Sensex, Nifty & Bank Nifty Prediction Today after RBI Policy Outcome on April 5, 2024
Sensex, Nifty and Bank Nifty Prediction Today, April 5, 2024: Indian stock market indexes opened on a cautious note, on Friday, following the negative cues from Wall Street overnight and Asian markets. The Nifty opened lower at 22486.40, down by 28.25 points, while the Sensex made a positive opening of 59.39 points at 74287.03. The Bank Nifty index also opened slightly higher at 43.85 points, at 48104.65 levels.
Sensex, Nifty, and Bank Nifty Prediction Today
Nifty Support and Resistance at 11.20 a.m IST
The Nifty index is trading slightly lower, after the RBI policy outcome down by 5 points or 0.02% at 22509 levels. The index made a high of 22517.10 and a day’s low of 22427.60, with a movement of 89.5 points till now. The Nifty Futures April series is trading at a 57-point premium at 22566, compared to the Nifty 50 spot price.
The NSE weekly option chain data for 10 April showed that the Open Interest (OI) distribution for Nifty Put options is most notable at 22400, indicating likely support for today. Meanwhile, on the Call side meaningful Open Interest concentrations are identified at the 22600 strike prices, suggesting potential resistance levels for Nifty.
Nifty Prediction today by Prabhudas Lilladher– According to the reputed broking house, Nifty has support at 22339 level and resistance at 22655 and 22794 levels for the day.
Bank Nifty Support and Resistance at 11.25 a.m IST
The Bank Nifty index extended its gains after the RBI policy outcome and is trading higher, by 125 points or 0.27% at the 48190 level. The index made a high of 48268.05, while hit a day’s low at 47894.50 so far on the spot price, with a movement of 373.55 points. The Bank Nifty Futures for March series is trading at a premium of 102 points at 48292 compared to the Bank Nifty spot price.
Today the Bank Nifty NSE option chain data for 10 April reveals that the Put options 48000 hold the most substantial concentration. This level will likely serve as a critical support zone for the day. Conversely, the Bank Nifty Call strike at 48500 and 49000 exhibits notable OI concentrations, signifying potential resistance levels.
Bank Nifty Prediction Today by Prabhudas Lilladher– According to the top broking house, Bank Nifty has support at 47764 and resistance at 48306 and 48551 for the day.
BSE Sensex Support and Resistance at 11.30 am IST
BSE Sensex opened slightly higher and erased early gains. Sensex is trading marginally lower, by 84 points or 0.11% at 74143 levels. The index made a high of 74287 and a day’s low of 73946.92, with a movement of 340.08 points till now.
Today is Sensex weekly options expiry, the BSE Sensex weekly option chain data (5 April ) reveals that the Put options 74100 and 74000 hold the most substantial concentration. This level is likely to serve as a critical support zone for the day. Conversely, today’s BSE Sensex Call strikes at 74500 and 75000 exhibits notable OI concentrations, signifying potential resistance levels for the day.
BSE Sensex Prediction Today by Prabhudas Lilladher– According to the top broking house, today’s BSE Sensex has support at 73641 levels, while it has resistance at 74658 and 75088 for the day.
Also, read Nifty and Bank Nifty Prediction for Tomorrow, 2 April 2024
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