Hey there! The Indian stock market had a good day yesterday as it went up for the seventh day in a row. This was because the Asian markets were doing well and also because the India Meteorological Department said that the monsoon season this year is going to be normal. As a result, people felt positive about investing in the stock market.
Some sectors like metals, banking, and financial services did really well, but others like IT, consumer durables, and really didn’t do so great. Overall, more stocks went up than went down. On the NSE, 1235 stocks rose while 712 stocks fell. And, to top it off, the volatility index (India VIX) went down by 2.42% to 11.98 levels.
Price Movement of Nifty 50 and Bank Nifty Futures on 11th April 2023
Nifty futures opened positively on Monday at 17730, rising 48.5 points. It hit an intraday high of 17809.35 and a low of 17715.75, moving 93.6 points. It ended at 17787, up 105.50 points or 0.60%.
Bank Nifty futures opened at 41305, up 326.8 points, hitting a high of 41517.65 and a low of 41075. It moved 442.65 points, closing at 41500, up 521.80 points or 1.27%.
Nifty 50 & Bank Nifty Prediction for Wednesday 12 April 2023
Prediction for Nifty 50 Futures on Wednesday, 12 April 2023
The primary trend for Nifty 50 Futures appears to be moving sideways, with a range-bound trend indicating profit booking (sale) at 17750 for upward movements and short covering (buy) at 17550 for downward movements.
But, if the Nifty 50 futures shares manage to push past 17812 and hold steady, it may be wise to buy with a stop loss of 17788 and a first target of 17842 for the day, followed by targets of 17884, 17918, and 17950.
On the other hand, if the Nifty futures shares dip below 17746 and stay there, it may be time to sell with a stop loss of 17776 and a first target of 17708 for the day, followed by targets of 17675, 17640, and 17592.
Prediction for Bank Nifty Futures on Wednesday, 12 April 2023
The primary trend for Bank Nifty Futures appears to be mildly positive, with a range-bound trend indicating profit booking (sale) at 41350 for upward movements and short covering (buy) at 40900 for downward movements.
If the Bank Nifty futures (April series) manage to break through 41537 and hold steady, it may be a good idea to buy with a stop loss of 41470 and a first target of 41607 for the day, followed by targets of 41680, 41780, and 41900.
But, if the Bank Nifty futures (April series) start to dip below 41380 and stay there, it may be time to sell with a stop loss of 41455 and a first target of 41285 for the day, followed by targets of 41175, 41090, and 41020.
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