Nifty & Bank Nifty Prediction for Tomorrow (04/June/2024)

Prediction for Tomorrow (04/June/2024)

As we approach the trading day of June 4, 2024, investors and traders are eagerly analyzing market trends to make informed decisions. In this post, we’ll delve into the predictions for Nifty and Bank Nifty for tomorrow, considering various technical indicators and market sentiment.

Nifty Overview

The Nifty 50 index has shown resilience in the past few sessions, closing at a strong note today. The overall sentiment remains cautiously optimistic, with several factors influencing the market’s direction.

Technical Analysis

  1. Support and Resistance Levels:
  • Support: The immediate support for Nifty is around 22,900. This level has been tested multiple times and has held strong.
  • Resistance: The key resistance level to watch is 23,500. A breach of this level could signal a bullish trend continuation.
  1. Moving Averages:
  • The 50-day moving average is currently at 23,000, and the 200-day moving average is at 22,900. Nifty trading above these averages indicates a positive trend.
  1. Relative Strength Index (RSI):
  • The RSI is hovering around 65, suggesting that the market is not yet in the overbought zone, but there’s room for upward movement.

Market Sentiment

Market sentiment remains cautiously bullish, supported by positive global cues and strong domestic economic indicators. However, any unexpected geopolitical developments or economic data releases could introduce volatility.

Bank Nifty Overview

Bank Nifty, which is a critical barometer of the banking sector’s health, has been showing strong performance, driven by robust earnings reports from major banks and improving asset quality.

Technical Analysis

  1. Support and Resistance Levels:
  • Support: The immediate support level for Bank Nifty is at 49,500.
  • Resistance: The key resistance level to watch is 52,000. A move above this could lead to a significant upward momentum.
  1. Moving Averages:
  • The 50-day moving average is at 49,800, and the 200-day moving average is at 48,000. Bank Nifty trading above these averages is a bullish signal.
  1. Relative Strength Index (RSI):
  • The RSI for Bank Nifty is around 70, indicating a slightly overbought condition. Traders should watch for potential corrections.

Market Sentiment

The sentiment around Bank Nifty is bullish, fueled by positive news in the banking sector, such as declining non-performing assets (NPAs) and increasing credit growth. However, traders should keep an eye on RBI’s monetary policy updates and global interest rate trends.

Conclusion

For June 4, 2024, both Nifty and Bank Nifty show potential for positive movement, supported by technical indicators and market sentiment. However, traders should remain cautious and watch for any sudden market changes due to external factors. It is always advisable to use appropriate risk management strategies while trading.

Stay tuned for more updates and happy trading!

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