Nifty and Bank Nifty Predictions for Tomorrow, April 28, 2023: Today, the Indian equity market saw a positive end to the April F&O expiry. The Nifty(17,915.05) and the Bank Nifty(43,000.85) closed strong despite the initial volatility caused by the monthly F&O expiry. Today’s Nifty and Bank Nifty movements were swift and steady, meeting expectations. Nifty gained 0.57%, while Bank Nifty rose by 0.4%.
All major sectors of the Indian economy experienced broad-based buying activity today. IT, realty, metal, and auto emerged as the top sectoral movers of the day. The broader market also closed strong, with the Nifty midcap and Nifty small-cap indices rising by 0.56% and 0.8%, respectively. However, FMCG was the only sector to have closed marginally in the negative today.
Nifty and Bank Nifty Movement of the Day
| Index Value | Change | Percentage Change | Open | High | Low |
| 17,915.05 | 101.45 | 0.57% | 17,813.10 | 17,931.60 | 17,797.90 |
| 43,000.85 | 170.95 | 0.4% | 42,753.90 | 43,043.40 | 42,736.60 |
Today, the Nifty and Bank Nifty responded positively to US stock futures and a group of Asian markets. Initially, the market weakened due to the increase in VIX, but as time progressed, both indices rose from their significant support zones. The Nifty hit a low of 17797.9, while the Bank Nifty hit a low of 42736.6. However, they both rebounded and reached their intraday highs of 17931.6 and 43043.40, respectively and closed near these highs. The most crucial point of today’s trading was that both indices managed to maintain their critical support levels, indicating the market’s strength.
Top Nifty 50 Gainers of the Day
| Company Name | Current Price | Change | Change (%) |
|---|---|---|---|
| Bajaj Auto Ltd | 4,408.20 | +109.20 | 2.54% |
| Bajaj Finance Ltd | 6,200.05 | +144.10 | 2.38% |
| Bharat Petroleum Corporation | 355.65 | +6.65 | 1.91% |
| Bajaj Finserv Ltd | 1,360.00 | +25.30 | 1.90% |
| Bharti Airtel Ltd | 786.50 | +13.05 | 1.69% |
| SBI Life Insurance Company Ltd | 1,137.05 | +18.75 | 1.68% |
| UPL Ltd | 727.20 | +11.85 | 1.66% |
| Kotak Mahindra Bank Ltd | 1,908.60 | +30.00 | 1.60% |
| Infosys Ltd | 1,246.25 | +18.70 | 1.52% |
| Dr Reddys Laboratories Ltd | 4,918.55 | +73.45 | 1.52% |
Top Nifty Bank Gainers of the Day
| Company Name | Current Price | Change | Change(%) |
|---|---|---|---|
| Kotak Mahindra Bank Ltd | 1,908.60 | +30.00 | 1.60% |
| Bandhan Bank Ltd | 226.85 | +3.05 | 1.36% |
| Bank of Baroda | 185.75 | +2.20 | 1.20% |
| IDFC First Bank Ltd | 59.45 | +0.55 | 0.93% |
| IndusInd Bank Ltd | 1,144.75 | +6.95 | 0.61% |
| HDFC Bank Ltd | 1,681.00 | +9.20 | 0.55% |
| ICICI Bank Ltd | 918.35 | +3.40 | 0.37% |
| Punjab National Bank | 50.40 | +0.15 | 0.30% |
| AU Small Finance Bank Ltd | 644.45 | +1.05 | 0.16% |
Nifty prediction for tomorrow 28 April 2023
Based on the chart analysis, the Nifty has surpassed the previous resistance zone at 17870 and closed above 17900. It indicates a positive trend for tomorrow. The next resistance is expected to be between 18000-18130. As long as Nifty remains above 17860–17870, the trend will continue to be positive. A negative outlook will only emerge if it breaks below this level. However, if it remains above 17800, the primary trend will continue to be positive.
In case the Nifty trend reverses, the support level will be 17750–17700. As for tomorrow, the area near 18000 will be congested for a fresh-up move, with leading indicators suggesting an overbought condition. Therefore, potential buyers must exercise caution in that area.
Upside and Downside Levels of Nifty for Tomorrow 28 April 2023
| Nifty Upside Levels | ||
| 17970 | 18030 | 18100 |
| Nifty Downside Levels | ||
| 17820 | 17750 | 17680 |
Bank Nifty prediction for tomorrow 28 April 2023
The Bank Nifty has reached its target of 43000, but it may still increase by 200–300 points if it sustains above this level tomorrow. However, the chart indicates that the area between 43200 and 43300 will be a zone for profit booking, and a retracement from this upper level would be beneficial for the Bank Nifty. Currently, the Bank Nifty’s immediate resistance area is between 43150 and 42000, while its support area is between 42900 and 42700 and 42580.
Nifty Bank Upside and Downside Levels for Tomorrow 28 April 2023
| Banknifty Upside Levels | ||
| 43160 | 43250 | 43390 |
| Banknifty Downside Levels | ||
| 42870 | 42650 | 42500 |
Global Market Updates
Asian Markets Today
| Market | Closing Price | Change | % Change |
|---|---|---|---|
| Hang Seng Index | 19,840.28 | +83.01 | +0.42% |
| KOSPI | 2,495.81 | +10.98 | +0.44% |
| Nikkei 225 | 28,457.68 | +41.21 | +0.15% |
| Taiwan Capitalization Weighted Stock | 15,411.49 | +36.86 | +0.24% |
| SSE Composite Index | 3,285.88 | +21.78 | +0.67% |
Today, all Asian markets closed positively despite the US banking crisis and the downfall of the Dow Jones Industrial yesterday. Nomura’s quarterly profits in Japan dropped by 76%, which indicates the weakness in the banking sector there.
Europe’s markets started the day with a decline due to concerns about the US banking industry and a possible economic slowdown. Germany’s DAX futures and the UK’s FTSE 100 futures both fell during the first half. On a positive note, Deutsche Bank’s first-quarter profits exceeded expectations. Economic data was released for Europe, including sentiment indexes, consumer and business sentiment readings for Italy, and retail sales and jobless rates for Spain. As of now (IST 7.30 PM), the DAX, FTSE, and CAC are all up, erasing the initial losses.
The Dow Jones, S&P 500, and Nasdaq are all up by 0.63%, 0.71%, and 0.92%, respectively. When we look at US stocks, the troubled First Republic Bank’s(FRC) share price is up by 12%. Strong earnings from the Meta are lifting the Nasdaq, which is up about 15%. Oil prices rise slightly due to a significant decrease in weekly US crude inventories. Gold futures and EUR/USD are all declining slightly now at 8.20 IST.
Conclusion
From tomorrow, a new F&O series for May will begin. So to begin the new series with a positive outlook, the Indian equity market has enough cues. The breakout of Nifty and Bank Nifty and the positive global cues will aid in renewed trends for the May F&O series. Though today’s US stocks will decide the trend of tomorrow, the Indian market may continue the uptrend.
Another important point to be noted is that both indexes have already moved above 5% from their recent lows. So, a pullback rally will be healthy for the days to come. Looking at the global uncertainty, investors should also focus on profit booking, which is on the rise as well. Nevertheless, the Indian equity market will continue the uptrend on the back of strong Q4 numbers from the frontline stocks.
Now, investors are eagerly waiting for a turnaround in the stocks they hold, usually mid and small stocks. A breakout in the index will probably boost the confidence of buyers in May. So, the perfect mantra of the new series will be to buy on dips.
