Nifty and Bank Nifty Prediction for Tomorrow 31 May 2023
Nifty and Bank Nifty Prediction for Tomorrow 31 May 2023: Indian equity markets ended the volatile session with slight gains on Tuesday. The domestic markets traded above their neutral lines throughout the session in a narrow range. The local markets got support from their Asian peers. Among, the sectors media, FMCG, and financial stocks ended higher whereas metals, auto, and Energy witnessed some selling pressure.
The market breadth was almost equal on Tuesday. The broader markets closed in line with their larger peers, as Nifty mid and smallcap indexes gained 0.25 percent and 0.22 percent respectively. At the close, Sensex and Nifty advanced 0.20 percent and 0.19 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 30 May
The Nifty futures price opened at 18660, making a slightly lower opening of 13.7 points. It has touched an intraday high of 18742.40 and a day’s low of 18654.05
The Nifty futures price has given a movement of 88.35 points. In the end, it closed higher by 45.95 points or 0.25 percent and ended at 18719.65 levels.
The Bank Nifty futures opened at 44325 It made a negative opening of 43.3 points. The Bank Nifty futures touched an intraday high at 44474.95 and a day’s low at 44280.10
During the day, the Bank Nifty futures have given a movement of 194.85 points. In the end, it closed higher by 122.95 points or 0.28 percent and closed at 44491.25 levels.
Nifty & Bank Nifty Prediction for Tomorrow 31 May 2023
Nifty Futures Prediction for Tomorrow 31 May 2023
Primary Trend in Nifty Futures: Positive and cautious
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18800 whereas All Down Moves Initiates Short Covering (Buy) @ 18650
If the Nifty futures Moves Above 18755 and sustains. Then Nifty futures can hit a 1st Target of 18780 during the day with a Stop Loss of 18730. In a day it could trade for the target of 18780- 18805- 18835 levels.
If the Nifty futures (June Series) share price Moves Below 18690 and is sustained. Then Nifty futures can see a 1st Target of 18655 levels for the day with a Stop Loss of 18720. In a day it could trade for the target of 18655- 18618 – 18575 levels.
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Bank Nifty Futures Prediction for Tomorrow 31 May 2023
Primary Trend in Bank Nifty Futures: Positive and Cautious
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 44700 whereas All Down Moves Initiates Short Covering (Buy) @ 44300
Suppose the Bank Nifty futures Moves Above 44555 and sustain, then you could see a 1st Target of 44620 during the day with a Stop Loss of 44470. During the day Bank Nifty futures could trade for the target of 44620- 44700- 44810
If the Bank Nifty futures (June Series) Moves Below 44370 and sustain, then you could see a 1st Target of 44285 levels in a day with a Stop Loss of 44450. During the day Bank Nifty futures could trade for the target of 44285- 44200- 44090
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Global Stock Market Updates
On the global front, Asian markets were mostly closed higher on Tuesday due to the optimism about the US debt ceiling deals. Japanese chip investment hopes encouraged investors after the government proposed revising the nation’s chip strategy to promote the development of energy-efficient semiconductors for generative AI. The latest data showed Japan’s unemployment rate slightly declined in April compared to the previous month
Nikkei pared early gains and closed higher. Kospi gained over 1 percent as investors returned after a long weekend. Hang Seng index snapped a four-day losing streak and closed higher despite Hong Kong`s exports continuing to decline in April and at a faster pace. The Shanghai index closed higher rebound from its lowest level since November 2022.
European stock market indexes are mostly trading lower as investors weigh risks to the US debt ceiling deal. The Republican lawmakers on the party’s hard right said on Monday, they would oppose the deal reached by President Joe Biden and House Speaker Republican Kevin McCarthy over the weekend. The traders in the UK returned after a long weekend. The US futures, Dow future is trading flat to the positive while the Nasdaq future is trading strong at 5.30 pm IST
Conclusion
The Indian equity markets traded in a range-bound session on Tuesday, in the absence of any major trigger. The domestic markets are gradually inching northwards, and if the global market supports, then very soon, we may see a new high for the Nifty. You can follow our Daily Morning Report at 7.30 am for market direction.
Also, read Best Options Trading Books in India-Must Read 2022
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