Nifty and Bank Nifty Prediction for Tomorrow, May 2, 2023: The Indian equity market gyrated the last week above key psychological zones, ending the week positively. The rallies of the Nifty (18,065.00) and Bank Nifty (43,233.90) boosted the overall sentiment of investors. This strong closing signaled a new trend setup for this week, beginning with new confidence.
The broad-based buying activities across all segments were a reaction to the strong global markets led by US stocks. Strong Q4 numbers for the Nasdaq’s top tech constituents helped neutralize the fear of a banking crisis. But eyes will be on next week’s FOMC meeting also.
Nifty and Bank Nifty Prediction for Tomorrow 2 May 2023
In this analysis, I will closely examine the present condition of Nifty and Bank Nifty, and endeavor to make a forecast regarding their performance in the upcoming trading session. To arrive at this prediction, I will scrutinize the trends of Nifty and Bank Nifty, significant market indicators, as well as both domestic and global markets.
Technical Analysis of Nifty
The nifty chart is bullish as long as it trades and sustains above 17800-17900. The upside resistance is looking near 18270 as per the trend line breakout. The support range will be between 17900 and 17800.
Nifty 50 Levels for Tomorrow, May 2, 2023
Tomorrow Nifty 50 Target: Upside 18145-18320 and Downside 17910-17745
| Nifty Resistance Levels | ||
| 18145 | 18210 | 18320 |
| Nifty Support Levels | ||
| 17910 | 17800 | 17745 |
Technical Analysis of Bank Nifty
The Bank Nifty trend is also bullish as long as it trades and sustains above 42600. The immediate resistance will be at 43600 and the support level for Bank Nifty will be between 42600 and 42250.
Bank Nifty Levels for Tomorrow, May 2, 2023
Tomorrow Bank Nifty Target: Upside 43420-43870 and Downside 42890-42400
| Bank Nifty Resistance Levels | ||
| 43420 | 43600 | 43870 |
| Bank Nifty Support Levels | ||
| 42890 | 42620 | 42400 |
Global Market Update News
As of May 1st, 2023, most of the major markets in Asia, including Shanghai, Hang Seng, Kospi, and Taiwan, are closed. The Dax, CAC, and FTSE in Europe are also off today. On the other hand, the US futures are slightly positive but not making any significant moves.
The Nikkei index in Japan is the only major market open and showed a positive trend, up by 0.92%, or 266.74 points.
In the commodity market, crude oil futures are down by 2%. Meanwhile, the dollar index is trading above 101.6. Additionally, the US 10-year bond yield is up marginally, hovering around 0.5%.
Conclusion
Both the Nifty and Bank Nifty are looking strong, and the trends are up. They are trading above their recent break-out point of the falling wedge trend line. So, till it respects the breakout and sustains above it, the upcoming trend of the Nifty and Bank Nifty will be up and strong for tomorrow also. However, the global markets, especially the US futures, may slightly impact the movement of the Indian market.
