Nifty and Bank Nifty Prediction for Tomorrow 10 May 2023
Nifty and Bank Nifty Prediction for Tomorrow 10 May 2023: Indian stock markets ended flat after a volatile session on Tuesday. Profit booking was witnessed at higher levels, as investors remain cautious ahead of the US inflation data and the outcome of the state election in India. Among the sectors, PSU Bank witnessed a sharp selloff followed by Realty and FMCG, while some buying was seen in IT, Auto, and Pharma stocks.
The market breadth was negative today. The broader markets also closed almost flat today, as the Nifty midcap index gained 12.40 points while smallcap index declined 5.30 points. At the close Sensex and Nifty ended almost unchanged on Tuesday. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 9 May
The Nifty futures price on Monday opened at 18335.60, making a positive opening of 25.2 points. It has touched an intraday high of 18388.85 and a day’s low of 18270.15
The Nifty futures price has given a movement of 118.7 points on Monday. In the end, it closed lower by 5.40 points or 0.03 percent and ended at 18305 levels.
The Bank Nifty futures on Monday opened at 43405 It made a positive opening of 89.05 points today. The Bank Nifty futures touched an intraday high at 43514.95 and a day’s low at 43127.85
During the day, the Bank Nifty futures have given a movement of 387.1 points. In the end, it closed lower by 114.95 points or 0.27 percent and closed at 43201 levels.
Nifty & Bank Nifty Prediction for Tomorrow 10 May 2023
Nifty Futures Prediction for Tomorrow 10 May 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18350 whereas All Down Moves Initiates Short Covering (Buy) @ 18200
If the Nifty futures (May Series) share price Moves Above 18325 and sustains. Then you should Buy with the 1st Target of 18347 during the day with a Stop Loss of 18305 FOR the Target of 18347- 18374- 18415- 18448
If the Nifty futures (May Series) share price Moves Below 18250 and is sustained. Then you should Sell with the 1st Target of 18218 for the day with a Stop Loss of 18295 For the Target of 18218- 18180- 18150- 18118
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Bank Nifty Futures Prediction for Tomorrow 10 May 2023
Primary Trend in Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 43500 whereas All Down Moves Initiates Short Covering (Buy) @ 42900
Suppose the Bank Nifty futures (May Series) Moves Above 43380 and sustain, then you should Buy with the 1st Target of 43460 during the day with a Stop Loss of 43250 and the Target of 43460- 43515- 43605- 43675
If the Bank Nifty futures (May Series) Moves Below 43100 and sustain, then you should Sell with the 1st Target of 43020 the day with a Stop Loss of 43225. For the Target of 43020- 42930- 42840- 42750
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Global Stock Market Updates
On the global front, Asian stock market indexes closed mixed on Tuesday as investors reacted to the weak Chinese trade data, while Nikkei gained due to strong quarterly earnings. Investors remain cautious ahead of the US inflation data, which is due later in the day.
Hang Seng fell the most, over 2% down as technology shares dragged, while the Shanghai index slipped over 1%, as investors digested China’s trade data, which showed a decline in imports of 1.4% and a slowed growth in exports of 8.5%.
European stock market indexes are trading lower as investors are focused on U.S. inflation data and UK’s interest rate decision, due later this week. Traders in the UK returned after a long weakened on Tuesday. The US future indexes, Dow and Nasdaq futures are trading lower indicating a lower opening for the US markets today.
Conclusion
The equity benchmarks erased early gains and closed almost flat in the second half on Tuesday. Globally investors remain cautious ahead of the US inflation data. The US inflation rate is likely to remain unchanged at its March level of 5.0 %, and this worries investors that the Fed will remain stricter for a long time. You can follow our Daily Morning Report at 7.30 am for market direction.
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