Nifty and Bank Nifty Prediction for Tomorrow 18 April 2023
Nifty and Bank Nifty Prediction for Tomorrow 18 April 2023: Indian equity market indices ended lower on Monday amid weak global cues. The market sentiments were also dented due to a lower-than-expected set of earnings from index heavyweight Infosys. However, traders overlook the ease of WPI inflation data released during market hours.
The shares of PSU Banks, FMCG, and Realty, were the top gainers while IT, Pharma, and Media witnessed selling pressure on Monday. The market breadth was almost neutral today. The broader markets outperformed the benchmark indices, as Nifty mid and smallcap indexes ended higher by 0.39 percent and 0.33 percent respectively.
At the close, the Nifty index managed to hold 17700 levels, down 0.68 percent while Sensex ended lower by 0.86 percent on Monday. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 17 April
The Nifty futures price on Monday opened at 17820.10, making a negative opening of 59.55 points today. It has touched an intraday high of 17854 and a day’s low of 17640
The Nifty futures price has given a movement of 214 points today. In the end, it closed lower by 128.65 points or 0.72 percent and ended at 17751 levels.
The Bank Nifty futures on Monday opened at 42639.95 It made a positive opening of 450.3 points today. The Bank Nifty futures touched an intraday high at 42639.95 and a day’s low at 41858.25
During the day, the Bank Nifty futures have given a movement of 781.7 points. In the end, it closed higher by 112.35 points or 0.27 percent and closed at 42302 levels.
Nifty & Bank Nifty Prediction for Tomorrow 18 April 2023
Nifty Futures Prediction for Tomorrow 18 April 2023
Primary Trend in Nifty Futures: Sideways negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17800 whereas All Down Moves Initiates Short Covering (Buy) @ 17600
If the Nifty futures (April Series) share price Moves Above 17805 and sustains. Then you should Buy with the 1st Target of 17835 during the day with a Stop Loss of 17770 FOR the Target of 17835- 17858- 17885- 17927
If the Nifty futures (April Series) share price Moves Below 17710 and is sustained. Then you should Sell with the 1st Target of 17680 for the day with a Stop Loss of 17750. For the Target of 17680- 17645- 17605- 17575
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Bank Nifty Futures Prediction for Tomorrow 18 April 2023
Primary Trend in Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42600 whereas All Down Moves Initiates Short Covering (Buy) @ 42000
Suppose the Bank Nifty futures (April Series) Moves Above 42380 and sustain, then you should Buy with the 1st Target of 42450 during the day with a Stop Loss of 42285 and the Target of 42450- 42530- 42625- 42715
If the Bank Nifty futures (April Series) Moves Below 42140 and sustain, then you should Sell with the 1st Target of 42050 the day with a Stop Loss of 42240. For the Target of 42050- 41920- 41860- 41740
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Global Stock Market Updates
On the global front, the other Asian stock markets mostly erased early losses and closed higher on Monday. Investors are now looking ahead to more quarterly earnings from Wall Street and China’s GDP data expected later during the week.
Japan’s Nikkei gained as a weaker yen lifted exporters, and bank shares gained while tracking the sharp gains of their US peers. Shanghai index rose on Monday, as China’s March home price data and signs of corporate earnings recovery fuelled optimism ahead of the release of first-quarter GDP data. Hong Kong shares also gained.
European stock markets are trading almost flat on Monday, as investors are cautious and looked ahead to another week of major US earnings. Investors are also on an alert as China’s gross domestic product report is expected on Tuesday and U.K. CPI numbers on Wednesday. The US futures, Dow, and Nasdaq futures indexes are trading almost flat at this moment at 5.30 pm IST.
Conclusion
The domestic markets made a healthy correction after a 9-day rally. The correction was expected and also mentioned in our last week’s report. The domestic markets are expected to move range bound in the near term. You can follow our Daily Morning Report at 7.30 am for market direction.
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