Stock Market Prediction Next Week (17- 21 April 2023)
Stock Market Prediction Next Week (17- 21 April 2023): The Indian stock market indexes ended higher for the third consecutive week. The market sentiments remain upbeat and gained all four trading sessions of the truncated week due to positive global cues, ease in inflation data, and FIIs buying. However, the upside was limited due to weak performance by IT stocks after TCS’s Q4 results and rising oil prices.
In the coming week, the global cues, WPI inflation, and Q4 earnings will drive the markets. The other key factors that are likely to impact the stock market prediction in the coming will are given below.
Stock Market Prediction Next Week (17- 21 April 2023)
Nifty & Bank Nifty weekly prediction
The Nifty index, after a series of lower tops formation on the daily chart since 1st December 2022, has finally moved above its previous high of 17800 levels, which is a good indication of improving the market sentiment and overall trends.
The next target for the Nifty index is near the 18100-18200 levels with the 17500-17550 zone will be the crucial and important support zone. On a weekly basis, the Nifty index could trade in a range of 17500- 18200 levels.
Bank Nifty index outperformed the Nifty closing strongly above the previous resistance zone of 42000 levels. The major heavyweight banking stocks like ICICI, HDFC Bank, Kotak Bank, and Axis Bank showing prominent improvement in their bias, and further up move is expected in the coming days. On a weekly basis, the Bank Nifty index could trade in the range of 41000-43500 levels
You can also follow our daily Nifty and Bank Nifty futures, trends, trading strategies, and market updates on our Website or Telegram Channel – https://t.me/nifty50stocks1
Macroeconomic Data
India’s foreign exchange reserves jumped $6.31 billion to $584.76 billion for the week ended April 7, as per the RBI data showed on Friday. In the coming week, on Monday Wholesale Price Index (WPI) data for March will be announced during market hours. Traders will be encouraged by the jump in foreign exchange reserves on Monday.
Q4 Earnings
Last week, TCS announced its Q4 earnings and the share price plunged after the weak earnings posted. Infosys announced its Q4 earnings after market hours on Thursday, markets were closed on Friday. HDFC Bank also announced its fourth-quarter earnings on Saturday. Infosys missed the analyst expectation, and HDFC Bank reported its profit jump of 20% YoY in the Q4 results.
The Brokerage firm Emkay Global expects Infosys share price to react ‘Negatively’ on Monday to the Q4 prints while traders are likely to react on the HDFC Bank share also. In the coming week, HCL Tech will announce Q4 results on 20 April, Thursday while ICICI Bank will release Q4 earnings on Saturday 22 April. Traders should remain cautious in the IT space next week due to weak Q4 results.
Rising Covid Cases in India
The covid cases are again rising in India. According to the Union Ministry of Health, India recorded 10,753 new covid cases in the last 24 hrs on Saturday morning. So far everything is normal but the cases are expected to increase in the coming days.
Traders should keep a close eye on the government’s response to the covid situation. Any measures taken to control the spread of the virus could have a direct impact on the stock markets.
Global Stock Market Prediction Next Week
The global stock markets ended the week on a positive note. All major indices in the US, Europe, and Asian markets ended higher during the week. The sentiments in the US markets were upbeat due to cooling inflation readings and the expectation of starting the interest rate cut by the year’s end.
However, the recession fear in the US economy and the Fed official’s hawkish remarks on Friday dented the market sentiments. European markets gained as recession fear eased and China ended higher after solid trade data was reported. You can also read last week’s global stock market analysis here.
In the coming week, the global market’s focus will shift to quarterly earnings. The industrial production data from China, and Japan, China’s Q1 GDP number, 1-5 yrs Prime loan rate, and Inflation reading in Europe and Japan will drive the global markets. The other macroeconomic data that are likely to impact the stock market prediction are given below
Global Macroeconomic Data
| Important Global Macro Data Next Week | ||
| 18 April 2023 | PBoC-Iyr MLF Announcement | China |
| 18 April 2023 | GDP Growth Rate Q1 | China |
| 18 April 2023 | Industrial Production March | China |
| 18 April 2023 | Retail Sales March | China |
| 18 April 2023 | Unemployment Rate March | China |
| 18 April 2023 | Unemployment Rate March | GB |
| 18 April 2023 | Balance of Trade | EA |
| 18 April 2023 | ZEW economic sentiments Index April | EA |
| 18 April 2023 | Housing Starts | US |
| 19 April 2023 | Industrial Production Feb | Japan |
| 19 April 2023 | Inflation Rate MAR | GB |
| 19 April 2023 | Core Inflation & PPI inflation | GB |
| 19 April 2023 | Retail Price Index March | GB |
| 19 April 2023 | Current Account | EA |
| 19 April 2023 | Inflation Rate MAR | EA |
| 20 April 2023 | Balance of Trade Exp & Imp | Japan |
| 20 April 2023 | Loan Prime rate 1-5 yrs | China |
| 20 April 2023 | Jobless claim | US |
| 20 April 2023 | Existing Home Sales | US |
| 20 April 2023 | Consumer Confidence Flash April | EA |
| 21 April 2023 | Gfk Consumer Confidence March | GB |
| 21 April 2023 | Inflation Rate MAR | Japan |
| 21 April 2023 | Jibun Bank PMI Flash | Japan |
| 21 April 2023 | Retail Sales March | GB |
| 21 April 2023 | S&P Global PMI Flash | US, GB, EA |
Crude Oil Prices
The crude oil prices closed higher on Friday and registered their fourth consecutive week of gains, the longest winning streak since June 2022. The oil prices continued their upward journey after International Energy Agency (IEA) said global demand will hit a record high this year on the back of a recovery in Chinese consumption.
The West Energy Watchdog also warned that deep oil output cuts by the OPEC+ members could make worse of oil supply deficit and hurt the end users. Though the dollar index edged up on Friday and oil become expensive for investors holding other currencies and this limited oil price growth.
On a weekly basis, Brent crude was up by 1.5% while WTI gained 2.4%. Traders should closely monitor the oil prices next week as rising oil prices could dampen the domestic market sentiments
FII & DIIs flow
Foreign Institutional Investors (FIIs) were the net buyers in the Indian equity markets for the third consecutive week. They bought shares worth Rs 3355.16 crore during the truncated week that ended on 13 April.
The Domestic Institutional Investors (DIIs) turned net sellers during the week, they offloaded shares worth Rs 411.42 crore in the cash segment. Traders should closely monitor the FIIs and DIIs activity next week, as the FIIs buying spree could take Nifty above 18K levels.
Conclusion:
Technically, the domestic markets are looking positive next week. The global cues and quarterly earnings will remain focused and set the market direction next week. Traders should remain cautious next week, as markets have already made a sharp run-up in the previous nine trading sessions, while any dips should be considered as a buying opportunity. You can also follow our Daily Morning Report at 7.30 am to know the market direction.
If you like the post “Stock Market Prediction Next Week (17-21 April 2023)” please share it with the others.
You may also like to read, Nifty and Bank Nifty Prediction for Monday 17 April 2023
Essential Tools for Your Stock Market Trading Room- Upgrade Now
Happy Investing!!
Editor’s Desk
