Nifty and Bank Nifty Prediction for Monday, 4 March 2024
Nifty and Bank Nifty Prediction for Monday, 4 March 2024: Indian equity benchmarks ended with minor gains in a special trading session on Saturday. The domestic markets opened higher following positive global cues and strong domestic economic data and ended with decent gains.
All sectoral indices closed in the green, with the Media, Metal, and Realty sectors gaining the most. Broader markets outperformed the benchmarks, as Nifty mid and smallcap indexes gained 0.74% and 0.69% respectively in the special short session.
In the end, Sensex advanced 60.80 points or 0.08% and closed at 73806.15, while Nifty gained 39.65 points or 0.18% and finished at 22378.40. Sensex and Nifty hit a new record high at 73994.71 and 22419.55 levels respectively on Saturday.
Nifty and Nifty Bank Futures Price Movement on Saturday, 2 March
On Saturday, March 2nd, the Nifty futures (March Series) opened at 22502.45 levels. The index has made a positive opening of 41.85 points from the previous close. It touched an intraday high of 22547 and a day’s low at 22443.50. The index moved to 103.5 points, and it closed higher by 61.80 points or 0.28 percent and ended at 22505 levels.
The Bank Nifty futures (March Series) opened at 47625 levels on Saturday. The index made a positive opening of 47 points and touched an intraday high at 47700 and a day’s low at 47355.55. The Bank Nifty futures gave a movement of 344.45 points and finished higher by 87 points or 0.18 percent and ended at 47665 levels.
With Upstox Options Strategy Builder, you can create an option strategy. You can also try the ready-made options strategy Free at Upstox.
Click here to Open a Free Trading and Demat Account and get a lifetime Demat AMC Free and Rs 20 flat Brokerage.
Nifty & Bank Nifty Prediction for Monday, 4 March 2024
Nifty Futures Prediction for Monday, 4 March 2024
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 22600 whereas All Down Moves can initiate Short Covering @ 22450.
On Saturday, Nifty futures March series closed at 22505 a premium of 126.6 as compared to Nifty’s closing 22378.40 in the cash market. If the Nifty futures share price moves above 22530 and sustains. The Nifty index futures can trade in the range of 22564- 22590- 22624 during the day with a stop loss of 22505.
If the Nifty futures share price moves below 22470 and is sustained. Then it can trade in the range of 22427- 22390- 22352 during the day with a stop loss of 22498.
Bank Nifty Futures Prediction for Monday, 4 March 2024
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 47900, whereas Down Moves can Initiate Short Covering @ 47350.
Bank Nifty futures March series closed at 47665, at a premium of 367.5 compared to Bank Nifty’s closing of 47297.50 in the cash market. Suppose the Bank Nifty futures move above 47760 and sustain, then it can trade in a range of 47880- 47970- 48140 during the day with a stop loss of 47670.
If the Bank Nifty futures move below 47450 and sustain, then the index can trade in the range of 47330- 47220- 47130 levels during the day with a stop loss of 47535.
If you want Live Market Updates, Views for Nifty & Bank Nifty, Stocks, and Global/Domestic market happenings then join our WhatsApp Channel here or our Telegram Channel – https://t.me/nifty50stocks1
Global Stock Market Updates on Friday
The US stock market indexes closed higher on Friday, as the Treasury yields eased and the Nvidia-led rally fueled other tech stocks. On Friday, the economic data showed consumer sentiments unexpectedly declined in Feb. Meanwhile, the ISM manufacturing PMI declined further in February compared to the previous month and remained in contraction. The downtrend economic data pushed the Treasury yields lower and boosted the rate cut hopes in summer.
European stock markets closed higher on Friday as investors assessed flash estimates of eurozone inflation data for February. According to Eurostat, the statistical office of the European Union, the headline consumer price index fell to 2.6% from January’s 2.8% but remains higher than the economists polled by Reuters of 2.5%. The core inflation continued its downward trend, falling to its lowest level in nearly two years.
Conclusion
Indian stock markets ended the short session with decent gains on Saturday. On Friday, US and European markets also closed higher on hopes of early rate cuts. We anticipate the positive momentum in Indian stock markets is likely to continue on Monday. You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
Also, read- Global Stock Market Update: Mixed Performance Amid Inflation Focus Week
Options Trading Books: Your Ultimate 2023 Guide to Winning Big
If you like the post “Nifty and Bank Nifty Prediction for Monday, 4 March 2024” please share it with your friends and others
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution in compiling its website data. The views expressed on Nifty50Stocks.com are their own and for educational purposes. Nifty50Stocks.com is not SEBI registered Advisors. Nifty50stocks.com advises its users to check with certified and SEBI-registered experts before making any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from using such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
