Nifty and Bank Nifty Prediction for Tomorrow 23 May 2023
Nifty and Bank Nifty Prediction for Tomorrow 23 May 2023: Indian equity market indexes ended with moderate gains amid positive cues from Asian markets. The domestic indices opened flat and extended their gains on the back of buying in Metal, IT, and Pharma stocks, while some selling pressure was witnessed in Banking, Financial, and Media stocks. Adani Group stocks surge for the second consecutive day after the Supreme Court expert committee report on Friday.
The market breadth was almost neutral today. The broader markets gained in line with their larger peers, as Nifty mid and smallcap indexes closed higher by 0.63 percent and 0.55 percent respectively. At the close, Sensex and Nifty advanced 0.31 percent and 0.61 percent respectively on Monday. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 22 May
The Nifty futures price opened at 18215, making a slightly negative opening of 10.5 points. It has touched an intraday high of 18350 and a day’s low of 18195.10
The Nifty futures price has given a movement of 154.9 points. In the end, it closed higher by 99.25 points or 0.54 percent and ended at 18324.65 levels.
The Bank Nifty futures opened at 43989.90 It opened slightly higher by 22.75 points. The Bank Nifty futures touched an intraday high at 44020 and a day’s low at 43701.20
During the day, the Bank Nifty futures have given a movement of 318.8 points. In the end, it closed lower by 84.85 points or 0.19 percent and closed at 43882.30 levels.
Nifty & Bank Nifty Prediction for Tomorrow 23 May 2023
Nifty Futures Prediction for Tomorrow 23 May 2023
Primary Trend in Nifty Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18450 whereas All Down Moves Initiates Short Covering (Buy) @ 18280
If the Nifty futures (May Series) share price Moves Above 18365 and sustains. Then you should Buy with the 1st Target of 18390 during the day with a Stop Loss of 18335 FOR the Target of 18390- 18418- 18448- 18472
If the Nifty futures (May Series) share price Moves Below 18305 and is sustained. Then you should Sell with the 1st Target of 18280 for the day with a Stop Loss of 18325 For the Target of 18280- 18258- 18222- 18185
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Bank Nifty Futures Prediction for Tomorrow 23 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 43980 and sustain, then you should Buy with the 1st Target of 44040 during the day with a Stop Loss of 43865 and the Target of 44040- 44130- 44210- 44280
If the Bank Nifty futures (May Series) Moves Below 43690 and sustain, then you should Sell with the 1st Target of 43625 the day with a Stop Loss of 43800. For the Target of 43625- 43535- 43455- 43380
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Global Stock Market Updates
On the global front, Asian markets closed higher on Monday, boosted by Chinese tech stocks, Optimism of US debt deal talk, and bargain-buying amid strong corporate earnings. The Regional chip stocks gained after China banned memory chip purchases from US firm Micron Technology.
Japan extended its rally for eight consecutive days, as investors continued to buy beaten-down domestic shares after strong corporate earnings. Weakness in the yen also aided exporters’ sentiments in Japan. Tech giants in Hong Kong rallied and lifted the Hang Seng index.
Shanghai index closed higher as the People’s Bank of China left its 1-year and 5-year loan prime rates unchanged. South Korea’s Kospi ended higher as chip stocks including SK Hynix and Samsung Electronics saw a decent gain today.
European stock market indexes are trading marginally lower as all eyes are on US debt ceiling talks. Share in gold producer Polymetal declined as the US hit its Russian operations with sanctions. The shares of Dechra also declined as the company issued a profit warning. The US futurism Dow and Nasdaq futures are trading flat to negative at 5 pm IST.
Conclusion
The domestic markets started the week on a positive note. Adani Group stocks also aided the sentiments today. Hopefully, the domestic markets have resumed their northward journey after last week’s pause. You can follow our Daily Morning Report at 7.30 am for market direction.
Also, read Stock Market Prediction Next Week (22- 26 May 2023)
Global Stock Market – Weekly News and Analysis Report
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