Nifty and Bank Nifty Prediction for Monday 17 April 2023
Nifty and Bank Nifty Prediction for Monday 17 April 2023: The Indian equity markets continued their northward journey on Thursday, for the 9th consecutive day. The market sentiments were dampened in the first half due to weak global cues, rising covid cases in the country, and lackluster performance of IT stocks after TCS Q4 earnings.
The domestic markets were volatile on Thursday, due to the weekly expiry of index options on the NSE. However, markets recovered in the second half and managed to close in the green on the back of buying in banking, realty, and financial services stocks. Nifty IT, pharma, and media witnessed selling pressure in the last trading session of the week.
The market breadth was quite strong with the advance-decline indicating a ratio of 3:2 at the close. The broader markets outperformed their front-line indexes, as the Nifty mid and smallcap indexes closed higher by 0.20 percent and 0.29 percent respectively.
At the close, Sensex and Nifty advanced by 0.06 percent and 0.09 percent respectively on Thursday. The Indian stock markets were closed on 14 April Friday on account of Dr. BR Ambedkar Jayanti.
Nifty and Nifty Bank futures price movement on Thursday, 13 April
On Thursday, April 13, the Nifty futures (April Series) opened at 17850 levels, it made a slightly negative opening of 8.25 points from the previous close. It touched an intraday high at 17889.90 and a day’s low at 17775
The Nifty futures have given a movement of 114.9 points on Thursday. In the end, it closed higher by 25.75 points or 0.14 percent and ended at 17884 levels
The Bank Nifty futures (April Series) opened at 41721.10 levels on the last day of the week. It made a higher opening of 83.35 points on Thursday. It has touched an intraday high at 42230 and a day’s low at 41580
On Thursday, the Bank Nifty futures gave a movement of 650 points. At the close, it ended higher by 556.65 points or 1.34 percent and closed at 42194.40 levels.
Nifty & Bank Nifty Prediction for Monday 17 April 2023 (April Expiry)
Nifty Futures Prediction for Monday, 17 April 2023
Primary Nifty Trend in Futures: Sideways
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18000 whereas All Down Moves Initiates Short Covering (Buy) @ 17800
If the Nifty futures share price Moves Above 17927 and sustains. Then you should Buy with 1st Target of 17963 during the day with a Stop Loss of 17870 FOR the Target of 17963- 17990- 18022- 18047
If the Nifty futures share price Moves Below 17830 and is sustained. Then you should Sell with the 1st Target of 17785 during the day with a Stop Loss of 17860. For the Target of 17785- 17736- 17710- 17680
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Bank Nifty Futures Prediction for Monday 17 April 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42600, whereas All Down Moves Initiates Short Covering (Buy) @ 42000
Suppose the Bank Nifty futures Moves Above 42290 and sustain, then you should Buy with the 1st Target of 42380 during the day with a Stop Loss of 42185. For the Target of 42380- 42460- 42530- 42640
If the Bank Nifty futures Moves Below 41956 and sustain, then you should Sell with the 1st Target of 41890 during the day with a Stop Loss of 42060. For the Target of 41890- 41800- 41730- 41650
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Global stock market updates
On the global front, the US stock markets rallied on Thursday, as the fresh data showed the producer price index surprisingly fell in March. The initial jobless claim also increased by 11000 to 239000 in the week ending April 8, triggering a hope that Federal Reserve may pause the rate hike in its next meeting. The fresh data improved the market sentiments, and investors bet on beaten-down tech stocks on Thursday.
On Friday US futures are trading mixed, with Dow futures trading slightly higher while Nasdaq futures trading in the red. Investors remain cautious ahead of US retail sales data and bank earnings
European markets are trading higher on Friday (at 5 pm IST) as sentiments are lifted by the cooler-than-expected US inflation data. The pan-European Stoxx index trading higher by 0.50 percent, with most of the sectors trading in positive territory.
Conclusion
Indian equity markets continued their winning streak on Thursday. Technically, markets looking positive in the near term. As markets have already made a sharp run-up in the previous nine trading sessions a consolidation or intraday correction is highly probable however, it should be considered as a buying opportunity. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
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Indian Stock Markets Closed Today; Asian Markets are trading higher
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