Nifty and Bank Nifty Prediction for Tomorrow, 12 April 2024
Nifty and Bank Nifty Prediction for Tomorrow, 12 April 2024: Indian equity benchmarks ended with moderate gains on Wednesday. The domestic markets opened higher following positive cues from Asian markets and extended their early gains in the second half. On the weekly options expiry day, the Nifty and Bank Nifty hit a fresh record high of 22775.70 and 49057.40 respectively.
Among the sectors, Media, PSU Bank, and FMCG gained the most, while some selling pressure was witnessed in Pharma and Auto stocks. The market breadth was positive, with the advance-decline indicating a ratio of 3:2 at the close. The NSE’s volatility index “India VIX” slipped 2.17% to 11.11.
The broader markets outperformed the equity benchmarks, as the Nifty mid and smallcap indexes gained 0.97% and 0.73% respectively. In the end, Sensex closed higher by 354.44 points or 0.47% and ended at 75038.15, while Nifty was up by 111.05 points or 0.49% and settled at 22753.80 levels.
Indian stock market indexes will remain closed on Thursday, 11 April 2024, on account of Eid-Ul-Fitr.
Nifty and Bank Nifty Futures Price Movement for April Series
The Nifty futures price for the April series opened at 22785.90 making a positive opening of 50.55 points on Wednesday. It has touched an intraday high of 22829 and a day’s low of 22753
The Nifty futures price has given an intraday movement of 76 points. Ultimately, the Nifty futures closed higher by 68.65 points or 0.30% at the 22804 level.
The Bank Nifty futures for the April series opened at 48901.10 It made a positive opening of 101.25 points on Wednesday. The Bank Nifty futures touched an intraday high at 49086 and a day’s low at 48760.05.
During the day, the Bank Nifty futures have given a movement of 325.95 points. In the end, Bank Nifty Futures closed higher by 175.15 points or 0.36 percent and closed at 48975 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 12 April 2024
Nifty Futures Prediction for Tomorrow, 12 April 2024
Primary Trend in Nifty Futures: Positive, but likely to reverse at the opening
Range-Bound Trend: All up Moves can initiate profit Booking @ 22850 whereas All Down Moves can Initiate Short Covering @ 22650
Nifty futures April series closed at 22804 a premium of 50.2, compared to Nifty’s closing of 22753.80 in the cash market.
Suppose the Nifty futures move above 22815 and sustain. Then the Nifty index can trade in a range of 22845- 22884- 22927 levels during the day.
If the Nifty futures share price moves below 22740 and is sustained. Then the index futures can trade at 22708- 22665- 22630 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 12 April 2024
Primary Trend in Bank Nifty Futures- Positive, but likely to reverse at the opening
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 49250 whereas All down moves can Initiate Short Covering @ 48700
Bank Nifty futures for the April series closed at 48975, at a discount of 11.6 compared to Bank Nifty’s closing of 48986.60 in the cash market.
Suppose the Bank Nifty futures move above 49090 and sustain, then the index can trade in the range of 49185- 49270- 49380 levels during the day.
If the Bank Nifty futures move below 48700 and sustain, then the index can trade in the range of, 48625- 48535- 48425 levels during the day.
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Global Stock Market Updates
On Wednesday, the U.S. stock market indexes fell sharply after the consumer price index (CPI) increased more than expected in March. This pushed the Treasury yields higher and investors fear that the Fed could delay the series of interest rate cuts until the end of this year.
The retail inflation increased by 0.4% monthly and 3.5% year-on-year in March, a significant surge from 3.2% in February and 3.4% expected by the economists. The core inflation also surged 0.4% monthly and 3.8% YoY, compared to the expectation of 0.3% and 3.7% respectively.
The Dow Jones index fell more than 500 points on an intraday basis and all three indexes closed sharply lower. The European markets reacted negatively on Wednesday, paring all early gains but late recovery supported the markets to close just above the flat line. Traders in Europe will have a close eye, on the ECB interest rate decision later today.
Asian stock market indexes are trading lower on Thursday at 7.20 am IST following the negative cues from Wall Street overnight. Gift Nifty provisionally ended lower by 96 points on Wednesday, and is trading down by 54 points on Thursday at 22647 levels.
Conclusion
The global market sentiments turned negative after the US inflation reading was announced overnight. Gift Nifty is also trading sharply lower on Thursday, indicating a negative opening for the Indian stock markets on Friday.
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You may also like to read – Stock Market Prediction Next Week (8 – 12 April 2024)
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