Stock Market Prediction Next Week (24- 28 April 2023): The Indian stock markets snapped a three-week winning streak and ended more than 1% lower on a weekly basis. The domestic markets declined as the IT sector reacted negatively after the Q4 results announcement of TCS and Infy. FII outflow and weak global cues also hit the market sentiments during the week.
In the coming week, Corporate earnings, F&O expiry, and Global cues will set the market direction. The other key factors that are likely to impact the stock market prediction in the coming will are given below.
Stock Market Prediction Next Week (24- 28 April 2023)
F&O Expiry: Nifty & Bank Nifty weekly prediction
Next week the monthly F&O expiry is scheduled on 27 April. Trading could be volatile as traders roll over their positions in the F&O segments from the near month of April to May 2023 series.
The Nifty index continues to move within a tight range for the 3rd consecutive session resisting near the 17660 zone and on the downside taking support near the 17550 levels. Nifty witnessed a recovery on Friday and closed above the 17600 zone.
The Nifty has maintained a strong support base near the 17550-17570 zone and on the upper side 17750-17800 levels have been capped, which needs a decisive breakout. The Nifty index could trade in a range of 17300- 18000 levels in the coming week.
The Bank Nifty index also once again resisted near the 42400 zone and has been maintaining good support near the 42000 zone from where it has recovered multiple times and closed above.
With the result of two major frontline banking stock ICICI Bank and Axis Bank expected, the week would witness high volatility and is expected to breach the important barrier levels. The Bank Nifty index would trade in a range of 41000-43400 levels in the coming week.
You can also follow our daily Nifty and Bank Nifty futures, trends, trading strategies, and market updates on our Website or Telegram Channel – https://t.me/nifty50stocks1
Domestic Macroeconomic data
According to the RBI data, Indian foreign exchange reserves were up by $1.65 bn to $586.4 bn in the week ended 14 April 2023. In the coming week, there are no significant economic data scheduled for release, except for the Government budget value for March, infrastructure output for March, and weekly Foreign Exchange Reserves
Q4 Earnings
The March 2023 end quarterly earning season has just begun. Next week traders will have a close eye on the corporate results, as there are 15 Nifty 50 companies will announce their quarterly earnings. The domestic markets will first react to the Reliance Q4 results announced after market hours on Friday and ICICI Bank results released on Saturday.
Reliance Industries beats the market estimates, the company reported a 19% year-on-year (YoY) rise in consolidated net profit for the quarter that ended March 2023 to Rs 19,299 crore. ICICI Bank also announced strong Q4 results, reporting a 30% jump in standalone net profit at Rs 9,122 crore for the quarter ending March 31, 2023. The schedule for 15 Nifty 50 companies that will announce their corporate earnings next week is below.
| Q4FY23 Result dates for Nifty50 Stocks | |
| 24 April 2023 | IndusInd Bank |
| 25 April 2023 | Bajaj Auto |
| 25 April 2023 | Nestle India |
| 25 April 2023 | Tata Consumer |
| 26 April 2023 | Bajaj Finance |
| 26 April 2023 | HDFC Life |
| 26 April 2023 | Maruti |
| 26 April 2023 | SBI Life |
| 27 Apr 2023 | Axis Bank |
| 27 Apr 2023 | Bajaj Finserve |
| 27 Apr 2023 | HUL |
| 27 Apr 2023 | Tech M |
| 27 Apr 2023 | Wipro |
| 28 Apr 2023 | Ultratech Cement |
| 29 Apr 2023 | Kotak Bank |
Global Stock Market Prediction Next Week
The global stock markets ended the week on mixed notes, as US and China indexes were down while European and Japan closed higher. The market sentiments in the US were hit due to fear of recession and interest rate hikes and mixed quarterly earnings.
European markets gained as investors were optimistic about the economic outlook in the region and that offset the fear of longer-period interest rate hikes. Japan gained due to seedy inflation and positive economic data while China declined due to uneven economic recovery. You can read last week’s global market updates here.
In the coming week, the global market’s focus will be on corporate earnings. In US big tech companies like Alphabet, and Microsoft will announce their quarterly earnings on Tuesday.
On Thursday, traders will closely monitor the US Q1 GDP growth and PCE price index data. China’s Industrial profit data will be released on Thursday and will be crucial for traders. The other key macroeconomic data that are likely to impact the stock market prediction next week are given below.
Global Macroeconomic Data Next Week
| Important Global Macro Data Next Week | ||
| 25 April 2023 | House Price Index FEB | US |
| 25 April 2023 | New home Sales MARCH | US |
| 26 April 2023 | Durable Goods Order MARCH | US |
| 27 April 2023 | Industrial Profits MARCH | China |
| 27 April 2023 | Economic/ Industrial Sentiments APRIL | EA |
| 27 April 2023 | Consumer Confidence APRIL | EA |
| 27 April 2023 | GDP Growth Q1 | US |
| 27 April 2023 | Initial Jobless Claims | US |
| 27 April 2023 | Core PCE Q1 | US |
| 27 April 2023 | Pending Home Sales MARCH | US |
| 28 April 2023 | Unemployment Rate MARCH | Japan |
| 28 April 2023 | Tokyo CPI APRIL | Japan |
| 28 April 2023 | Retails Sales, MARCH | Japan |
| 28 April 2023 | Industrial Production MARCH | Japan |
| 28 April 2023 | BoJ Interest rate decision | Japan |
| 28 April 2023 | GDP Growth Rate Flash Q1 | EA |
| 28 April 2023 | Core PCE Price Index MAR | US |
| 28 April 2023 | Personal Income, Spending | US |
Crude Oil Prices
The crude oil prices fell more than 5% during the week despite the recent production cut announced by OPEC+ members. The fear of interest rate hikes by the US Fed and probable recession dragged the oil prices last week. On a weekly basis, WTI and Brent crude oil prices were down by 5.5%, snapping a four-week winning streak.
The higher dollar index weighs on overseas demand for crude and other commodity prices. The news of job cuts by major corporates in the US also increased fears of a business slowdown and recession. While there is news that OPEC+ members including Russia may further cut the crude oil output in addition to the recent cut.
Traders should closely monitor the crude oil-related news, as RBI’s last meeting minutes clearly mentioned two risks for inflation in India- OPEC+ output cut and the below normal Monsoon
FII & DIIs flow
Foreign Institutional Investors (FIIs) were again turned net sellers in the Indian equity markets for the week. They offloaded shares worth Rs 4643.05 crore while DII turned into net buyers again and they bought Rs 3026.27 crore during the week that ended on 21 April. Traders should closely monitor the FIIs and DIIs investments next week, as the FIIs activity can set the market direction next week.
Conclusion
The domestic markets will first react to the Reliance and ICICI Bank Q4 results on Monday. The US and Europen markets closed positive in the last trading session of the week. Hopefully, Indian markets are expected to get direction on Monday after trading in a range-bound session for almost 5 days. You can also follow our Daily Morning Report at 7.30 am to know the market direction.
If you like the post “Stock Market Prediction Next Week (24-28 April 2023)” please share it with the others.
You may also like to read, Nifty and Bank Nifty Prediction for Monday 24 April 2023
Global stock markets end higher as the banking crisis eases- Weekly Updates
Happy Investing!!
Editor’s Desk