Nifty and Bank Nifty Prediction for Monday, 22 April 2024
Nifty and Bank Nifty Prediction for Monday, 22 April 2024: Indian equity benchmarks ended the volatile session with substantial gains on Friday, snapping the four-day losing streak. The domestic markets opened lower amid negative global cues, erased all early losses in the second half, and closed with significant gains. Markets opened lower due to the fresh escalation in the Middle East tension and as Fed officials made hawkish remarks about the interest rate cuts overnight.
Among the sectors, Nifty fin services, bank, and metal gained the most, while media, realty, and pharma sectors were under pressure. The market breadth was slightly negative. On the NSE, 1227 shares advanced while 1366 shares declined at the close. The NSE’s volatility index “India VIX” jumped 3.20% to 13.46.
The broader markets underperformed the benchmarks as Nifty mid and smallcap indexes closed lower by 0.61% and 0.10% respectively. In the end, Sensex jumped 599.34 points or 0.83% and closed at 73088.33, while Nifty gained 151.15 points or 0.69% and settled at 22147.
Nifty and Nifty Bank Futures Price Movement on Friday, 19 April
On Friday, 19 April, the Nifty futures (April Series) opened at 21989.90 levels. The index made a negative opening of 65.3 points from the previous close. It touched an intraday high of 22168.90 and a day’s low at 21813.60
The index moved to 355.3 points on Friday, and it closed higher by 71.10 points or 0.32 percent and ended at 22126.30 levels.
On Friday, the Bank Nifty futures (April Series) opened at 46865 levels. The index made a negative opening of 310.05 points and touched an intraday high at 47682.35 and a day’s low at 46611.20.
The Bank Nifty futures gave a movement of 1071.15 points and finished higher by 458.20 points or 0.97 percent and ended at 47633.25 levels.
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Nifty & Bank Nifty Prediction for Monday, April 22, 2024
Nifty Futures Prediction for Monday, April 22, 2024
Primary Nifty Trend in Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 22230 whereas All Down Moves can initiate Short Covering @ 22030
Nifty futures April series closed at 22126.30, a discount of 20.7, compared to Nifty’s closing of 22147 in the cash market.
If the Nifty futures share price moves above 22185 and sustains. The Nifty index futures can trade 22232- 22265- 22318 during the day with a stop loss of 22147.
If the Nifty futures share price moves below 22060 and is sustained. Then it can trade in the range of, 22025- 21970- 21921 during the day with a stop loss of 22090.
Bank Nifty Futures Prediction for Monday, April 22, 2024
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 47800, whereas Down Moves can Initiate Short Covering @ 47350.
Bank Nifty futures April series closed at 47633.25, at a premium of 59.1 compared to Bank Nifty’s closing of 47574.15 in the cash market.
Suppose the Bank Nifty futures move above 47770 and sustain, then it can trade in a range of 47870- 47985- 48080 during the day with a stop loss of 47710.
If the Bank Nifty futures move below 47510 and sustain, then the index can trade in the range of 47415- 47330- 47180 levels during the day with a stop loss of 47600.
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Global Stock Market Updates on Friday
The US stock market indexes were closed on a mixed note on Friday. The Dow Jones Industrial Average ended higher, while the S&P 500 and Nasdaq composite index fell for the sixth consecutive session as investors analyzed quarterly earnings and the Iran and Israel tension.
The share price of Netflix fell more than 9% after the earnings report, while Nvidia was down 10% ahead of its quarterly results on Friday. The other tech giants, Meta Platform, Alphabet, Apple, Amazon, and Microsoft ended sharply lower on Friday.
European stock market indexes closed mixed on Friday, as investors remained cautious due to Middle East tension and US interest rate uncertainty. Traders are closely monitoring the Iran and Israel’s fresh tension. Retail stocks closed lower after the UK’s retail sales data showed a flat in March, compared to the last month. Meanwhile, the data showed Germany’s Producer Price Index fell at a slowest pace in eight months in March.
Conclusion
Despite weakness in the global markets, Indian stock markets ended with substantial gains on Friday. Indian stock markets gained, as short covering was witnessed in the second half of the session, in the banking and financial sector. Going ahead, the global market sentiments are negative, and the domestic markets are likely to follow suit.
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