Nifty and Bank Nifty Prediction for Tomorrow 24 May 2023
Nifty and Bank Nifty Prediction for Tomorrow 24 May 2023: Indian equity market indexes ended with minor gains on Tuesday, for the third straight session. The market erased most of its intraday gains in the last hour due to profit booking ahead of the US FOMC minutes, due later during the week. Investors were also concerned about the slow progress of the US debt ceiling talks.
Among the sectors, Metal, Media, and Auto shares were in demand while some profit booking was witnessed in IT and Realty stocks. The market breadth was slightly on the positive side. In the broader markets, the Nifty midcap gained 0.63 percent while smallcap index ended flat to positive. At the close, Sensex and Nifty advanced 0.03 percent and 0.18 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 23 May
The Nifty futures price opened at 18361.10, making a positive opening of 29.75 points. It has touched an intraday high of 18429 and a day’s low of 18347.75
The Nifty futures price has given a movement of 81.25 points. In the end, it closed higher by 26.75 points or 0.15 percent and ended at 18358.10 levels.
The Bank Nifty futures opened at 43953.15 It opened slightly higher by 30.3 points. The Bank Nifty futures touched an intraday high at 44080 and a day’s low at 43902
During the day, the Bank Nifty futures have given a movement of 178 points. In the end, it closed higher by 22.15 points or 0.05 percent and closed at 43945 levels.
Nifty & Bank Nifty Prediction for Tomorrow 24 May 2023
Nifty Futures Prediction for Tomorrow 24 May 2023
Primary Trend in Nifty Futures: Positive and volatile
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18450 whereas All Down Moves Initiates Short Covering (Buy) @ 18300
If the Nifty futures (May Series) share price Moves Above 18395 and sustains. Then you should Buy with the 1st Target of 18426 during the day with a Stop Loss of 18368 FOR the Target of 18426- 18456- 18480- 18515
If the Nifty futures (May Series) share price Moves Below 18328 and is sustained. Then you should Sell with the 1st Target of 18302 for the day with a Stop Loss of 18356 For the Target of 18302- 18270- 18228- 18185
If you want Live Trading calls for Nifty, Bank Nifty, Stocks Futures & Options, and Global/Domestic market happenings then join our Telegram Channel – https://t.me/nifty50stocks1
Bank Nifty Futures Prediction for Tomorrow 24 May 2023
Primary Trend in Bank Nifty Futures: Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 44200 whereas All Down Moves Initiates Short Covering (Buy) @ 43700
Suppose the Bank Nifty futures (May Series) Moves Above 44080 and sustain, then you should Buy with the 1st Target of 44160 during the day with a Stop Loss of 44020 and the Target of 44160- 44240- 44325- 44415
If the Bank Nifty futures (May Series) Moves Below 43880 and sustain, then you should Sell with the 1st Target of 43810 the day with a Stop Loss of 43960. For the Target of 43810- 43720- 43630- 43550
Adv:- Click here to Open a Free Demat and Trading Account with Upstox and get Rs 20 flat brokerage, Lifetime Demat AMC Free, Zero Commission on Mutual Funds, IPO, and more.
Global Stock Market Updates
On the global front, Asian markets closed mixed on Tuesday due to the slow progress of US debt ceiling negotiation talks. Investors remain cautious ahead of the release of some key industry data and US FOMC minutes this week.
Nikkei reversed early gains and closed lower from 33 years record high, as investors book profits after eight days of rally. China’s Shanghai index fell as investors remained worried about the country’s slowing economic recovery, while a weakening yuan and geopolitical risks also kept investor sentiment downbeat. Hang Seng index also closed lower as investors worried about China’s outlook.
European stock market indexes are trading mostly lower as investors are concerned about the slow progress of US debt ceiling negotiation talks. The downside remains capped as the economic data showed that the eurozone composite PMI jumped to 54.1 from 52 in March, mainly driven by services as manufacturing stagnated.
The UK’s FTSE is trading higher, as IMF estimates that the U.K. will avoid recession in 2023, but says the country’s positive growth will be “subdued.” The US futures are trading marginally lower as investors key a close eye on US debt ceiling negotiations.
Conclusion
Indian stock markets managed to close in the green despite profit bookings in the last hour. The Nifty and Bank Nifty traded in a narrow range today, as investors preferred to remain sideline ahead of the US FOMC minutes, due on Wednesday.
The domestic markets are expected to remain volatile, for the remaining days of the week due to the monthly F&O expiry, US debt ceiling negotiations talks, Fed’s minutes, and economic data. You can follow our Daily Morning Report at 7.30 am for market direction.
Also, read Stock Market Prediction Next Week (15- 19 May 2023)
Eicher Motors Shares Jump After Q4 Results- Know the Target Price
If you like the post “Nifty and Bank Nifty Prediction for Tomorrow 24 May 2023” please share it with others
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution to compile the data for its Website. The views and investment tips expressed by investment experts on Nifty50Stocks.com are their own and for educational purposes. Nifty50Stocks.com is not SEBI registered Advisors. Nifty50stocks.com advises its users to check with certified and SEBI-registered experts before taking any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
