Indian Share Market Prediction for Tomorrow 4 May 2023: Due to the collapse in US markets, the Indian equity market finished the day on a turbulent note. Nifty (18,089.85) and Bank Nifty (43,312.70), two Indian benchmarks, have increased over the last six sessions, but today’s decline brought an end to Nifty’s and Bank Nifty’s six-day winning streaks.
The Indian market lost upward momentum at crucial levels. The Bank Nifty recovered quite well from the day’s low today. But persistent profit-taking on the upside throughout the day constrained every bounce in the market.
Bank Nifty decreased by 39.40 points, or 0.09%, while Nifty fell by 57.80 points, or -0.32%. Today, the broader market ended flat to down, with no significant trend.
On the NSE, the small-cap index declined by just 0.07%, while the midcap index increased modestly by 0.26%. On the NSE, Nifty FMCG was the day’s top gainer. But Nifty IT was the day’s top loser. Nifty FMCG increased by 0.78%, while Nifty IT decreased by 1%.
Nifty and Bank Nifty Prediction for Tomorrow 4 May 2023
This analysis will take a closer look at how Nifty and Bank Nifty are doing now and predict how they’ll perform in the next trading session. To make an accurate prediction, I’ll examine a few things, like how Nifty and Bank Nifty have been doing, important market indicators, and both domestic and global markets.
Technical Analysis of the Nifty
The underlying trend of the Nifty is still looking up as long as it trades above 17960, though 18200 is acting as a strong supply zone. The immediate resistance for Nifty 50 is 18200, and the support is at 17960–17900.
Nifty 50 Levels for Tomorrow, May 4, 2023
Tomorrow Nifty 50 Target: Upside 18130–18220 and Downside 18040-17940
| Nifty Resistance Levels | ||
| 18130 | 18160 | 18220 |
| Nifty Support Levels | ||
| 18040 | 17990 | 17940 |
Technical Analysis of the Bank Nifty
The chart formation of the Nifty Bank is also the same as that of the Nifty. But the only difference is that the Bank Nifty has reversed from its low faster than the Nifty. On the upside, the hurdle seems to be around 43490–43500, and the immediate support is at 42950 once it breaks today’s low of 43,078.15.
Bank Nifty Levels for Tomorrow, May 4, 2023
Tomorrow Bank Nifty Target: Upside 43420–43690 and Downside 43130–42800
| Bank Nifty Resistance Levels | ||
| 43420 | 43530 | 43690 |
| Bank Nifty Support Levels | ||
| 43130 | 42950 | 42800 |
Conclusion
The probability of profit booking is higher if the Indian benchmarks move higher from the current level. Although the Nifty and Bank Nifty are trending upward, the overall movement will be influenced by how the US market closes tonight. The Indian market will remain in an uptrend as long as Nifty and Banknifty continue to trade above 17960 and 43000, respectively.
The fact that crude is once again plunging over 4% is the key thing that is good for the Indian equity market. Whatever the cause, India would ultimately benefit when crude prices fall. Therefore, the Indian stock market will interpret this as a favorable sign for tomorrow as well.
Please note that all levels of Nifty and Bank Nifty discussed above, are spot prices.
Chart Credit: Chartink
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