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Today was range bound for Nifty, on the other hand, Bank Nifty performed well. 0.95 price movement in Nifty or the price at which it closed yesterday (22514.65) closed the same today (22513.70). Nifty opened 28.25 points lower today on 5th April, thanks to Dow Jones, because Dow Jones closed down by 530 points. It was lucky for our market that Nifty and Banknifty did not open much lower.
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BANKNIFTY PRICE ACTION ANALYSIS ON 5TH APRIL 2024
A good rise was seen in Banknifty today. A jump of 432.25 points was seen in Banknifty today. Today there is also the monetary policy of RBI. Market experts had estimated that RBI would not change its policy. RBI has kept interest rates stable at 6.50%.
HDFC Bank was the biggest reason for the rise in bank nifty. There has been a bullish trend in HDFC Bank for the last 1 week. Today a jump of 22.40 points was seen in HDFC Bank. HDFC bank has increased by over 100 points in the last 1 week.
Along with HDFC Bank, there was tremendous growth in Kotak Bank also. Kotak Bank gained 34.80 points today. Kotak Bank closed at 1783.95 with a gain of 1.99% on April 5. ICICI Bank also supported HDFC Bank well today. ICICI Bank saw a rise of 5.15 points. The last 3 days' decline in ICICI Bank stopped. ICICI Bank closed at 1084 with a gain of 0.48%.
However, Axis Bank underperformed on April 5. Axis Bank had once hit a low of 1048 during the day but by the end of the day Axis Bank recovered from lower levels and closed at 1062.20 with a fall of 0.75 points.
Talking about government banks, except Bank of Baroda, all other PSU banks performed well. Canara Bank (1.23%), SBI Bank (0.87%), PNB Bank (0.89%) were up.
You can understand from the tables given below how all the stocks included in Banknifty performed on 5th April 2024.
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| Bank nifty Stocks Performance |
NIFTY PRICE ACTION ANALYSIS ON 5TH APRIL 2024
Talking about Nifty, Reliance did nothing today. On March 27, 2024, a rise of almost 100 points was seen in Reliance but since then Reliance has performed weakly in 6 trading sessions. Reliance closed at 2925 without any movement. A list of Nifty Pullers and Draggers is given below, You can check.
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| Nifty Pullers and Draggers |
BSE SENSEX PRICE ACTION ANALYSIS ON 5TH APRIL 2024
BSE Sensex also traded in a limited range on 5th April. BSE Sensex closed 20 points higher. BSE Sensex opened 60 points higher at 74287. On the trading day of April 5, the BSE Sensex hit a high of 74361 and a low of 73946.
You can understand from the table given below how all the sectors of BSE Sensex performed on 5 April 2024.
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| BSE SENSEX |
NIFTY MIDCAP & NIFTY SMALLCAP PRICE ACTION ANALYSIS ON 5TH APRIL 2024
A great bull run is going on in Nifty Midcap & small cap. Nifty Midcap saw a rise of 3592 points in the last 10 days. Nifty Smallcap saw a rise of 1593 points in the last 10 days. On April 5, the Nifty Smallcap closed at 16355 with a rise of (0.84%) and the Nifty Midcap closed at 50022 with a rise of (0.56%).
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You can check below how the rest of the sub-indexes performed on April 5.
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| Index Performance on 5th April |
U.S.A DOW JONES PRICE ACTION ANALYSIS ON 5TH APRIL 2024
Let us also talk a little about the markets of the U.S.A. Dow Jones closed down 530 points on April 4. There are many reasons for this decline. The continuous rise of the dollar index, uncertainty over interest rate cuts, and profit booking are all the main reasons why Dow Jones closed 800 points below the day's high.
Our markets ignored this huge fall of the Dow Jones. In the coming days, it will be known whether the decline in Dow Jones continues or stops.
In the chart given below, you can see that Supertrend has given a sell signal on the daily time frame. RSI is also trading below 50. MACD has also given a bearish crossover. This is not a tip or recommendation, just an analysis. Talk to your financial advisor before making any decision.
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| Dow Jones Chart Analysis |
FED INTEREST RATE CUT POLICY ANALYSIS
Fed Chairman Jerome Powell is continuously saying that he is in favor of 3 rate cuts this year. But his other associates are giving different statements on different occasions. Some are saying there will be 1 rate cut, and some are saying there will be 2 rate cuts. There is complete uncertainty in the market regarding interest rate cuts.
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You can check which sector performed how on April 5 in the table given below.
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| Sector Performance on 5th April |
FII AND DII FLOWS ON 5TH APRIL 2024
Now let us see how much buying and selling was done by FII and DII in the market on 5th April.
On April 5, FII bought Rs 1659 crore in cash and DII sold Rs 3370 crore in cash.
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| FII and DII Report on 5th April |
On April 5, FIIs sold Rs 5335 crore in futures and bought Rs 10634 crore in options.
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| FII and DII Report on 5th April |
We will continue to bring such daily analysis and market reports on the stock market, Nifty/bank nifty. If you have any suggestions, you can send us to our email address.
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