rate, at 6.5% for the seventh consecutive time and kept the monetary policy stance at the withdrawal of accommodation.
Among the sectors, Nifty Realty, Banks, and Financial Services gained the most, while selling pressure was witnessed in the IT, Media, and Auto Sectors. The market breadth was strong on Friday. On the NSE, 1607 shares advanced, while 1014 shares declined. The NSE’s volatility index, “India VIX” gained 1.04% to 11.34.
The broader markets outperformed the equity benchmarks, as the Nifty midcap and smallcap indexes closed higher by 0.56% and 0.84% respectively. In the end, Sensex closed edge higher by 20.58 points or 0.3% and ended at 74248.22, while Nifty ended flat to the negative.
Nifty and Nifty Bank Futures Price Movement on Friday, 5th April
On Friday, 5th April, the Nifty futures (April Series) opened at 22570 levels. The index made a negative opening of 42.75 points from the previous close. It touched an intraday high of 22618 and a day’s low at 22505.10.
The index moved to 112.9 points on Friday, and it closed slightly lower by 1.3 points or 0.01 percent and ended at 22610.95 levels.
On Friday, the Bank Nifty futures (April Series) opened at 48170 levels. The index made a negative opening of 29.1 points and touched an intraday high at 48725 and a day’s low at 48014.05.
The Bank Nifty futures gave a movement of 710.95 points and finished higher, by 490.90 points or 1.02 percent and ended at 48690 levels.
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Nifty & Bank Nifty Prediction for Monday, April 8, 2024
Nifty Futures Prediction for Monday, April 8, 2024
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 22700 whereas All Down Moves can initiate Short Covering @ 22500
Nifty futures April series closed at 22610.95, a premium of 91.25, compared to Nifty’s closing of, 22513.70 in the cash market.
If the Nifty futures share price moves above 22630 and sustains. The Nifty index futures can trade 22662- 22690- 22727 during the day with a stop loss of 22609.
If the Nifty futures share price moves below 22557 and is sustained. Then it can trade in the range of, 22527- 22485- 22454 during the day with a stop loss of 22580.
Bank Nifty Futures Prediction for Monday, April 8, 2024
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 49000, whereas Down Moves can Initiate Short Covering @ 48500
Bank Nifty futures April series closed at 48690, at a premium of 196.95 compared to Bank Nifty’s closing of 48493.05 in the cash market.
Suppose the Bank Nifty futures move above 48760 and sustain, then it can trade in a range of 48845- 48970- 49140 during the day with a stop loss of 48650.
If the Bank Nifty futures move below 48480 and sustain, then the index can trade in the range of, 48380- 48250- 48160 levels during the day with a stop loss of 48560.
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Global Stock Market Updates on Friday
The other Asian stock market indexes were closed mostly lower on Friday, tracking negative cues from Wall Street overnight. The sentiments were downbeat due to hawkish comments made by several Fed officials on Thursday. Investors fear that the US Fed could hold rate cuts in June. Meanwhile, the rising crude oil prices due to fresh geopolitical tension also worried investors, as oil prices surged near a six-month high.
Japan’s Nikkei 225 fell the most in the region, down 2%, as the country’s household spending fell less than expected in February. Australia’s S&P ASX 200 closed lower by 0.56%, as the country’s exports dropped in February.
South Korea’s Kospi index ended 1.01% lower, reversing its previous session’s gain. Hang Seng resumed trading after a holiday and closed flat, while Shanghai and Taiwan stock markets were shut today. SET Composite and Jakarta ended higher, while Straits Times closed lower on Friday.
European stock markets are trading sharply lower on Friday, as investors digested the latest economic data released today and following negative global cues. The eurozone retail sales slipped in February, while the construction index fell in March due to poor demand. The UK’s house price fell 1% in March after five months of consecutive gains. The Dow and Nasdaq futures are trading slightly higher in the US, ahead of monthly job reports.
Conclusion
Indian equity markets ended with little change amid weak global cues, however, the rate-sensitive sectors traded higher post-RBI-policy updates. On Monday, markets will open as per global cues, as investors are waiting for the US non-farm payroll and unemployment data later today. You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
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Sensex, Nifty & Bank Nifty Prediction Today after RBI Policy Outcome on April 5, 2024
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