Nifty and Bank Nifty Prediction for Tomorrow, 19 April 2024
Nifty and Bank Nifty Prediction for Tomorrow, 19 April 2024: Indian equity benchmarks ended the volatile session with significant losses on Thursday, declining for the fourth consecutive session. The domestic markets opened higher following the gains from Asian markets. However, markets traded volatile in the second half due to the weekly Nifty options expiry, erased all gains, and closed with substantial losses.
Among the sectors, barring Nifty media, all other sectoral indices turned negative in the second half, with FMCG, Financial Services, and Pharma falling the most. The market breadth was almost flat. On the NSE, 1329 shares were advanced, while 1307 shares declined at the close. The NSE’s volatility index “India VIX” jumped 3.36% to 13.04.
The broader markets also closed lower, as the Nifty mid and smallcap indexes declined 0.49% and 0.28% respectively. At the close, Sensex plunged 454.69 points or 0.62% and closed at 72488.99, while the Nifty index declined, 152.05 points or 0.69% and settled at 21995.85.
Nifty and Bank Nifty Futures Price Movement for April Series
The Nifty futures price for the April series opened at 22229.90 making a positive opening of 29.15 points on Thursday. It has touched an intraday high of 22342.90 and a day’s low of 22027.55.
The Nifty futures price has given an intraday movement of 315.35 points. Ultimately, the Nifty futures closed sharply lower by 119.85 points or 0.54% at the 22080.90 level.
The Bank Nifty futures for the April series opened at 47750 It made a positive opening of 89.05 points on Thursday. The Bank Nifty futures touched an intraday high at 47953.85 and a day’s low at 47040.
During the day, the Bank Nifty futures have given a movement of 913.85 points. In the end, Bank Nifty Futures closed lower by 480.85 points or 1.01 percent and closed at 47180.10 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 19 April 2024
Nifty Futures Prediction for Tomorrow, 19 April 2024
Primary Trend in Nifty Futures: Negative
Range-Bound Trend: All up Moves can initiate profit Booking @ 22150 whereas All Down Moves can Initiate Short Covering @ 21960
Nifty futures April series closed at 22080.90 a premium of 85.05, compared to Nifty’s closing of, 21995.85 in the cash market.
Suppose the Nifty futures move above 22115 and sustain. Then the Nifty index can trade in a range of, 22142- 22185- 22219 levels during the day.
If the Nifty futures share price moves below 22025 and is sustained. Then the index futures can trade at 21985- 21958- 21921 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 19 April 2024
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47250 whereas All down moves can Initiate Short Covering @ 46800.
Bank Nifty futures for the April series closed at 47180.10, at a premium of 110.65 compared to Bank Nifty’s closing of 47069.45 in the cash market.
Suppose the Bank Nifty futures move above 47285 and sustain, then the index can trade in the range of, 47390- 47515- 47600 levels during the day.
If the Bank Nifty futures move below 47020 and sustain, then the index can trade in the range of, 46940- 46820- 46665 levels during the day.
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Global Stock Market Updates
Asian stock market indexes closed higher on Thursday despite the losses from Wall Street overnight. Investors remained cautious due to uncertainty about US interest cuts and geopolitical tension. Japan’s Nikkei 225 reversed its early losses and ended higher by 0.31%, snapping a three-day losing streak. Australia’s S&P ASX 200 snapped a five-day losing streak and closed higher by 0.48% as the country’s unemployment rate rose less than expected in March.
South Korea’s Kospi index gained the most in the region, up 1.92%. Shanghai ended marginally higher by 0.09% as banking shares led the gains, while Hang Seng was up by 0.82% at the close. The Straits Times, Taiwan, and Jakarta ended higher, while Set Composite closed in the red.
European stock market indexes are trading higher on Thursday following gains from Asian markets. Investors are optimistic about the June rate cuts by the ECB as the latest inflation data in the Eurozone slowed in March, as per Eurostat data on Wednesday.
The Dow Jones and Nasdaq Futures are trading marginally higher in the US markets, indicating a positive opening for the US markets today.
Conclusion
The profit booking was witnessed at higher levels due to the uncertainty about the interest rate cuts in the US and geopolitical tension. Going ahead tomorrow markets will open as per global cues and trade volatile. 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 – Stock Market Prediction Next Week (15 – 19 April 2024)
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