Nifty and Bank Nifty Prediction for Monday, 1 April 2024
Nifty and Bank Nifty Prediction for Monday, 1 April 2024: On Thursday, Indian equity benchmarks ended with notable gains, rising for the second consecutive day. The domestic indices opened slightly higher amid unfavorable Asian market cues but extended their early gains as the session progressed. However, indices trimmed their intraday gains in the late trade due to profit-taking at a higher level.
Barring the Nifty Media index all other sectoral indices closed in the green with Nifty PSU Bank, Auto, and Metal gaining the most. The market breadth was positive. On the NSE, 1417 shares advanced while 1196 shares declined at the close. The NSE’s volatility index “India VIX” gained 1.02% to 12.83.
The broader markets underperformed the frontline index on Thursday, as Nifty mid and smallcap indexes closed higher by 0.50% and 0.04% respectively. In the end, the Sensex added 655.04 points or 0.90% and closed at 73651.35, while the Nifty jumped 203.25 points or 0.92% and settled at 22326.90.
Nifty and Nifty Bank Futures Price Movement on Thursday, 28 March
On Thursday, March 28, the Nifty futures (March Series) opened at 22194.35 levels. The index made a positive opening of 27.3 points from the previous close. It touched an intraday high of 22528.80 and a day’s low at 22183.95.
The index moved to 344.85 points on Thursday, and it closed higher by 160 points or 0.72 percent and ended at 22327.05 levels.
On Thursday, the first trading day of Bank Nifty futures (April Series), opened at 47549.50 levels. The index made a positive opening of 325.25 points and touched an intraday high at 47763 and a day’s low at 47264.80.
The Bank Nifty futures gave a movement of 498.2 points, finished higher by 375.75 points or 0.80 percent, and ended at 47600 levels.
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Nifty & Bank Nifty Prediction for Monday, April 1, 2024
Nifty Futures Prediction for Monday, April 1, 2024
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 22540 whereas All Down Moves can initiate Short Covering @ 22350
Nifty futures April series closed at 22464.95, a premium of 138.05, compared to Nifty’s closing of 22326.90 in the cash market.
If the Nifty futures share price moves above 22474 and sustains. The Nifty index futures can trade 22506- 22544- 22578 during the day with a stop loss of 22445.
If the Nifty futures share price moves below 22358 and is sustained. Then it can trade in the range of, 22324- 22291- 22240 during the day with a stop loss of 22382.
Bank Nifty Futures Prediction for Monday, April 1, 2024
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 47950, whereas Down Moves can Initiate Short Covering @ 47400.
Bank Nifty futures April series closed at 47600, at a premium of 475.4 compared to Bank Nifty’s closing of, 47124.60 in the cash market.
Suppose the Bank Nifty futures move above 47710 and sustain, then it can trade in a range of 47803- 47880- 47990 during the day with a stop loss of 47640.
If the Bank Nifty futures move below 47470 and sustain, then the index can trade in the range of, 47390- 47270- 47180 levels during the day with a stop loss of 47560.
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Global Stock Market Updates
The other Asian markets closed mixed on Thursday, Japan’s Nikkei 225 fell the most in the region as the yen traded near a 34-year low, while Australia’s S&P ASX 200 closed higher, after hitting a record high. China’s Shanghai index erased early losses and closed higher on speculation that the central bank may restart the bond-buying program. Hang Seng ended with significant gains due to a rally in the tech index, while the Kospi index closed in the red.
European stock markets are trading higher on Thursday ahead of the Easter break. Investors digested the UK’s GDP data for the last quarter of 2024, confirming that the UK’s economy entered into recession last year. The Dow and Nasdaq futures are trading almost flat ahead of the GDP data, which will be announced before the market.
The major global stock market indices including India, Japan, Hong Kong, Singapore, Australia, Europe, and the US will remain closed on Friday due to Good Friday. Additionally, some indexes will observe an extended holiday on Monday, April 1, 2024, on account of the Easter holiday.
Conclusion
The domestic markets concluded the last trading day of FY24 on a high note, marking one of the best years for the Indian stock markets. The global markets also turned positive ahead of the long weekend. Going ahead, the positive momentum is expected to persist on Monday. You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
Also, read- Nifty and Bank Nifty Support and Resistance Today, 28 March 2024
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