Nifty and Bank Nifty Prediction for Tomorrow 9 May 2023
Nifty and Bank Nifty Prediction for Tomorrow 9 May 2023: Indian stock markets made a strong rally on Monday after Friday’s sharp selloff. The domestic markets got support from the global markets. The indices closed near the day’s high and Nifty managed to close above the crucial level of 18250 while Sensex ended at 61764 today. Among the sectors barring PSU Bank and Media all other stocks closed in the green with the Auto, Realty, and Financial sectors gaining the most.
The market breadth was positive, on NSE 1150 shares were in advance while 800 shares declined on Monday. The broader markets also closed higher in line with their larger peers, as Nifty mid and smallcap indexes ended higher by 1.02 percent and 0.94 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 8 May
The Nifty futures price on Monday opened at 18160, making a positive opening of 30.3 points. It has touched an intraday high of 18344.70 and a day’s low of 18147
The Nifty futures price has given a movement of 197.7 points on Monday. In the end, it closed higher by 187.80 points or 1.04 percent and ended at 18317.50 levels.
The Bank Nifty futures on Monday opened at 42789.95 It made a positive opening of 77.75 points today. The Bank Nifty futures touched an intraday high at 43450 and a day’s low at 42750.05
During the day, the Bank Nifty futures have given a movement of 699.95 points. In the end, it closed higher by 617.80 points or 1.45 percent and closed at 43330 levels.
Nifty & Bank Nifty Prediction for Tomorrow 9 May 2023
Nifty Futures Prediction for Tomorrow 9 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 18347 and sustains. Then you should Buy with the 1st Target of 18375 during the day with a Stop Loss of 18315 FOR the Target of 18375- 18411- 18448- 18480
If the Nifty futures (May Series) share price Moves Below 18275 and is sustained. Then you should Sell with the 1st Target of 18245 for the day with a Stop Loss of 18295 For the Target of 18245- 18218- 18190- 18160
If you want Live Trading calls for Nifty, Bank Nifty, Stocks Futures & Options, and Global/Domestic market happenings then join our Telegram Channel – https://t.me/nifty50stocks1
Bank Nifty Futures Prediction for Tomorrow 9 May 2023
Primary Trend in Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 43600 whereas All Down Moves Initiates Short Covering (Buy) @ 43200
Suppose the Bank Nifty futures (May Series) Moves Above 43385 and sustain, then you should Buy with the 1st Target of 43450 during the day with a Stop Loss of 43270 and the Target of 43450- 43525- 43600- 43680
If the Bank Nifty futures (May Series) Moves Below 43180 and sustain, then you should Sell with the 1st Target of 43105 the day with a Stop Loss of 43255. For the Target of 43105- 43020- 42930- 42840
With Upstox Options Strategy Builder, you can create an option strategy. You can also try the ready-made options strategy absolutely Free. Click here to Open Free Trading and Demat Account and get Life Time Demat AMC Free
Global Stock Market Updates
On the global front, Asian stock markets mostly closed higher in the first trading session of the week. Investors’ hopes for China’s recovery, though there are still cautious ahead for more central banks tightening persisting. Japan’s Nikkei ended lower as the yen strengthened against the dollar, and concerns regarding the US banking sector continued.
Meanwhile, the Shanghai index and Hang Seng rose on Monday, as banks and energy shares climbed on hopes that a rebound in the country’s services consumption would benefit those sectors.
European stock markets are trading higher as analysts reacted positively to the US jobs report for the month of April and tracking Asian stock market peers. The US future indexes, Dow and Nasdaq futures are trading slightly higher at 5 pm IST.
Conclusion
The domestic markets started the week on a positive note. Support from the global markets and the FIIs buying spree helped the markets to bounce back after the previous session’s sell-off. The trends remain bullish in the Indian markets, one can buy good quality stocks on dips. 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
Best Bank Stock to Buy Now for Short-Term Gains
If you like the post “Nifty and Bank Nifty Prediction for Tomorrow 9 May 2023” please share it with others
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution to compile the data for its Website. The views and investment tips expressed by investment experts on Nifty50Stocks.com are their own and for educational purposes. Nifty50Stocks.com is not SEBI registered Advisors. Nifty50stocks.com advises its users to check with certified and SEBI-registered experts before taking any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
