Nifty and Bank Nifty Prediction for Monday, 29 April 2024
Nifty and Bank Nifty Prediction for Monday, 29 April 2024: Indian equity benchmarks ended sharply lower on Friday, snapping a five-day winning streak. The domestic equity market indices opened higher following gains from Asian market peers but soon turned red. The Sensex and Nifty extended losses as the session progressed, and later closed in the deep red on Friday.
On the sectoral front, the Financial Services, Banking, and Auto sectors dragged down the indices, while some buying was seen in the Media, Pharma, and Realty space. The market breadth was positive. On the NSE, 1341 shares advanced while 1265 shares declined. The NSE’s volatility index “India VIX” climbed 1.81% to 10.93.
The broader markets outperformed the equity benchmarks, as the Nifty mid and smallcap indexes gained 0.79% and 0.56% respectively. In the end, Sensex declined 609.28 points or 0.82% and closed at 73730.16, while Nifty was down by 150.40 points or 0.67% and settled at 22419.95.
Nifty and Nifty Bank Futures Price Movement
On Friday, 26 April, the Nifty futures (May Series) opened at 22684 levels. The index made a positive opening of 30.05 points from the previous close. It touched an intraday high of 22705 and a day’s low at 22530
The index moved to 175 points on Friday, and it closed lower by 78.95 points or 0.35 percent and ended at 22575 levels.
On Friday, the Bank Nifty futures (May Series) opened at 48660 levels. The index made a positive opening of 27.6 points and touched an intraday high at 48798.90 and a day’s low at 48265.15.
The Bank Nifty futures gave a movement of 533.75 points and closed lower, by 157.35 points or 0.32 percent and ended at 48475.05 levels.
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Nifty & Bank Nifty Prediction for Monday, April 29, 2024
Nifty Futures Prediction for Monday, April 29, 2024
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 22700 whereas All Down Moves can initiate Short Covering @ 22500.
Nifty futures April series closed at 22575, a premium of 155.05, compared to Nifty’s closing of, 22419.95 in the cash market.
If the Nifty futures share price moves above 22613 and sustains. The Nifty index futures can trade 22653- 22702- 22739 during the day with a stop loss of 22585.
If the Nifty futures share price moves below 22530 and is sustained. Then it can trade in the range of, 22500- 22465- 22425 during the day with a stop loss of 22556.
Bank Nifty Futures Prediction for Monday, April 29, 2024
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 48850, whereas Down Moves can Initiate Short Covering @ 48350.
Bank Nifty futures April series closed at 48475.05, at a premium of 274 compared to Bank Nifty’s closing of, 48201.05 in the cash market.
Suppose the Bank Nifty futures move above 48550 and sustain, then it can trade in a range of 48680- 48790- 48890 during the day with a stop loss of 48490.
If the Bank Nifty futures move below 48340 and sustain, then the index can trade in the range of 48256- 48185- 48090 levels during the day with a stop loss of 48425.
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Global Stock Market Updates on Friday
The US stock market indexes closed higher on Friday, as investors bet on tech stocks after stronger-than-expected earnings reported from Alphabet and Microsoft. Microsoft gained around 2%, while Alphabet surged 10.22%, hitting a record high after announcing strong first-quarter results and declaring a first-ever dividend of 20 cents per share.
The market sentiments were also positive as the personal consumption expenditures (PCE) price index- the Fed’s preferred inflation gauge came in as expected. The PCE price index rose 0.3% in March as expected and 2.7% annually, against expectations of 2.6%. The core PCE price index excluding food and energy, surged 0.3% in March as expected, while rising 2.8% annually an edge higher than forecasted.
European stock market indexes closed higher on Friday as investors digested the fresh batch of corporate earnings, with almost all sectors closed in the positive territory, construction and material stocks led the gains, while chemical stocks ended in the red. Investors analyzed the better-than-expected corporate results of Natwest, L’Oreal, and Total Energies, which gained between 2% to 6% on Friday.
In the UK, the Gfk Consumer Confidence data saw a modest uptick in April from March’s stagnant score due to a slide in inflationary pressure. The market sentiments were also boosted as US PCE price index data as per expectation and strong corporate earnings from Alphabet and Microsoft.
Conclusion
Indian stock markets witnessed selling pressure throughout the day on Friday. Investors booked profit after a five-day winning run, as they remain cautious ahead of the US PCE price index data. Going ahead, the global market sentiments turned positive on Friday, and the domestic markets are likely to follow suit.
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