Nifty and Bank Nifty Prediction for Tomorrow, 16 April 2024
Nifty and Bank Nifty Prediction for Tomorrow, 16 April 2024: Indian equity benchmarks ended sharply lower on Monday amid an escalation of geopolitical tension between Israel and Iran. The domestic markets opened a gap-down and extended losses as the session progressed. The fresh data showed that India’s wholesale price index (WPI) inflation rose to 0.53% at its three-month high in March, compared to 0.2% in February.
All the sectoral indices closed in the red on Monday, with Media, PSU Bank, and Financial Services falling the most. The market breadth was weak. On the NSE, 521 shares advanced, while 2127 shares declined. The NSE’s volatility index “India VIX” jumped 8.11% to 12.47.
The broader markets underperformed the equity benchmarks, as the Nifty mid and smallcap index closed lower by 1.57% and 1.73% respectively. In the end, Sensex declined 845.12 points or 1.14% and closed at 73399.78, while Nifty plunged 246.90 points or 1.10% and settled at 22272.50.
Nifty and Bank Nifty Futures Price Movement for April Series
The Nifty futures price for the April series opened at 22420 making a gap-down opening of 181.45 points on Monday. It has touched an intraday high of 22517.70 and a day’s low of 22342.
The Nifty futures price has given an intraday movement of 175.7 points. Ultimately, the Nifty futures closed sharply lower by 237.40 points or 1.05% at the 22364.05 level.
The Bank Nifty futures for the April series opened at 47573.75 It made a gap-down opening of 1140.35 points on Monday. The Bank Nifty futures touched an intraday high at 48449.85 and a day’s low at 47573.75.
During the day, the Bank Nifty futures have given a movement of 876.1 points. In the end, Bank Nifty Futures closed lower by 885.15 points or 1.82 percent and finished at 47828.95 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 16 April 2024
Nifty Futures Prediction for Tomorrow, 16 April 2024
Primary Trend in Nifty Futures: Negative
Range-Bound Trend: All up Moves can initiate profit Booking @ 22500 whereas All Down Moves can Initiate Short Covering @ 22200
Nifty futures April series closed at 22364.05 a premium of 91.55, compared to Nifty’s closing of 22272.5 in the cash market.
Suppose the Nifty futures move above 22395 and sustain. Then the Nifty index can trade in a range of, 22432- 22480- 22518 levels during the day.
If the Nifty futures share price moves below 22315 and is sustained. Then the index futures can trade at 22270- 22215- 22170 levels during the day.
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Bank Nifty Futures Prediction for Tomorrow, 16 April 2024
Primary Trend in Bank Nifty Futures- Negative
Range-Bound Trend of Bank Nifty Future: All up moves can Initiate Profit Booking @ 48200 whereas All down moves can Initiate Short Covering @ 47500.
Bank Nifty futures for the April series closed at 47828.95, at a premium of 55.7 compared to Bank Nifty’s closing of 47773.25 in the cash market.
Suppose the Bank Nifty futures move above 47960 and sustain, then the index can trade in the range of, 48090- 48220- 49340 levels during the day.
If the Bank Nifty futures move below 47650 and sustain, then the index can trade in the range of, 47570- 47470- 47380 levels during the day.
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Global Market Updates
The other Asian stock market indexes ended lower on Monday, as the tension between Israel and Iran escalated during the weekend. Investors preferred to sideline ahead of key economic data set to be released later this week. Japan’s Nikkei 225 was down 0.74% as investors are looking ahead for trade and inflation data later this week. Australia’s S&P ASX 200 index closed in the red, down by 0.46%.
South Korea’s Kospi index trimmed early losses and ended lower by 0.42%. Meanwhile, the Shanghai index ended higher by 1.26% ahead of GDP, Retail Sales, & Industrial Production data due on Tuesday. Hang Seng index trimmed some early losses and down by 0.72%. The Straits Times and Taiwan indexes also closed sharply lower on Monday.
European stock market indexes are trading mostly higher on Monday, despite geopolitical tension between Israel and Iran. The sentiments turn positive as crude oil prices are trading lower after diplomatic efforts are made to diffuse the Middle East tensions. The Dow Jones and Nasdaq futures are trading higher in the US, indicating a positive opening for the US markets today.
Conclusion
Indian stock markets ended sharply lower for the second consecutive day. The market sentiments turned negative due to geopolitical tension between Iran and Israel and uncertainty about US rate cuts. Tomorrow, all eyes will be on crucial economic data from China, which will likely set market direction in the region. You can also follow our Daily Morning Report at 7:30 a.m. for market direction and our Nifty and Bank Nifty Predictions in the live markets
You may also like to read – Stock Market Prediction Next Week (15 – 19 April 2024)
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