Nifty Prediction for Tomorrow 6 May 2021
Nifty & Bank Nifty Prediction for Tomorrow 6 May: Indian markets opened higher as indicated by the Asian market peers in the morning. The market sentiments got boosted with RBI Governor’s unscheduled speech for liquidity support measures. In the end, markets extended their early gains and closed in the positive.
The markets cheered after the liquidity measures announcement by the RBI Governor in the morning amid rising coronavirus cases in India. The RBI Governor, Saktikanta Das has announced loan restructuring for individual and small businesses hit hard by the fresh Covid-19 wave. To increase the supply of goods for Covid care, the RBI has opened a Rs 50000 crore on tap window to ease access to emergency health services to boost the provision of immediate liquidity for ramping up Covid-19 related healthcare infrastructure and services in the country.
The upside of the market remained capped after the report that India services sector activities eased to a three-month low in April. The seasonally adjusted India Services Business Activity Index fell to 54 in April from 54.6 in March, the slowest increase in output in three months.
Today’s market: Sensex, Nifty, and Bank Nifty on the spot price
At the close, Nifty gained 121.35 points or 0.84 percent and closed at 14617.85 levels while Sensex was up by 424.04 points or 0.88 percent and finished at 48677.55 levels. The Bank Nifty on the spot price climbed at 513.35 points or 1.60 percent and ended at 32783.70 levels.
The broader markets also closed in the green today. The Nifty midcap index was up by 242.30 points or 1 percent and closed at 24410.10 levels. The Nifty smallcap index gained 35.30 points or 0.41 percent and finished at 8616.20 levels.
The top five gainers in the Nifty 50 index were Sun Pharma, UPL, Axis Bank, IndusInd Bank, and Kotak Mahindra Bank. The top five losers in the Nifty 50 index were Adani Ports, Bajaj Finance, SBI Life, Asian Paints, and HUL. The most active stocks for the day were Bajaj Finance, Adani Ports, and Tata Steel.
On a sectoral basis, Healthcare, Banking, IT & Software, Metals, and Capital Goods sectors closed higher today. On the losing side, Consumer Durables, Electricals, and Infrastructure sector closed marginally lower.
Nifty and Bank Nifty futures price movement for 5 May ( May Expiry)
The Nifty futures price opened at 14625.05 made a positive opening of 75.75 points. It has touched an intraday high at 14698.10 and a day’s low at 14549.30
The Nifty futures price has given a movement of 148.8 points today. In the end, it gained 144.9 points or one percent and ended at 14694.20 levels.
The Bank Nifty futures price opened at 32730 It made a positive opening of 307.45 points today. It has touched an intraday high at 33060.70 and a day’s low at 32134.70
During the day, the Bank Nifty futures price has given a movement of 926 points. In the end, it closed higher by 638.15 points or 1.97 percent and closed at 33060.70 levels.
Nifty and Bank Nifty Prediction for tomorrow 6 May (May Expiry)
Nifty futures prediction for tomorrow 6 May
Primary Nifty Trend in futures: Mild Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 14750 whereas All Down Moves Initiates Short Covering (Buy) @ 14600
If the Nifty futures share price Moves Above 14714 and sustain. Then you should Buy with 1st Target of 14745 during the day with a Stop Loss of 14647 FOR the Target of 14745-14770- 14796
If the Nifty futures share price Moves Below 14647 and sustain. Then you should Sell with the 1st Target of 14605 during the day with a Stop Loss of 14714. FOR the Target of 14605- 14578 -14551
Bank Nifty futures prediction for tomorrow 6 May
Primary Trend of Bank Nifty Futures: Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 33350, whereas All Down Moves Initiates Short Covering (Buy) @ 32850
Suppose Bank nifty share price in futures Moves Above 33380 and sustain, then you should Buy with the 1st Target of 33530 during the day with a Stop Loss of 32750. FOR the Target of 33530 – 33680 – 34140
If Bank nifty share price in the futures Moves Below 32750 and sustained, then you should Sell with the 1st Target of 32590 during the day with a Stop Loss of 33380. FOR the Target of 32590 – 32430 – 32130
Global markets today
On the global front, Asian markets were mostly closed in the red today on U.S interest rate concern. Earlier, on Tuesday the US Treasury Secretary Janet Yellen suggested that the interest rate might increase slowly as the economy recovers. The European markets bounced back on Wednesday after a sharp sell-off in the previous session. The European indices are trading higher on the back of buying in commodity and banking stocks. The US futures market are also trading higher at this moment ( at 4.30 pm IST)
Conclusions:
Today, the markets got initial support from Asian markets peers and opened higher. The RBI governor’s speech further boosted the market sentiments and the key indices headed towards northwards. Traders have overlooked a slight slow down in PMI service data released in the morning. Going ahead markets may trade in a range bound and stock-specific action can be seen due to the quarterly earnings.
You can also follow our Daily Morning Report and Nifty and Bank Nifty futures prediction for tomorrow 6 May.
Also read, Bank Nifty Technical Analysis | Nifty Trends for (3-7 May)
Intraday Trading books to make money from Stock Markets
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