Nifty and Bank Nifty Predictions for Tomorrow, April 26, 2023: The Nifty and Bank Nifty started the day without much change and remained stable throughout the day. Both indices ended the day up by about 26 points or 0.15%, and 43 points, or 0.10%, respectively. We can see that the positive trend continues in the Indian equity market for two consecutive days. However, as the benchmarks approach their previous highs, there is a chance of profit booking on the highs.
Today, the broader market also showed a mixed set of closings. The midcap index closed mildly negative, while the small-cap index was up by 0.51%. Due to the upcoming April series expiry, the next two days will be full of volatility in the market.
Nifty and Bank Nifty Movement of the Day
| Index Value | Change | Percentage Change | Open | High | Low |
| 17,769.25 | 25.85 | 0.15% | 17,761.55 | 17,807.45 | 17,716.85 |
| 42,678.50 | 42.75 | 0.1% | 42,731.60 | 42,865.55 | 42,601.50 |
Nifty and Bank Nifty opened with gap-ups, but both indices traded narrowly throughout the day. We saw volatile and range-bound movement throughout the day. The Nifty and Bank Nifty tried to move high a few times today. But the fall in Asian markets and Dow Jones futures forced buyers to book profits on every rise. The Nifty 50 and Nifty Bank closed at 17769.25 and 42678.50, respectively. The Nifty gained 25.85 points or 0.15%. Similarly, the Banknifty ended the day flat, gaining just 42.75 points, or 0.10%.
Finally, the Indian market was able to close in the green for straight two sessions though it was a marginal gain.
Top Nifty 50 Gainers of the Day
| Company Name | Current Price | Change | Change (%) |
|---|---|---|---|
| Bajaj Finance Ltd | 6,075.25 | 141.50 | 2.38% |
| Adani Enterprises Ltd | 1,844.6 | 42.65 | 2.37% |
| Britannia Industries Ltd | 4,402.55 | 91.55 | 2.12% |
| Bajaj Finserv Ltd | 1,345.8 | 26.05 | 1.97% |
| IndusInd Bank Ltd | 1,121.75 | 19.75 | 1.79% |
| Bharti Airtel Ltd | 772.6 | 12.35 | 1.62% |
| State Bank of India | 561.8 | 7.20 | 1.30% |
| Eicher Motors Ltd | 3,217.95 | 35.15 | 1.10% |
| Divis Laboratories Ltd | 3,226.45 | 33.60 | 1.05% |
| ICICI Bank Ltd | 913.45 | 8.70 | 0.96% |
Top Nifty Bank Gainers of the Day
| Company Name | Current Price | Change | Change (%) |
|---|---|---|---|
| Bank of Baroda | 184.10 | 3.90 | 2.16% |
| IndusInd Bank Ltd | 1,121.75 | 19.75 | 1.79% |
| Bandhan Bank Ltd | 223.40 | 3.60 | 1.64% |
| State Bank of India | 561.80 | 7.20 | 1.30% |
| Punjab National Bank | 49.80 | 0.55 | 1.12% |
| Federal Bank Ltd | 133.40 | 1.30 | 0.98% |
| ICICI Bank Ltd | 913.45 | 8.70 | 0.96% |
| IDFC First Bank Ltd | 58.65 | 0.40 | 0.69% |
Nifty prediction for tomorrow 26 April 2023
Nifty is gradually moving into this week’s subsequent congestion zone. We can see that the area above 17800 is a numerous supply zone; as a result, it is crucial to monitor it. We may anticipate the positive trend to continue as long as the Nifty can stay above this range. At 17,840–17,870, the first challenge on the upside must be overcome. A breakthrough there might trigger a swift climb toward 18,000. The region between 17690 and 17660 will serve as a significant demand zone for tomorrow if we see support. Nifty will only move abruptly towards 17500 below this.
Nifty Upside and Downside Levels for Tomorrow 26 April 2023
| Nifty Upside Levels | ||
| 17810 | 17860 | 17910 |
| Nifty Downside Levels | ||
| 17705 | 17670 | 17610 |
Bank Nifty prediction for tomorrow 26 April 2023
Bank Nifty has already passed the first barrier of 42600, but as it got closer to 42900 and 43000, we noticed intense profit booking. It failed to maintain its gain over 42800 today and formed a rounding top. For the bullish momentum to continue tomorrow, the Bank Nifty must maintain a level above 42600. However, taking profits at the higher levels near 43000 might also be a good idea.
If we look at Bank Nifty’s support, the region between 42500 and 42400 will operate as a strong demand zone. Only sustained declines below the lower range of the level will result in new selling activities.
Nifty Bank Upside and Downside Levels for Tomorrow 26 April 2023
| Banknifty Upside Levels | ||
| 42830 | 42970 | 43080 |
| Banknifty Downside Levels | ||
| 42560 | 42440 | 42300 |
Conclusion
Given the current behavior of the Indian equity market, it needs assistance from global markets in order to move out of the crucially congested areas. But right now, we notice that global markets are lacking in it. So, to continue the rise above 17800 and 42800 in the Nifty and Bank Nifty will be tough ahead of the April F&O expiry. The S&P 500 and Nasdaq 100 are currently driving the U.S. market’s over 1% decline as of this writing (IST 11 pm).
If the American market closes at the day’s low, a gap-down opening is therefore anticipated tomorrow in the Asian market, followed by India. So, the market will remain volatile and negatively biased tomorrow. To play the day, traders can concentrate on the sell-on-rise strategy with proper stop loss or hedge.
Please note that all levels discussed above, including those for Nifty and Banknifty, are spot prices.
Chart Credit: Chartink
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