Nifty and Bank Nifty Prediction for Monday, 15 April 2024
Nifty and Bank Nifty Prediction for Monday, 15 April 2024: Indian equity benchmarks ended sharply lower on Friday, as investors reacted negatively to the hotter-than-expected US inflation data and geopolitical tensions. The domestic markets opened lower and extended their losses as the session progressed due to drag in heavyweights including HDFC Bank, L&T, Infosys, Reliance, and Sun Pharma stocks.
Investors preferred to stay sidelined ahead of the domestic CPI and IIP data, due on Friday. All sectoral indices ended in the red, with Nifty Pharma, PSU Bank, and Media falling the most. The market breadth was on the seller’s side. On the NSE, 957 shares were advanced while 1670 shares declined. The NSE’s volatility index India “VIX” jumped 3.83% to 11.53.
The Nifty midcap index declined 0.62% in broader markets, while the smallcap index was down 0.45%. In the end, the Sensex fell 793.25 points or 1.06% and closed at 74244.90, while the Nifty declined 234.40 points or 1.03% and settled at 22519.40.
Nifty and Nifty Bank Futures Price Movement on Friday, 12 April
On Friday, 12 April, the Nifty futures (April Series) opened at 22738.05 levels. The index made a negative opening of 74.35 points from the previous close. It touched an intraday high of 22767.40 and a day’s low at 22590
The index moved to 177.4 points on Friday, and it closed lower by 209.90 points or 0.90 percent and ended at 22602.50 levels.
On Friday, the Bank Nifty futures (April Series) opened at 48751 levels. The index made a negative opening of 268.05 points and touched an intraday high at 48914.75 and a day’s low at 48666.10.
The Bank Nifty futures gave a movement of 248.65 points and finished lower by 316.05 points or 0.64 percent and ended at 48703 levels.
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Nifty & Bank Nifty Prediction for Monday, April 15, 2024
Nifty Futures Prediction for Monday, April 15, 2024
Primary Nifty Trend in Futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves can initiate Profit Booking @ 22650 whereas All Down Moves can initiate Short Covering @ 22450.
Nifty futures April series closed at 22602.50, a premium of 83.1, compared to Nifty’s closing of, 22519.40 in the cash market.
If the Nifty futures share price moves above 22655 and sustains. The Nifty index futures can trade 22686- 22727- 22762 during the day with a stop loss of 22630.
If the Nifty futures share price moves below 22500 and is sustained. Then it can trade in the range of, 22465- 22427- 22380 during the day with a stop loss of 22530.
Bank Nifty Futures Prediction for Monday, April 15, 2024
Primary Trend of Bank Nifty Futures: Mild Positive, likely to reverse the trend
Range-Bound Trend of Bank Nifty Future: All up Moves can initiate profit Booking @ 48950, whereas Down Moves can Initiate Short Covering @ 48200
Bank Nifty futures April series closed at 48703, at a premium of 138.45 compared to Bank Nifty’s closing of 48564.55 in the cash market.
Suppose the Bank Nifty futures move above 48770 and sustain, then it can trade in a range of 48840- 48975- 49080 during the day with a stop loss of 48660
If the Bank Nifty futures move below 48470 and sustain, then the index can trade in the range of 48340- 48230- 48130 levels during the day with a stop loss of 48550
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Global Stock Market Updates on Friday
European stock market indexes mostly closed in the red on Friday, as a report from the US regarding a potential attack by Iran on Israel during the weekend dented the market’s global market sentiments.
The UK’s FTSE ended higher, as the economic data from the UK showed, the GDP grew 0.1% in February in line with the expectation. Germany’s DAX closed lower, despite the country’s inflation data falling in March, matching the lowest level since mid-2021.
The US stock market indexes closed sharply lower on Friday, amid an escalation of geopolitical tension and the big banks reported disappointing quarterly earnings after the full-year outlook for net interest income fell short in most of the banks.
The crude oil prices rose due to Middle East tension despite the International Energy Agency (IEA) having forecasted a slowdown of oil demand in 2024. Investors have already cut their hope for June interest rate cuts and now betting that the Fed to start cutting rates from September
Conclusion
Indian stock markets ended significantly lower on Friday. The domestic markets were dragged down following negative global cues on Friday. Meanwhile, the Gift Nifty index closed 137 points lower at 22450 levels on Friday, indicating Indian markets to open a gap down on Monday. However, the domestic markets will be supported by positive economic data and upbeat quarterly results from TCS during the weekend.
You can also follow our Daily Morning Report at 7:30 a.m. IST to know the market direction.
Also, read- Options Trading Books: Your Ultimate 2023 Guide to Winning Big
Global Stock Market Update: Weekly News and Insights ( 8- 12 April)
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