Nifty & Bank Nifty prediction for tomorrow 16 April 2021
Nifty & Bank Nifty prediction for tomorrow: Indian stock markets made a cautious start on Thursday amid mixed global cues. Soon the markets turned negative due to the rising coronavirus cases in the country and stricter restrictions imposed in Maharashtra. In the second half, markets gained half a percent on the back of buying in IT & Software, Banking, and Metal stocks.
The market sentiments were negative in the morning as India reported around 2L fresh coronavirus cases on Wednesday. To break the chain of new virus Maharashtra government has announced strict restrictions like lockdown from 14 April night for 15 days. The markets further reacted negatively after the announcement of 7.39 percent WPI inflation in March. It spikes to over 8 years high. The WPI inflation was 4.17 percent in February and 0.42 percent in March 2020.
There was some cautiousness as Moody’s said that the re-imposition of virus management measures following a surge in coronavirus infection will dent economic activity and could hurt market and consumer sentiment, and it warned of a threat to recovery. However, it said targeted containment measures, versus last year’s complete lockdown, and rapid vaccination will soften the hit on the economy.
Today’s market updates
At the close, Nifty gained 76.65 points or 0.53 percent and closed at 14581.45 levels while Sensex was up by 259.62 points or 0.54 percent and finished at 48803.68 levels. The Bank Nifty on the spot price jumped 341.25 points or 1.08 percent and ended at 32112.85 levels.
The midcap and smallcap indices closed almost flat today. The Nifty midcap index closed in the green, up by 13.15 points only, and finished at 23530 levels. The Nifty smallcap index closed marginally lower by 15.25 points or 0.19 percent and ended at 8171 levels.
The top five gainers in the Nifty50 index were TCS, Cipla, ONGC, Wipro, and Adani Ports. The top five losers in the Nifty50 index were Eicher Motors, Grasim, Infosys, Maruti Suzuki, and IndusInd Bank. The most active stocks in the Nifty50 index were Infosys, HDFC Bank, and Tata Motors.
On a sectoral basis, IT & Software, Metals, Oil & Gas, Banking and Healthcare sectors closed higher. On the losing side, the Automobiles, Insurance, and Real Estate sectors were closed lower.
Nifty and Bank Nifty futures price movement today, 15 April 2021
The Nifty futures price opened at 14574 made a positive opening of 32.85 points. It has touched an intraday high at 14615.50 and a day’s low at 14374.25
The Nifty futures price has given a movement of 241.25 points. In the end, it gained 58.85 points or 0.40 percent and ended at 14600 levels.
The Bank Nifty futures price opened at 31950.20 It made a positive opening of 84.60 points today. It has touched an intraday high at 32294.60 and a day’s low at 31450
During the day, the Bank Nifty futures price has given a movement of 844.6 points. In the end, it closed higher by 389.4 points or 1.22 percent and closed at 32255 levels.
Nifty & Bank Nifty prediction for tomorrow 16 April ( April Expiry)
Nifty futures prediction for tomorrow 16 April 2021
Primary Nifty Trend in futures: Mild Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 14680 whereas All Down Moves Initiates Short Covering (Buy) @ 14550
If the Nifty futures share price Moves Above 14630 and sustain. Then you should Buy with 1st Target of 14685 during the day with a Stop Loss of 14530 FOR the Target of 14685-14728- 14774
If the Nifty futures share price Moves Below 14530 and sustain. Then you should Sell with the 1st Target of 14490 during the day with a Stop Loss of 14630. FOR the Target of 14490- 14445 -14380
Bank Nifty futures prediction for tomorrow 16 April 2021
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 32700, whereas All Down Moves Initiates Short Covering (Buy) @ 31850
Suppose Bank nifty share price in futures Moves Above 32550 and sustain, then you should Buy with the 1st Target of 32695 during the day with a Stop Loss of 32000. FOR the Target of 32695 – 32840 – 33260
If Bank nifty share price in the futures Moves Below 32000 and sustained, then you should Sell with the 1st Target of 31852 during the day with a Stop Loss of 32550. FOR the Target of 31852 – 31710 – 31430
Global markets today
On the global fronts, Asian markets mostly closed in the green even after lackluster cues governing from Wall Street. The markets got support from crude oil prices to offset weakness in technology stocks. European markets are trading higher as a rally in commodity prices lifted miners. The US futures indices, Dow, and Nasdaq futures are trading higher at this moment (at 5 pm IST)
Conclusions
Indian stock markets closed in the positive zone today after opening flat in the morning. The increase in coronavirus cases in India created negative sentiments in the market. After Maharashtra now Delhi has imposed a weekend curfew and restrictions to curb the deadly infection. But the good part it’s a localized lockdown, not a full national lockdown like last year.
Markets are looking positive and rage bound and are ready to react to the quarterly corporate earnings. You can also follow our daily morning market updates report and Nifty and Bank Nifty futures prediction for tomorrow 16 April.
Also read, Intraday Trading books to make money from Stock Markets
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