April 18, 2024
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Nifty 50 Nifty Bank Analysis for April 19, 2024
Table of Content
Chanakya’s Nifty Bank & Nifty 50 Investments Analysis
Nifty Bank (47484):
*Major Trend: Bullish
*Trend for 19 April: Nifty Bank is expected to show positive opening on Friday 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 46757
*On higher side, it is expected to move up to 47605
Nifty 50 (21996):
*Major Trend: Bullish
*Trend for 19 April: Nifty is expected to show positive opening on Friday 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 21863
*On higher side, expected to move up to 22228
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- Technical Analysis
- Calls for the Day
- Currency Analysis
Nifty Analysis by Shrikant Chouhan Head Equity Research Kotak Securities
Today, the benchmark indices witnessed a volatile trading session, after a roller coaster activity the nifty ends 152 points lower while the Sensex down by 455. Among Sectors, Media index outperformed, rallied over 1 percent whereas FMCG and Financial stocks witnessed profit booking at higher levels.
After an early morning intraday bounce back the Nifty/ Sensex took the resistance near 20 day SMA (Simple Moving Average) and reversed sharply.
In addition, on daily charts, market has formed bearish candle and on intraday charts, it is still holding lower top formation, which is largely negative. We are of the view that, as long as the index is trading below 22150/73000 the weak texture is likely to continue. Below which, the market could slip till 21900-21875/72100-72000.
On the flip side, above 22150/73000 the sentiment could change. Above 22150/73000, it could bounce back till 22300-22325/73400-73500. The current market texture is volatile hence; level based trading would be the ideal strategy for the day traders.
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‘Ll market go down continuously
Will market go down continuously or not
Need NIFTY and BKnifty analysis and tips for the same.
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