Nifty and Bank Nifty Prediction for Monday 24 April 2023
Nifty and Bank Nifty Prediction for Monday 24 April 2023: Indian equity market indexes closed on a flat note on Friday, amid a lack of any significant trigger. After opening positively, markets gradually lost momentum and drifted lower, in the second half, indices pared all intraday losses and closed almost flat.
Buying in heavyweight stock was witnessed in the last hour on Friday. Among the sectors, Media, FMCG, and IT were the gainers while Realty, Metal, and Auto sectors witnessed some selling pressure. The volatility index on NSE “ India VIX” fell 2.59% to 11.63 levels.
The market breadth was almost flat with the advance-decline indicating a neutral ratio at the close. The broader markets underperformed the benchmark indices, as Nifty mid and smallcap indexes closed lower by 0.42 percent and 0.34 percent respectively. At the close, Sensex gained just 22 points while Nifty ended flat.
Nifty and Nifty Bank futures price movement on Friday, 21 April
On Friday, April 21, the Nifty futures (April Series) opened at 17650 levels, it made a slightly negative opening of 5.8 points from the previous close. It touched an intraday high at 17690 and a day’s low at 17583
The Nifty futures have given a movement of 107 points on Friday. In the end, it made a flat to negative closing, down by only 5.05 points or 0.03 percent, and ended at 17650.75 levels
The Bank Nifty futures (April Series) opened at 42200 levels on the last day of the week. It made a lower opening of 76.45 points on Friday. It has touched an intraday high at 42390.65 and a day’s low at 41961.25
On Friday, the Bank Nifty futures gave a movement of 429.4 points. At the close, it ended lower by 150.95 points or 0.36 percent and closed at 42125.50 levels.
Nifty & Bank Nifty Prediction for Monday 24 April 2023 (April Expiry)
Nifty Futures Prediction for Monday 24 April 2023
Primary Nifty Trend in Futures: Range Bound
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 17694 and sustains. Then you should Buy with 1st Target of 17728 during the day with a Stop Loss of 17665 FOR the Target of 17728- 17754- 17802- 17850
If the Nifty futures share price Moves Below 17604 and is sustained. Then you should Sell with the 1st Target of 17580 during the day with a Stop Loss of 17635. For the Target of 17580- 17556- 17515- 17460
Bank Nifty Futures Prediction for Monday 24 April 2023
Primary Trend of Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42500, whereas All Down Moves Initiates Short Covering (Buy) @ 41900
Suppose the Bank Nifty futures Moves Above 42285 and sustain, then you should Buy with the 1st Target of 42380 during the day with a Stop Loss of 42150. For the Target of 42380- 42450- 42525- 42630
If the Bank Nifty futures Moves Below 42040 and sustain, then you should Sell with the 1st Target of 41960 during the day with a Stop Loss of 42130. For the Target of 41960- 41820- 41760- 41680
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Global stock market updates
The US stock market indexes ended the session with little change on Friday, as the slew of mixed quarterly results continued to weigh on investor sentiment. Investors are now waiting for next week’s big tech company’s quarterly earnings.
Technology companies including Amazon, Alphabet, Meta Platforms, and Microsoft will announce their quarterly earnings next week. On the economic front, the latest PMI survey data showed that the manufacturing activity in the US picked up in April, while services activity also inched higher in the last month.
European stock markets closed marginally higher on Friday. The key indices fluctuated on both sides of the neutral lines on Friday as investors reacted to a slew of corporate earnings and economic data.
The latest PMI survey data shows the eurozone economy strengthened in April, services activity continued to expand while manufacturing activity lagged in April. The UK’s retail activity fell more than expected in March as per the official data released on Friday.
Conclusion
The domestic markets ended flat on Friday. The lackluster trend continued in the markets in the last few sessions. The sentiments hit, as the US corporates announced mixed quarterly earnings so far and FIIs outflow. The domestic markets are currently looking for a direction on either side, markets will focus on Q4 earnings during the F&O expiry week. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also, read- Stock Market Weekly Recap: Global Indexes End Mixed Amid Quarterly Earnings
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