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Nifty 50 Nifty Bank Analysis for April 18, 2024
Table of Content
Chanakya’s Nifty Bank & Nifty 50 Investments Analysis
Nifty Bank (47484):
*Major Trend: Bullish
*Trend for 18 April: Nifty Bank is expected to show positive opening on Thursday and then down ward will resume. For next few session, the market mood is expected to remain weak.
*On lower side, expected to decline to 47331
*On higher side, it is expected to move up to 47623
Nifty 50 (22147):
*Major Trend: Bullish
*Trend for 18 April: Nifty is expected to show positive opening on Thursday and then down ward will resume. For next few session, the market mood is expected to remain weak.
*On lower side, it is expected to decline to 22080
*On higher side, expected to move up to 22214
- Reliance, Target & Stoploss
- Gold Analysis
- FII buy-Sell
- Technical Analysis
- Calls for the Day
- Currency Analysis
Nifty Analysis by Shrikant Chouhan Head Equity Research Kotak Securities
The benchmark indices continued profit booking at higher levels, the Nifty ends 125 points lower while the Sensex was down by 456 points. Among Sectors, IT index lost the most, shed over 2.5 percent whereas despite weak market conditions Media index gained over 1.5 percent. Technically, after a long time Nifty/ Sensex slipped below 50 day SMA (Simple Moving Average) and on intraday charts also it is holding lower top formation which is largely negative.
We are of the view that, the short term market texture is still in to the weak side but one technical bounce back possible if the index succeeds to trade above 22200/72200. On the down side, the index could find support between 22000-21950/72500-72300. On the other side, above 22200/72200 it could bounce back till 22350-22375/72500-72700.
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‘Ll market go down continuously
Will market go down continuously or not
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