To start with, let’s take a look at what occurred in the market on Monday, before delving into the Nifty 50 and Bank Nifty prediction for tomorrow 11 April 2023. The Indian equity market indexes had a volatile session, ending with little change for the sixth consecutive trading session. Although the market opened positively, most of the intraday gains were wiped out after the private weather forecaster, Skymet, predicted that the monsoon would be below normal this year. This news, along with investors’ cautiousness ahead of the economic data and FOMC minutes scheduled for the week, resulted in a mixed sentiment in the market.
Among the sectors, the realty, auto, energy, and IT sectors witnessed high demand, whereas the financial services, FMCG, and banking sectors experienced some selling pressure. The market breadth was positive, with 1019 shares advancing and 947 shares declining on the National Stock Exchange (NSE).
Despite the mixed sentiment in the market, the broader markets outperformed the frontline index, with the Nifty mid and smallcap indexes gaining 0.38 percent and 0.28 percent, respectively. At the close of the market, the Sensex and Nifty advanced by 0.02 percent and 0.14 percent, respectively.
Overall, the Indian equity market remained cautious and volatile as investors weighed the impact of various factors on the market, including the monsoon forecast, economic data, and global market trends. The market breadth remained positive, with the mid and small-cap indexes outperforming the frontline index.
Price Movement of Nifty 50 and Bank Nifty Futures on 10th April
Monday witnessed some interesting price movements in the Nifty 50 and Bank Nifty futures! The Nifty futures opened with a positive note at 17671, up by 26.8 points from its previous close. It marked an intraday high of 17754 and a low of 17653.60, showcasing a movement of 100.4 points throughout the day. But the Nifty futures managed to close higher by 32.80 points or 0.19 percent, ending at 17677 levels.
On the other hand, the Bank Nifty futures opened at 41239.60, up by 69.95 points. It also touched an intraday high of 41239.65, but unfortunately, the lows weren’t too far behind, reaching 40866.40. However, the Bank Nifty futures provided quite an exciting movement of 373.25 points before closing lower by 217.65 points or 0.53 percent at 40952 levels.
All in all, Monday turned out to be an engaging day for traders and investors alike, with the Nifty and Bank Nifty futures showcasing noteworthy price movements.
Nifty 50 & Bank Nifty Prediction for Tuesday 11 April 2023
Prediction for Nifty 50 Futures on Tuesday, 11th April 2023
The primary trend in Nifty Futures is sideways negative, indicating that the market is expected to move in a range-bound manner. During this trend, all up moves will likely initiate profit booking (sale) at around 17750 levels, while all down moves will likely initiate short covering (buy) at around 17550 levels.
If the Nifty Futures (April Series) share price moves above 17715 and sustains, it is advisable to buy with the first target of 17747 for the day, along with a stop loss of 17670. The subsequent targets for the day include 17780, 17812, and 17835.
However, if the Nifty Futures (April Series) share price moves below 17592 and sustains, it is advisable to sell with the first target of 17558 for the day, along with a stop loss of 17630. The subsequent targets for the day include 17527, 17480, and 17455.
Keeping these predictions in mind, traders and investors can make informed decisions while trading in the Nifty Futures market on Tuesday, 11th April 2023.
Prediction for Bank Nifty Futures on Tuesday, 11th April 2023
Bank Nifty Futures’ primary trend is sideways negative, indicating a range-bound market trend. During this trend, all up moves are likely to initiate profit booking (sale) at around 41350 levels, while all down moves will likely initiate short covering (buy) at around 40900 levels.
If the Bank Nifty Futures (April Series) moves above 41125 and sustains, it is advisable to buy with the first target of 41180 during the day, along with a stop loss of 41040. The subsequent targets for the day include 41256, 41330, and 41410.
On the other hand, if the Bank Nifty Futures (April Series) moves below 40840 and sustains, it is advisable to sell with the first target of 40760 for the day, along with a stop loss of 40980. The subsequent targets for the day include 40680, 40600, and 40530.
Keeping these predictions in mind, traders and investors can make informed decisions while trading in the Bank Nifty Futures market on Tuesday, 11th April 2023.
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