Home » Stock Market Prediction for Nifty & Bank Nifty 24 July 2023

Stock Market Prediction for Nifty & Bank Nifty 24 July 2023

In Stock market today, Bank Nifty hit all-time high marks but Nifty ended in red due to IT stocks.

Stock Market Nifty Chart Prediction.

Indian shares experienced a decline on Friday due to the negative performance of IT stocks, primarily driven by Infosys, the leading software services provider. Infosys reduced its revenue guidance for the year, attributing it to a slowdown in client spending and weak global cues.

As a result, the IT sector witnessed a significant drop of over 4%, with Infosys itself facing a sharp decline of over 9%. This downward trend had a dragging effect on the overall market sentiment. Despite reporting a 10.9% rise in profit for the June quarter, Infosys slashed its full-year revenue growth outlook, citing cuts in tech spending as the reason for the revision.

The unexpected guidance cut from Infosys came as a shock to investors and analysts. The financial experts from Kotak Institutional Equities emphasized that the weaker outlook isn’t limited to Infosys alone but reflects a broader slowdown in the IT sector, especially in key verticals.

In addition to the IT sector’s poor performance, Hindustan Unilever, a fast-moving consumer goods firm, also experienced a decline of over 2% after missing its profit expectations for the June quarter due to higher costs.

This decline in the Indian equity market came after six consecutive sessions of gains during which the benchmark indices had reached new record highs. The sudden reversal in the market trend caused concern among investors and traders.

For Monday  NIFTY can open flat to slight Red but all depend upon the Global cues.

There are good chances of flat to slight Gap down opening for Monday as NIFTY was 200 points down mainly because of IT stocks and momentum can continue till there is weakness in Nasdaq. If Nifty gives a Gap down opening, it may move to the level of 19500. But all these aspects depend upon the Global cues.

For Monday resistance will be 19900 and then 20000 where else support will come at the level of 19500 

Bank Nifty Daily Chart Prediction

Today, BANK NIFTY was more strong as compared to nifty it was mostly range Bound but highly volatile. Today bank nifty has closed above its critical level of 46000 which has made bank nifty strong again as compared to nifty.  For tomorrow you can go with the strategy of buy on dip.

Monday Bank nifty resistance will be 46366 and 46500 where else support will be 45900

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