Nifty and Banknifty Prediction for tomorrow April 19, 2023: The Indian stock market ended the day with a lackluster performance. Although both the Nifty and Banknifty indices saw a slight decrease, it wasn’t a significant drop. However, on a closing basis, both indices had two consecutive red candles. It’s important to observe tomorrow’s market to see if there will be three consecutive negative closings for the Indian benchmark indices.
The Nifty Pharma index, which increased by 1.64% today, was the largest sectoral gainer on the NSE. It was followed by the Nifty Healthcare and Nifty Realty indices, which gained above 1 percent.
The Nifty Midcap and Nifty Smallcap indexes did better today, even though Nifty and Banknifty closed in the negative to the flat range. The Nifty Midcap and Nifty Smallcap indices each saw gains of 0.76 and 0.29 percent.
Nifty and Banknifty Movement of the Day
| Index Value | Change | Percentage Change | Open | High | Low |
|---|---|---|---|---|---|
| 17,660.15 | -46.70 | -0.26% | 17,863.00 | 17,766.60 | 17,610.20 |
| 42,265.20 | 2.65 | 0.01% | 42,406.95 | 42,500.70 | 42,114.35 |
The Nifty and Banknifty indexes closed today at 17660.15 and 42265.20, respectively. The Nifty experienced a decrease of 46.70 points, or 0.26%, while the Banknifty closed almost flat, gaining only 2.65 points, or 0.01%. Today’s trading session was sluggish and uneventful. But the Nifty declined significantly more than the Banknifty.
During the second half of the day, the Nifty experienced sharp profit booking. As a result, Nifty dropped towards 17600, but it managed to recover slightly before closing. Although the Banknifty remained well above 42200, the Nifty 50 fell below 17700 by the end of the day.
Top Nifty 50 Gainers of the Day
| Company Name | Stock Price | Price Change | % Change |
|---|---|---|---|
| Divis Laboratories Ltd | 3,270.6 | 107.95 | 3.41% |
| HCL Technologies Ltd | 1,063.85 | 21.65 | 2.08% |
| Nestle India Ltd | 20,661.25 | 416.85 | 2.06% |
| IndusInd Bank Ltd | 1,146.9 | 22.55 | 2.01% |
| Cipla Ltd | 924.25 | 17.80 | 1.96% |
| Wipro Ltd | 367.9 | 6.55 | 1.81% |
| Dr Reddys Laboratories Ltd | 4,912.4 | 60.10 | 1.24% |
| Coal India Ltd | 232.2 | 2.60 | 1.13% |
| Eicher Motors Ltd | 3,263.55 | 34.55 | 1.07% |
| Maruti Suzuki India Ltd | 8,732.65 | 58 | 0.67% |
Top Nifty Bank Gainers of the Day
| Company Name | Stock Price | Price Change | % Change |
|---|---|---|---|
| Bandhan Bank Ltd | 213.30 | 6.60 | 3.19% |
| IDFC First Bank Ltd | 56.50 | 1.35 | 2.45% |
| IndusInd Bank Ltd | 1,146.90 | 22.55 | 2.01% |
| Bank of Baroda | 177.90 | 1.55 | 0.88% |
| AU Small Finance Bank Ltd | 693.05 | 4.40 | 0.64% |
| Punjab National Bank | 49.10 | 0.30 | 0.61% |
| State Bank of India | 545.85 | 1.85 | 0.34% |
| Federal Bank Ltd | 131.65 | 0.30 | 0.23% |
Nifty prediction for tomorrow 19th April 2023
Based on the 1-hour chart of the Nifty 50, it appears to be exhibiting weakness. The hourly chart shows that, with the exception of the 200-day exponential average, Nifty is trading below all its averages. This suggests that the major trend is currently in a downtrend.
Unless Nifty is able to trade above the 17,800 level, we cannot anticipate significant strength in the short term. On the chart, there appear to be several resistance zones located around the 17,800 level, so any rebounds below this level could present a selling opportunity.
| Pivot Levels | Price |
|---|---|
| Pivot | 17678.65 |
| Support 1 | 17598.35 |
| Support 2 | 17508.75 |
| Support 3 | 17419.15 |
| Resistance 1 | 17758.95 |
| Resistance 2 | 17868.85 |
| Resistance 3 | 17958.75 |
Nifty’s overall outlook for tomorrow is slightly negative. So, as long as it trades below 17680, the downside levels will be 17600-17500. If the Nifty trades above 17680, the upside levels will be 17760-17800.
Banknifty prediction for tomorrow 19th April 2023
Based on the analysis of the 1-hour chart of Nifty Bank, it appears to be exhibiting a stronger performance than Nifty. The chart indicates that Banknifty is currently experiencing an uptrend, as it is trading above all of its averages except for the 5- and 10-day exponential averages.
In the short term, it is unlikely that Banknifty will experience significant weakness unless it drops below the 41,660 level. Moreover, the chart shows that there are several support zones situated around this level. So it indicates that any retracements above this level could be viewed as an opportunity to buy.
| Pivot Levels | Price |
|---|---|
| Pivot Point | 42360.42 |
| Support 1 | 42006.03 |
| Support 2 | 41746.87 |
| Support 3 | 41457.67 |
| Resistance 1 | 42619.58 |
| Resistance 2 | 42873.96 |
| Resistance 3 | 43161.79 |
Based on the analysis, BankNifty is expected to have a slightly negative outlook for tomorrow’s trading session. If the index remains below the key level of 42360, it could potentially experience a bearish trend and move toward the downside levels of 42100-41700. On the other hand, if the index manages to trade above 42360, the upside levels will be 42400-42600.
Global Markets Update
The Asian markets had mixed performances today. The Nikkei 225 and Shanghai increased by 0.51% and 0.23%, respectively. However, the Taiwan index, Hang Seng index, and Kospi index decreased by 0.59%, 0.63%, and 0.19%, respectively.
China’s economy grew by 4.5% year-on-year, which was higher than expected and could have a positive impact on the markets. Overall, the performance of the Asian markets did not show a clear trend in the region.
At present, the European and U.S. equity markets are displaying uncertain patterns. There seems to be a lack of clear direction in the markets worldwide. However, there may be an increase in volatility as Q4 numbers begin to emerge, which could potentially impact global markets.
Conclusion
Based on current market analysis, it appears that both the Nifty 50 and the Nifty Bank may experience a slightly negative outlook during tomorrow’s trading session. However, it’s worth noting that the Nifty Bank appears to be stronger than the Nifty, as it’s still trading well above recent breakout levels.
As we approach tomorrow’s trading session, it’s important to keep an eye on whether the Banknifty will lift the Nifty or if the Nifty will drag down the Banknifty. Additionally, the closing of the U.S. market may provide valuable insights and direction for tomorrow’s trade.
Please note that all levels discussed above, including those for Nifty and Banknifty, are spot prices.
Chart Credit: Chartink
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