Stock Market Outlook 19th to 23rd April 2021 | Nifty, Bank Nifty Prediction | Stocks on Radar
Covid-19 Outbreak In India
First we will start with the Covid – 19 outbreak as second wave of Covid -19 is really alarming one. India on Saturday reported nearly 2.35 lakhs new Covid-19 cases and about 1341 deaths in the last 24 hours as per the data from the Union Health Ministry. The total cases in the country now stand at 1.45 crores. If we talk about active cases there are 16.79 lakhs and 1.26 crores people have recovered from the disease. The overall death toll has reached to 1.75 lakhs. India vaccination drive is on and daily about 35 lakhs of peoples are being vaccinated and nearly 12 crores peoples have been vaccinated so far.
Due to Covid – 19 worldwide over 30 lakhs deaths were reported and in last 2 months the death rate is at record high of nearly 10 lakhs deaths.
Worldwide vaccination drive is on and US and UK, vaccinations are done nearly 40- 50% of the population so far.
Covid-19 second wave spread rate is very high and affecting the large population and mortality rate also increased so all are requested to follow the preventive measures and guidelines issued by the Govt authorities and use mask, maintain social distancing and unless necessary stay at home.
Now coming back to the stock market we have discussed the pandemic situation as the same is directly related to the stock markets. Indian Stock Markets and Global Stock Markets we have seen disparity in past couple of days & this is mainly because of the rising Covid -19 cases and fear of lock down. Most of the states initiated actions in terms of partial lockdowns and in some areas strict norms. However Indian Govt. now not in favor of lockdown rather the conditions won’t allow India for the lock down. Economic growth is important in present conditions and hence Indian Govt. authorities given approval for 3rd vaccine in India. Russia’s Sputnik V is now the 3rd vaccine and is manufactured in India by Dr. Reddy’s. Govt. is focusing on rapid vaccination in India so as to curtail down the curve.
Indian Markets from its all time high will compare with world markets, will benchmark with US markets
Indian Stock Market Performance: –
| Benchmark Indices | High (All time high recorded in Feb’21 | Current Level (Close Price 16.04.21) | % Up (+) or Down (-) |
| Nifty 50 Index | 15431 | 14671 | -4.92% |
| Sensex | 52516 | 48832 | -7.01% |
| Banknifty | 37708 | 31977 | -15.20% |
US Stock Market Performance : –
| Benchmark Indices | High (All time high recorded in Feb’21 | Current Level (Close Price 16.04.21) | % Up (+) or Down (-) |
| Dow Jones | 32009 | 34200 | +6.8% |
| Nasdaq | 13879 | 14042 | +1.17% |
| S&P 500 | 3950 | 4185 | +5.95% |
Indian stock markets generally follow global markets however in the present scenarios US markets are outperforming and recording daily all time highs however our markets are underperforming and showing the weakness.
Nifty Overview, Nifty Prediction for Next Week (19th to 23rd April 2021)
Last week on Monday, we have seen stiff fall in nifty with gap down opening at 14644 made a low of 14248 fall of almost 585 points from the previous week close and afterwards later on nifty was able to recover and made a high of 14697 and closed the week at 14617.
Let’s have a look at above Technical Charts of Nifty, Nifty Daily charts formed a base at 14250-14300 zone and resistance at 14800-850 zone. Nifty is either way expected breakout or breakdown in the upcoming weeks and nifty is having strong resistance at 15200 and unless and until 15200 levels are crossed we may remain range bound with high volatility and if the 14250-14300 support zone breaks we can expects nifty to fall towards 13650 levels refer marked zone on the chart. Unless and until trend clarity investors are suggested to stay side ways and traders can take positions accordingly.
Bank Nifty Overview , Banknifty Prediction for Next Week (19th to 23rd April 2021).
In line with nifty, banknifty also recorded stiff fall on Monday with gap down opening at 31637 nearly 811 points down wrt previous week close and made a low of 30520 nearly 2000 points fall and then at the end of week recovered a bit and closed at 31977 – 1.45% lower compared with previous week.
Let us have a look at the Daily Chart of Bank Nifty where in you can see that bank nifty is standing at very crucial zone and immediate resistance seen at 32500 levels in banknifty and support is at 30600 levels & breach of these levels we may see either way a big move. Hence these levels are to be kept in mind so as to take trade decisions. Banknifty is broadly underperforming the markets and became a lackluster performer and for emergence of fresh trend banknifty participation is required.
Stocks to keep on Radar
- Cadila Healthcare
Let’s have a look at the above technical chart of Cadila Healthcare – Technically the chart has given a bullish breakout above 505 levels and closed above breakout zone and sustained and presently closed at 527. We can expect the continuation of upwards movement towards 580-627-650 levels in the upcoming weeks. Stop Loss for this trade can be placed at 488.
- Gland Pharma
Let us have a look at the above daily chart of Gland Pharma the stock is trending and expected to give breakout at marked levels nearly 2660 and expected to move towards 3400 levels in the coming weeks.
- Triveni Engineering
Triveni Engineering has given a breakout at 97 levels and currently trading at 102 and we can expect the stock to move towards 130 in coming days.
- CAMS
CAMS given a breakout and closed at 2066 and it is expected to give good movement towards 2700 in coming days, so the stock is buy on dips or can be brought at current levels.
We have covered nifty, banknifty view for next week and also 4 stocks updated which can give good movement in coming weeks. Further to this Nalco, Hindcopper, CSB Bank & Wipro also looks good to accumulate, so you can go through the individual charts and if you like this blog post please do share with your family and friends.
Disclaimer : – The contents posted here are only for Educational purpose and not a buying or selling recommendations, do consult your financial advisor before taking any decision.
