Nifty and Bank Nifty Prediction for Tomorrow 12 May 2023
Nifty and Bank Nifty Prediction for Tomorrow 12 May 2023: Indian stock market indexes ended with minor cuts amid volatility on Thursday. The domestic market indices were fluctuating between gains and losses throughout the session. The market volatility was due to the expiry of the weekly index options on the NSE today. Realty, FMCG, and Auto shares were in demand while Pharma and Metal shares witnessed selling pressure on Thursday.
The market breadth was strong, on NSE 1142 shares were in advanced while 769 shares declined. The broader markets outperformed, as Nifty mid and smallcap indexes advanced 0.30 percent and 0.53 percent respectively. At the close, Sensex and Nifty ended slightly lower by 0.06 percent and 0.10 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 11 May
The Nifty futures price opened at 18375.10, making a positive opening of 29.6 points. It has touched an intraday high of 18390.55 and a day’s low of 18316
The Nifty futures price has given a movement of 74.55 points. In the end, it closed higher by 10.50 points or 0.06 percent and ended at 18356 levels.
The Bank Nifty futures opened at 43489.95 It made a positive opening of 175 points. The Bank Nifty futures touched an intraday high at 43644.85 and a day’s low at 43360
During the day, the Bank Nifty futures have given a movement of 284.85 points. In the end, it closed higher by 175.05 points or 0.40 percent and closed at 43490 levels.
Nifty & Bank Nifty Prediction for Tomorrow 12 May 2023
Nifty Futures Prediction for Tomorrow 12 May 2023
Primary Trend in Nifty Futures: Sideways
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 18390 and sustains. Then you should Buy with the 1st Target of 18418 during the day with a Stop Loss of 18358 FOR the Target of 18418- 18447- 18462- 18505
If the Nifty futures (May Series) share price Moves Below 18310 and is sustained. Then you should Sell with the 1st Target of 18284 for the day with a Stop Loss of 18335 For the Target of 18284- 18258- 18220- 18180
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Bank Nifty Futures Prediction for Tomorrow 12 May 2023
Primary Trend in Bank Nifty Futures: Mild positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 43700 whereas All Down Moves Initiates Short Covering (Buy) @ 43350
Suppose the Bank Nifty futures (May Series) Moves Above 43605 and sustain, then you should Buy with the 1st Target of 43670 during the day with a Stop Loss of 43520 and the Target of 43670- 43750- 43900- 44020
If the Bank Nifty futures (May Series) Moves Below 43380 and sustain, then you should Sell with the 1st Target of 43276 the day with a Stop Loss of 43490. For the Target of 43276- 43190- 43060- 42950
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Global Stock Market Updates
On the global front, Asian markets closed mixed on Thursday as investors digested US CPI inflation which rose less than expected in April. Investors fear deflation in China, as the inflation data in April came in cooler than expected at 0.1% compared to 0.4% estimated by the economist in a Reuter poll.
Meanwhile, the mixed corporate earnings impacted Japan’s stock market ahead of the high-profile G7 meeting, Nikkei closed almost flat on Thursday. Hong Kong and Shanghai stocks slipped, as slow consumer inflation and deepening factory-gate deflation data suggested an uneven recovery for China and triggered deflation worries.
European stock markets indexes trimmed their early gains at 5 pm, and FTSE turned negative as the Bank of England hiked interest rate by 25 bps to 4.5% as widely expected. The US future indexes are trading mixed, with Dow Jones futures trading slightly lower while Nasdaq futures are trading marginally higher at this moment.
Conclusion
Indian stock markets traded in a narrow range today, due to weak global cues. The inflation concerns in the US and deflation worries in China hit global sentiments. However, the downside remains capped due to consistent FIIs inflow and healthy domestic quarterly results. You can follow our Daily Morning Report at 7.30 am for market direction.
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