Nifty and Bank Nifty Prediction for Tomorrow, 26 April 2024
Nifty and Bank Nifty Prediction for Tomorrow, 26 April 2024:Indian equity benchmarks ended the volatile session with substantial gains on Thursday. The market volatility was due to the Nifty monthly F&O expiry on the NSE. The domestic markets opened lower following weak global cues and immediately recovered. The indices traded volatile in the first half and extended gains in the second half today.
Among the sectors, barring Realty all other sectoral indices closed in the green, with PSU bank gaining the most followed by Pharma and Auto. The PSU banking index gained 3.77% in today’s session. The market breadth was strong today. On the NSE, 1446 shares were advanced, while 1149 shares declined today.
The broader markets also closed higher in line with their larger peers, as the Nifty mid and smallcap indexes gained 0.47% and 0.84% respectively. In the end, Sensex was up by 486.50 points or 0.66% and closed at 74339.44, while Nifty gained 167.95 points or 0.75% and settled at 22570.35.
Nifty and Bank Nifty Futures Price Movement for May Series
The Nifty futures price for the May series opened at 22435.20 making a negative opening of 74.55 points on Thursday. It has touched an intraday high of 22715 and a day’s low of 22435.15.
The Nifty futures price has given an intraday movement of 279.85 points. Ultimately, the Nifty futures closed higher by 135.60 points or 0.60% at the 22645.35 level.
The Bank Nifty futures for the May series opened at 48005.40 It made a negative opening of 344.9 points on Thursday. The Bank Nifty futures touched an intraday high at 48732.60 and a day’s low at 47999.90.
During the day, the Bank Nifty futures have given a movement of 732.7 points. In the end, Bank Nifty Futures closed higher by 292.85 points or 0.61 percent and closed at the 48643.15 level.
Nifty & Bank Nifty Prediction for Tomorrow, 26 April 2024
Nifty Futures Prediction for Tomorrow, 26 April 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All Up Moves can initiate profit Booking @ 22700 whereas All Down Moves can Initiate Short Covering @ 22550.
Nifty futures May series closed at 22645.35 a premium of 75 points, compared to Nifty’s closing of, 22570.35 in the cash market.
Suppose the Nifty futures move above 22662 and sustain. Then the Nifty index can trade in a range of, 22700- 22738- 22772 levels during the day.
If the Nifty futures share price moves below 22575 and is sustained. Then the index futures can trade at 22550- 22512- 22470 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 26 April 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 48700 whereas All down moves can Initiate Short Covering @ 48200.
Bank Nifty futures for the May series closed at 48643.15, at a premium of 148.2 points, compared to Bank Nifty’s closing of, 48494.95 in the cash market.
Suppose the Bank Nifty futures move above 48790 and sustain, then the index can trade in the range of, 48875- 48955- 49075 levels during the day.
If the Bank Nifty futures move below 48510 and sustain, then the index can trade in the range of, 48420- 48340- 48227 levels during the day.
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Global Stock Market Updates
The other Asian stock market indexes ended on a mixed note on Thursday. Profit-taking emerged after a two-day rally. Facebook parent Meta Platform plunged 16% in the US after the market hours trading after it issued weak revenue guidance despite better-than-expected first-quarter results on Wednesday.
Meanwhile, the positive bets on China’s markets lifted the moods of some investors. Investors remain cautious ahead of US GDP data later today and digested South Korea’s first estimate of GDP data which showed the highest quarterly growth, since the fourth quarter of 2021.
Japan’s Nikkei 225 fell the most followed by Kospi and Taiwan. Australia’s stock market is closed today, due to a holiday. The Shanghai and Hang Seng index closed higher. The Straits Times and Jakarta ended in the red, while Set Composite closed higher on Thursday.
European stock market indexes are trading mixed on Thursday. The UK’s FTSE is trading higher as the investor’s mood is lifted by M&A activity after Australian giant BHP Group’s takeover proposal for Anglo American. CAC and DAX are trading lower following the weak corporate results from the US.
The Dow Jones and Nasdaq futures are trading lower in the US markets, indicating a negative opening for the US markets today.
Conclusion
The Indian stock markets closed higher for the fifth consecutive session on Thursday. Market sentiment turned positive fueled by buying across all sectors except for Realty. Going ahead, Indian markets will open tomorrow as per global cues, with US GDP growth data expected later in the day and the BoJ interest rate decision due on Friday. You can also follow our Daily Morning Report at 7:30 a.m. for market direction.
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