Nifty and Bank Nifty Prediction for Thursday, 18 April 2024
Nifty and Bank Nifty Prediction for Thursday, 18 April 2024: Indian equity benchmarks ended lower for the third consecutive session on Tuesday, amid geopolitical tension between Iran and Israel. The domestic markets opened a gap down following negative global cues but trimmed some intraday losses in the last hour.
Among the sectors, IT fell the most and was dragged down almost 5% in three trading sessions, Banking and Metal also ended sharply lower, while, Media, FMCG, and Pharma stocks gained in today’s session. The market breadth was on the buyer’s side, as 1621 shares advanced, while 995 shares declined. The NSE’s volatility index “India VIX” gained 1.18% to 12.62.
In the broader markets, the Nifty midcap index closed marginally lower by 0.09%, while the smallcap index ended higher by 0.75%. In the end, Sensex declined 456.10 points or 0.62% and closed at 72943.68, while Nifty was down 124.60 points or 0.56% and settled at 22147.90.
Indian stock markets will be closed on Wednesday, April 17th, 2024, on account of Ram Navami.
Nifty and Bank Nifty Futures Price Movement for April Series
The Nifty futures price for the April series opened at 22176.55 making a gap-down opening of 180.75 points on Tuesday. It has touched an intraday high of 22249.80 and a day’s low of 22113.85.
The Nifty futures price has given an intraday movement of 135.95 points. Ultimately, the Nifty futures closed sharply lower by 146.30 points or 0.65% at the 22211 level.
The Bank Nifty futures for the April series opened at 47750 It made a negative opening of 101.15 points on Tuesday. The Bank Nifty futures touched an intraday high at 47750 and a day’s low at 47422.
During the day, the Bank Nifty futures have given a movement of 328 points. In the end, Bank Nifty Futures closed lower by 140.15 points or 0.29 percent and closed at 47711 levels.
Nifty & Bank Nifty Prediction for Thursday, 18 April 2024
Nifty Futures Prediction for Thursday, 18 April 2024
Primary Trend in Nifty Futures: Negative
Range-Bound Trend: All Up Moves can initiate profit Booking @ 22250 whereas All Down Moves can Initiate Short Covering @ 22030.
Nifty futures April series closed at 22211 a premium of 63.1, compared to Nifty’s closing of, 22147.90 in the cash market.
Suppose the Nifty futures move above 22262 and sustain. Then the Nifty index can trade in a range of, 22292- 22336- 22370 levels during the day.
If the Nifty futures share price moves below 22145 and is sustained. Then the index futures can trade at 22109- 22072- 22027 levels during the day.
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Bank Nifty Futures Prediction for Thursday, 18 April 2024
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 47950 whereas All down moves can Initiate Short Covering @ 47300
Bank Nifty futures for the April series closed at 47711, at a premium of 226.2 compared to Bank Nifty’s closing of 47484.80 in the cash market.
Suppose the Bank Nifty futures move above 47820 and sustain, then the index can trade in the range of, 47945- 48106- 48220 levels during the day.
If the Bank Nifty futures move below 47565 and sustain, then the index can trade in the range of, 47430- 47330- 47240 levels during the day.
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Global Stock Market Updates
The other Asian stock market indexes extended their early losses on Tuesday amid ongoing tension between Israel and Iran. Investors stayed sidelined and awaited Israel’s response after Iran’s airstrikes over the weekend. Meanwhile, China’s GDP grew by 5.3% in the first quarter, compared with last year and above the market expectations of 4.6%.
Japan’s Nikkei 225 closed lower by 1.94% to its lowest level in two months, as the yen crossed 154 against the US dollar and traded at its weakest level since 1990. Australia’s S&P ASX 200 index was down 1.81% for the fourth consecutive session and at two months low. The Kospi index, Hang Seng, and Taiwan fell more than 2%, while the Shanghai index was down 1.67% despite upbeat economic data.
European stock market indexes are trading sharply lower on Tuesday amid tension between Iran and Israel. Investors preferred to sell risky assets and remained sidelined from the equity markets. All sectoral indices are trading in the negative territory, with mining and financial services falling the most.
The Dow Jones Futures are trading higher, while Nasdaq futures are slightly lower in the US markets, indicating a mixed opening for the US markets today.
Conclusion
India stock market sentiments were dented by geopolitical tensions, while stronger-than-expected US retail sales data dashed investors’ hopes for early rate cuts. This pushed US Treasury yields and the dollar index higher. NSE and BSE will remain closed tomorrow. Indian markets will open on Thursday, depending on any development of geopolitical tensions between Iran and Israel.
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You may also like to read – Stock Market Prediction Next Week (15 – 19 April 2024)
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