Indian Stock Market Analysis - 13/04/2023 & Predictions for 17/04/2023

The Indian Stock Market witnessed mixed trends on expiry day, with the Bank Nifty witnessing a strong rally while the Nifty struggled to stay in the green. The banking sector, with its higher weightage in the Nifty 50, managed to push the index into positive territory despite the negative performance of the IT sector. However, the HDFC Bank's upcoming results declaration on Saturday could be a potential trigger for the market.

Moving on to Monday's expectations, the Nifty is likely to face selling pressure if it breaks the 17780 level, with further downside expected until 17730-700 levels. On the upside, the 17850 level holds significant importance, with further bullishness expected for targets of 17900-950-18000. It is advisable not to trade in the range of 17780-17850 and wait for the market to break out of either of these levels.

In terms of specific stocks, HDFC Bank's results declaration is expected to be a significant trigger for the market. Investors should watch out for the impact of the results on the stock's price movement and the overall market sentiment.

The IT sector is currently not showing any signs of bullishness, which could be a concern for investors holding IT stocks. 

For the Bank Nifty, short positions should not be deployed unless the market trades below the 42000 level, with further downside expected until 41800-700 levels. Conversely, long positions can be created above the 42200 level, with no near resistance zones until the 42450-42600 range. Traders should trail the stop-losses of 50-60 points above 42200 level and trade accordingly.

Educational Disclaimer - 

Please note that the information provided in this article is intended solely for educational purposes and should not be construed as financial or investment advice. Any decisions made based on this information are made at your own risk, and we cannot be held responsible for any gains or losses that may result.

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