Nifty and Bank Nifty Prediction for Tomorrow, 25 April 2024
Nifty and Bank Nifty Prediction for Tomorrow, 25 April 2024: Indian equity benchmarks ended marginally higher on Wednesday, gaining for the fourth straight session. The domestic markets opened higher following positive global cues and traded sideways. Among the sectors, metal, healthcare, and consumer durables gained the most, while IT, media, and PSU banking stocks declined.
The market breadth was positive. On the NSE, 1629 shares were advanced, while 973 shares declined. The NSE’s volatility index, “India Vix” gained 0.78% to 10.28.
The broader markets outperformed the equity benchmarks, as Nifty mid and small-cap indexes gained 0.76% and 0.36% respectively. In the end, Sensex was up 114.48 points or 0.16% and closed at 73852.94, while Nifty rose 34.40 points or 0.15% and settled at 22402.40.
Nifty and Bank Nifty Futures Price Movement for April Series
The Nifty futures price for the April series opened at 22440 making a positive opening of 68.95 points on Wednesday. It has touched an intraday high of 22488 and a day’s low of 22382.
The Nifty futures price has given an intraday movement of 106 points. Ultimately, the Nifty futures closed higher by 48.95 points or 0.22% at the 22420 level.
The Bank Nifty futures for the April series opened at 48102.10 It made a positive opening of 110.45 points on Wednesday. The Bank Nifty futures touched an intraday high at 48236.70 and a day’s low at 48000.
During the day, the Bank Nifty futures have given a movement of 236.7 points. In the end, Bank Nifty Futures closed higher by 198.35 points or 0.41 percent and closed at 48190 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 25 April 2024
Nifty Futures Prediction for Tomorrow, 25 April 2024
Primary Trend in Nifty Futures: Positive
Range-Bound Trend: All up Moves can initiate profit Booking @ 22500 whereas All Down Moves can Initiate Short Covering @ 22320.
Nifty futures April series closed at 22420 a premium of 17.6 points, compared to Nifty’s closing of, 22402.40 in the cash market.
Suppose the Nifty futures move above 22458 and sustain. Then the Nifty index can trade in a range of, 22492- 22530- 22556 levels during the day.
If the Nifty futures share price moves below 22380 and is sustained. Then the index futures can trade at 22345- 22318- 22265 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 25 April 2024
Primary Trend in Bank Nifty Futures- Positive
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 48700 whereas All down moves can Initiate Short Covering @ 48200.
Bank Nifty futures for the May series closed at 48351.60, at a premium of 162.6 points, compared to Bank Nifty’s closing of, 48189 in the cash market.
Suppose the Bank Nifty futures move above 48380 and sustain, then the index can trade in the range of, 48505- 48600- 48690 levels during the day.
If the Bank Nifty futures move below 48200 and sustain, then the index can trade in the range of, 48090- 48000- 47925 levels during the day.
Global Stock Market Updates
The other Asian stock market indexes closed higher on Wednesday following a rally in tech stocks from Wall Street overnight. Investors bet on tech stocks as the EV maker Telsa rallied after market hour in the US, following the announcement of new affordable models to launch by 2025. Investors are optimistic about the earnings of mega tech stocks from the US, later this week.
The corporate earnings of some US companies lifted sentiments across the region, with Taiwan, South Korea, Hang Seng, and Japan’s Nikkei 225 gaining the most. South Korea’s Kospi index advanced as heavyweight Samsung Electronics rallied more than 4%. China’s Shanghai Index erased early losses and ended higher. Elsewhere, the Straits Times, Set Composite, and Jakarta also ended in positive territory.
European stock markets are trading higher following the gains from Asian market peers and Wall Street. The market sentiments were boosted as ECB policymaker commented on a possible June rate cut in the region. The Dow Jones future is trading flat the negative, while the Nasdaq Future is trading higher in the US markets, indicating a positive opening for the US markets today.
Conclusion
Indian stock markets closed higher for the fourth consecutive session on optimism about the US tech earnings. However, the upside remained capped due to subdued domestic earnings so far. Indian markets will open as per global cues tomorrow. 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
You may also like to read – Hedging: Meaning, Risk, Strategies, and Types of Hedge
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