Nifty and Bank Nifty Prediction for Tomorrow, 24 April 2024
Nifty and Bank Nifty Prediction for Tomorrow, 24 April 2024: Indian equity benchmarks ended the range-bound session with minor gains on Tuesday, rising for the third consecutive session. The domestic markets opened higher, following the positive global cues, and traded above their flat line throughout the session. The sentiments were boosted as India’s flash HSBC composite PMI rose in April, compared to the last month.
Among the sectors, the Nifty Realty, FMCG, and Consumer Durables gained the most, while Pharma, Metal, and Energy declined. The market breadth was positive. On the NSE, 1603 shares were advanced while 1001 shares were declined at the close. The NSE’s volatility index “India VIX” slipped 19.72% to 10.20.
The broader markets outperformed the benchmarks, as the Nifty mid and small-cap indexes closed higher by 1.06% and 1.23% respectively. In the end, Sensex gained 89.84 points or 0.12% and closed at 73738.46, while Nifty closed higher by 31.60 points or 0.14% and settled at 22368.
Nifty and Bank Nifty Futures Price Movement for April Series
The Nifty futures price for the April series opened at 22448 making a positive opening of 89.8 points on Tuesday. It has touched an intraday high of 22448 and a day’s low of 22345.
The Nifty futures price has given an intraday movement of 103 points. Ultimately, the Nifty futures closed slightly lower by 3.25 points or 0.01% at the 22354.95 level.
The Bank Nifty futures for the April series opened at 48175.55 It made a positive opening of 186.45 points on Tuesday. The Bank Nifty futures touched an intraday high at 48175.55 and a day’s low at 47895.05.
During the day, the Bank Nifty futures have given a movement of 280.5 points. In the end, Bank Nifty Futures closed lower by 26.90 points or 0.06 percent and closed at 47962.20 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 24 April 2024
Nifty Futures Prediction for Tomorrow, 24 April 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22400 whereas All Down Moves can Initiate Short Covering @ 22300
Nifty futures April series closed at 22354.95 a discount of 13.05 points, compared to Nifty’s closing of, 22368 in the cash market.
Suppose the Nifty futures move above 22394 and sustain. Then the Nifty index can trade in a range of, 22432- 22474- 22509 levels during the day.
If the Nifty futures share price moves below 22321 and is sustained. Then the index futures can trade at 22293- 22258- 22230 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 24 April 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 48400 whereas All down moves can Initiate Short Covering @ 47800.
Bank Nifty futures for the April series closed at 47962.20, at a discount of 8.25 points, compared to Bank Nifty’s closing of, 47970.45 in the cash market.
Suppose the Bank Nifty futures move above 48095 and sustain, then the index can trade in the range of, 48205- 48340- 48460 levels during the day.
If the Bank Nifty futures move below 47800 and sustain, then the index can trade in the range of, 47690- 47600- 47525 levels during the day.
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Global Market Updates
The other Asian stock market indexes mostly ended higher on Tuesday, as investors assessed business activity and other economic data, from the region. Investors were optimistic about the mega tech stock’s quarterly earnings report from the US due later this week. Japan’s Nikkei 225 gained a second consecutive session, as the business activity data in April reached its highest level in the last eight months.
Australia’s S&P ASX 200 also gained as its business activity data hit its two-year high in April. China’s Shanghai index closed lower due to a fall in metal shares, while Hang Seng gained the most due to a rally in technology shares. Elsewhere, Straits Times, Taiwan, SET Composite, and Jakarta closed higher, while the Kospi index ended in the red.
European stock market indexes are trading higher on Tuesday. The UK’s FTSE hit a fresh record high in the morning session as investors are hoping for June rate cuts by the Bank of England. The Dow Jones and Nasdaq Futures are trading marginally higher in the US markets, indicating a positive opening for the US markets today.
Conclusion
Indian markets opened positively tracking gains from Wall Street and Asian market peers and traded sideways. Indian stock markets are expected to remain volatile in the coming two days, due to the Nifty and Bank Nifty monthly expiry and 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
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