Nifty and Bank Nifty Prediction for Tomorrow 16 May 2023
Nifty and Bank Nifty Prediction for Tomorrow 16 May 2023: Indian stock market indexes ended with modest gains on Monday. The equity benchmarks opened slightly higher and gradually moved in the north direction, as the sentiment was upbeat due to a decline in CPI and WPI inflation reading. However, a profit booking at a higher level was witnessed in the last hours, and the indices trimmed their intraday gains.
All the sectoral indices closed in the green, with realty, media, and FMCG gaining the most. The market breadth was positive, on NSE 1063 shares advanced while 893 shares declined on Monday. The broader markets outperformed the benchmarks, as Nifty mid and smallcap indices gained 0.74 percent and 0.81 percent respectively.
At the close, Sensex and Nifty extended their last week’s gains and added 0.51 percent and 0.46 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 15 May
The Nifty futures price opened at 18300, making a negative opening of 33.4 points. It has touched an intraday high of 18473.10 and a day’s low of 18288
The Nifty futures price has given a movement of 185.1 points. In the end, it closed higher by 77.95 points or 0.43 percent and ended at 18411.35 levels.
The Bank Nifty futures opened at 43757.20 It opened absolutely flat today. The Bank Nifty futures touched an intraday high at 44075 and a day’s low at 43630.05
During the day, the Bank Nifty futures have given a movement of 444.95 points. In the end, it closed higher by 238.85 points or 0.55 percent and closed at 43996 levels.
Nifty & Bank Nifty Prediction for Tomorrow 16 May 2023
Nifty Futures Prediction for Tomorrow 16 May 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18500 whereas All Down Moves Initiates Short Covering (Buy) @ 18300
If the Nifty futures (May Series) share price Moves Above 18438 and sustains. Then you should Buy with the 1st Target of 18476 during the day with a Stop Loss of 18392 FOR the Target of 18476- 18502- 18535- 18564
If the Nifty futures (May Series) share price Moves Below 18340 and is sustained. Then you should Sell with the 1st Target of 18313 for the day with a Stop Loss of 18374 For the Target of 18313- 18284- 18256- 18218
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Bank Nifty Futures Prediction for Tomorrow 16 May 2023
Primary Trend in Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 44250 whereas All Down Moves Initiates Short Covering (Buy) @ 43700
Suppose the Bank Nifty futures (May Series) Moves Above 44090 and sustain, then you should Buy with the 1st Target of 44180 during the day with a Stop Loss of 43930 and the Target of 44180- 44250- 44380- 44450
If the Bank Nifty futures (May Series) Moves Below 43780 and sustain, then you should Sell with the 1st Target of 43670 the day with a Stop Loss of 43860. For the Target of 43670- 43590- 43470- 43380
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Global Stock Market Updates
On the global front, Asian markets closed mostly higher on Monday amid optimism that the US would resolve talks to raise its debt ceiling. The central bank of China held rates on medium-term policy loans steady and said it would keep liquidity reasonably ample and interest rates reasonable and appropriate.
Hang Seng gained the most followed by Shanghai and Nikkei, while Thiland’s Set Composite pared early gains and closed in the red. Thailand’s GDP grew 2.7% year on year, more than economists’ expectations.
European stock markets are trading higher on Monday, following positive sentiments in Asia markets, as investors eyed developments in the Turkish election and continuing talks on the US debt ceiling. The US future indexes, Dow, and Nasdaq futures are trading higher at 5 pm IST on hopes of debt ceiling deals.
Conclusion
Indian stock markets started the week on a strong note. Positive cues from Asian and European markets, better-than-expected inflation data, and persistent FII inflow fuelled the market rally today. The market sentiments are likely to remain positive, any dips in the market would be a buying opportunity for investors. 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
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