Stock Market Prediction: Nifty & Bank Nifty 18th March 2024

Stock Market Prediction: Nifty & Bank Nifty 18th March 2024

Recap of the Stock Market on March 17th, 2024

The stock market today saw Nifty hovering around 22,000 while Sensex took a dip by -454 points. However, amidst this, small-cap stocks showed gains, offering a silver lining.

AspectDetails
Market RecapNifty hovered around 22,000; Sensex dipped by -454 points.
Top PerformersGainers: Bharti Airtel, UPL, Bajaj Finance, HDFC Life, Adani Enterprises.
Losers: BPCL, M&M, Tata Motors, Coal India, L&T.
Sectoral PerformanceExcept for Telecom, all sectoral indices closed in the red.
Specific Stock PredictionsCummins India, Glenmark, Tata Steel, Zydus Life. Suggested levels provided for potential movements.
Market AnalysisNifty maintained support range between 21,900 and 21,860; Bank Nifty encountered volatility.
Key LevelsNifty: Support – 21,920, 21,800; Resistance – 22,000, 22,200.
Bank Nifty: Support – 46,320, 46,190; Resistance – 47,000, 47,850.

Market Indices Performance

  • Sensex: Dropped by -453.85 points to 72,643.43.
  • Nifty: Fell by -123.40 points to 22,023.30.

Top Performers and Underperformers

  • Top Losers: BPCL, M&M, Tata Motors, Coal India, and L&T.
  • Top Gainers: Bharti Airtel, UPL, Bajaj Finance, HDFC Life, and Adani Enterprises.

Sectoral Performance

  • Except for Telecom, all sectoral indices closed in the red, with oil & gas, auto, capital goods, and healthcare down by -1 to -2 per cent.

Midcap and Smallcap Movement

  • BSE Midcap index declined by -0.5 per cent, while the smallcap index ended positively.

Stock Predictions for March 18th, 2024

Let’s delve into the specific predictions for certain stocks and the overall market trends for the upcoming trading day.

Specific Stock Predictions

StockGood AboveWeak Below
CUMMINSIND27302700
GLENMARK931922
TATASTEEL144141
ZYDUSLIFE985976

Nifty Outlook

The prediction for Nifty suggests a potential uptrend if it surpasses 22,000 or a downward movement post breaching the 21,920 level. However, market movement heavily relies on global cues.

Bank Nifty Outlook

Similarly, the Bank Nifty can experience an upward movement beyond 47,000 or a decline below 46,320. Again, global cues will significantly influence its trajectory.

Market Analysis and Insights

Nifty Performance Analysis

On the trading day, Nifty experienced notable price swings. While the first half showed a decline, a rebound later in the day aided Nifty in recovering from its intraday lows, though it still closed on a negative note, down by approximately -123 points. The daily charts indicate that Nifty maintained its support range between 21,900 and 21,860 on the previous session. Key levels to watch include the resistance zone between 22,000 and 22,200, and the crucial support range lying between 21,920 and 21,800.

Bank Nifty Performance Analysis

The Bank Nifty index encountered a volatile trading session, marked by uncertainty, as reflected by the formation of a doji candle. Anticipated resistance levels range between 47,000 and 47,850, while crucial support is expected at 46,320 to 45,190 on the downside.

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