Nifty and Bank Nifty Prediction for Monday 10 April 2023
Nifty and Bank Nifty Prediction for Monday 10 April 2023: The equity benchmarks ended higher for the fifth consecutive day on Thursday after RBI, in its surprise move, kept the key interest rate unchanged. The domestic markets turned positive as soon as the RBI policy was announced on Thursday morning.
The indices closed higher on the weekly expiry day despite weak global cues. The NSE volatility index “IndiaVIX” declined 4.95% to 11.80 levels. Among the sectors, Realty, Auto, and Pharma sectoral indices were the gainers while FMCG, and IT witnessed some selling pressure on Thursday.
The market breadth was strong with an advance decline indicating a 3:1 ratio at the close. The broader markets outperformed the benchmarks, as Nifty mid and smallcap indices gained 0.44 percent and 0.74 percent. At the close, the Nifty and Sensex advanced 0.24 percent each on Thursday. Indian stock markets will remain closed on 7 April on account of Good Friday.
Nifty and Nifty Bank futures price movement on Thursday, 6 April
On Thursday, April 6, the Nifty futures (April Series) opened at 17599.80 levels, it made a negative opening of 22.2 points from the previous close. It touched an intraday high at 17715.95 and a day’s low at 17557.10
The Nifty futures have given a movement of 158.85 points on Thursday. In the end, it closed higher by 28.60 points or 0.16 percent and ended at 17650.60 levels
The Bank Nifty futures (April Series) opened at 41001 levels on the last day of the week. It made a negative opening of 141.3 points on Thursday. It has touched an intraday high at 41425 and a day’s low at 40990
On Thursday, the Bank Nifty futures gave a movement of 435 points. At the close, it ended higher by 34.30 points or 0.08 percent and closed at 4176.60 levels.
Nifty & Bank Nifty Prediction for Monday 10 April 2023 ( April Expiry)
Nifty Futures Prediction for Monday 10 April 2023
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 17750 whereas All Down Moves Initiates Short Covering (Buy) @ 17550
If the Nifty futures share price Moves Above 17668 and sustains. Then you should Buy with 1st Target of 17703 during the day with a Stop Loss of 17640 FOR the Target of 17703- 17730- 17770- 17815
If the Nifty futures share price Moves Below 17590 and is sustained. Then you should Sell with the 1st Target of 17558 during the day with a Stop Loss of 17618. For the Target of 17558- 17524- 17495- 17460
Bank Nifty Futures Prediction for Monday 10 April 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 41600, whereas All Down Moves Initiates Short Covering (Buy) @ 41000
Suppose the Bank Nifty futures Moves Above 41285 and sustain, then you should Buy with the 1st Target of 41330 during the day with a Stop Loss of 41150. For the Target of 41330- 41410- 41490- 41600
If the Bank Nifty futures Moves Below 40980 and sustain, then you should Sell with the 1st Target of 40900 during the day with a Stop Loss of 41120. For the Target of 40900- 40797- 40700- 40625
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Global stock market updates
The US stock market indexes pared early losses and closed higher after the latest jobless claims data suggested that layoffs have recently increased more than previously thought. Investors are now looking ahead to crucial nonfarm payroll data on Friday.
Tech stocks were in demand on Thursday, as investors bought recently beaten-down technology stocks while Energy stocks slipped after oil prices fell and were struggling for a direction. The US stock markets will remain closed on 7 April on account of Good Friday.
European stock markets ended higher on Thursday ahead of a long Easter Weekend. European markets will reopen on 11 April Tuesday. The market sentiments were positive due to better-than-expected Industrial production data from Germany and positive economic data from China.
Investors are now looking ahead to the release of US monthly job data on Friday when both US and European markets will be closed. Meanwhile, investors remain concerned as European Central Bank officials indicated another rate hike in May, due to rising food prices in the region.
Conclusions
Indian stock markets continued their upward journey despite weak global cues on Thursday. The sentiments were positive as RBI unexpectedly paused the interest rate hikes and continuous FIIs inflow in the last five days. All eyes are now on US non-farm payroll data, which is due on Friday.
Technically, the domestic markets are looking positive on Monday. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also read, Global Stock Market Weekly Updates (3-6 April 2023)
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