Nifty and Bank Nifty Prediction for Tomorrow 20 April 2023
Nifty and Bank Nifty Prediction for Tomorrow 20 April 2023: Indian equity markets ended with minor losses amid volatility on Wednesday. The market sentiments were downbeat due to the uncertainty over the path of the US monetary policy tightening, especially after the hawkish comments from the Fed officials on Tuesday. Investors were also cautious ahead of Fed’s Beige Book report, due later on Wednesday.
Among the sectors, buying was witnessed in the metal, realty, and pharma sectors while selling pressure continued in the IT space followed by media, and PSU Banks. The market breadth was positive today.
The broader markets also declined almost in line with their larger peers, as Nifty mid and smallcap indexes ended lower by 0.09 percent and 0.10 percent respectively. At the close, Sensex and Nifty were down by 0.27 percent and 0.23 percent respectively on Wednesday. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 19 April
The Nifty futures price on Monday opened at 17700, making a negative opening of 12.35 points today. It has touched an intraday high of 17710.80 and a day’s low of 17622
The Nifty futures price has given a movement of 88.8 points today. In the end, it closed lower by 67.35 points or 0.38 percent and ended at 17645 levels.
The Bank Nifty futures on Monday opened at 42297.50 It made a negative opening of 38 points today. The Bank Nifty futures touched an intraday high at 42375.85 and a day’s low at 42064.85
During the day, the Bank Nifty futures have given a movement of 311 points. In the end, it closed lower by 156.50 points or 0.37 percent and closed at 42179 levels.
Nifty & Bank Nifty Prediction for Tomorrow 20 April 2023
Nifty Futures Prediction for Tomorrow 20 April 2023
Primary Trend in Nifty Futures: Sideways negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17700 whereas All Down Moves Initiates Short Covering (Buy) @ 17500
If the Nifty futures (April Series) share price Moves Above 17667 and sustains. Then you should Buy with the 1st Target of 17690 during the day with a Stop Loss of 17635 FOR the Target of 17690- 17714- 17748- 17780
If the Nifty futures (April Series) share price Moves Below 17570 and is sustained. Then you should Sell with the 1st Target of 17535 for the day with a Stop Loss of 17692. For the Target of 17535- 17500- 17470- 17440
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Bank Nifty Futures Prediction for Tomorrow 20 April 2023
Primary Trend in Bank Nifty Futures: Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42600 whereas All Down Moves Initiates Short Covering (Buy) @ 41930
Suppose the Bank Nifty futures (April Series) Moves Above 42290 and sustain, then you should Buy with the 1st Target of 42370 during the day with a Stop Loss of 42170 and the Target of 42370- 42450- 42535- 42625
If the Bank Nifty futures (April Series) Moves Below 42040 and sustain, then you should Sell with the 1st Target of 41930 the day with a Stop Loss of 42140. For the Target of 41930- 41810- 41720- 41640
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Global Stock Market Updates
On the global front, the other Asian stock markets were mostly closed lower on Wednesday, as investors were concerned about China’s uneven recovery, persistent inflation, and hawkish comments from US Fed officials. Japan’s Nikkei snapped an 8-day winning streak as technology stocks dragged the index.
China’s Shanghai index fell, as better-than-expected GDP growth data was overshadowed after the release of other weak economic data on Tuesday. Real estate stocks declined the most after Tuesday’s data showed property investment fell compared to last year. The data also showed factory output growth was just below expectations, while retail sales growth hit near two-year highs. Hang Seng also closed lower due to a fall in technology stocks.
European stock market indexes are trading slightly lower on Wednesday, as the sentiment hit after U.K. CPI inflation rose to 10.1% in March, down from 10.4% in February. The CPI inflation in March was expected at 9.8% as per a Reuters poll. Investors are now betting on 25 bps rate hikes from the Bank of England in the next policy meeting. The US future indexes, Dow and Nasdaq futures are trading lower at this moment ( 5 pm IST)
Conclusion
The domestic equity markets ended lower for the third consecutive session. The markets were trading in a tight range today and closed near the day low. The market sentiments were hit due to weak Q4 IT results, FIIs outflow, and weak global cues. You can follow our Daily Morning Report at 7.30 am for market direction.
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