Nifty and Bank Nifty Prediction for Monday, 23 May 2022
Nifty and Bank Nifty Prediction for Monday, 23 May 2022: The domestic equity markets bounced back on Friday after a previous day’s sell-off amid strong cues from the Asian markets. Strength in heavyweight stocks like Reliance, and HDFC twins also support the markets to close higher. All major sectoral indices on NSE advanced, led by media, realty, and metals gaining the most.
The broader markets were also closed in the green in line with their larger peers. The market breadth was quite strong with the advance decline indicating a ratio of 6:1 at the close. FIIs were the sellers and DIIs were buyers in the equity cash segment. FIIs sold Rs 1265.41crore while DIIs bought Rs 2148.95 crores in the cash segment on Friday.
Nifty and Nifty Bank futures price movement on Friday, 20 May ( May Expiry)
On Friday, May 20, the Nifty futures ( May Series) opened at 15988.50 levels, it made a positive opening of 219.05 points. It has touched an intraday high at 16275 and a day’s low at 15968.50
The Nifty future has given a movement of 306.5 points on Friday. In the end, it gained 501.95 points or 3.18 percent and ended at 16271.40 levels.
The Bank Nifty futures (May Series) opened at 33620 levels on the last day of the week. It made a positive opening of 345.7 points on Friday. It has touched an intraday high at 34341.75 and a day’s low at 33606
On Friday, the Bank Nifty future gave a movement of 735.75 points. In the end, it was up by 1030.70 points or 3.10 percent and closed at 34305 levels.
Nifty & Bank Nifty Prediction for Monday, 23 May 2022 (May Expiry)
Nifty Futures Prediction for Monday, 23 May 2022
Primary Nifty Trend in futures: Positive with a cautious bias
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 16410 whereas All Down Moves Initiates Short Covering (Buy) @ 16200
If the Nifty futures share price Moves Above 16318 and sustain. Then you should Buy with 1st Target of 16354 during the day with a Stop Loss of 16277 FOR the Target of 16354- 16410-16450- 16494
If the Nifty futures share price Moves Below 16238 and is sustained. Then you should Sell with the 1st Target of 16205 during the day with a Stop Loss of 16265. FOR the Target of 16205- 16165- 16090- 16020
Bank Nifty Futures Prediction for Monday, 23 May 2022
Primary Trend of Bank Nifty Futures: Positive with cautious bias
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 34800, whereas All Down Moves Initiates Short Covering (Buy) @ 34300
Suppose the Bank Nifty futures Moves Above 34515 and sustain, then you should Buy with the 1st Target of 34625 during the day with a Stop Loss of 34380. FOR the Target of 34625 – 34740- 34815- 35025
If the Bank Nifty futures Moves Below 34170 and sustain, then you should Sell with the 1st Target of 34060 during the day with a Stop Loss of 34295. FOR the Target of 34060 – 33970- 33835- 33700
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Global stock market updates
The US stock market indexes closed almost flat on Friday after a volatile session. The market indexes rebound in the last hour on Friday erased all intraday losses and closed almost flat. Investors fear the health of the US and the global economy, which has impacted due to elevated inflation and interest rate hikes to control the inflation.
The European markets advanced on Friday, as the Chinese Central Bank stimulus boosted the market sentiments after the previous sessions’ heavy sell-off. The surge in German factory-gate prices and the slump in UK consumer confidence shows that the equity market sentiments are quite negative, and the uncertainty will remain in the markets.
Conclusions
Indian markets rebound after Thursday’s sharp fall as investors bet on beaten-down blue-chip stocks after getting positive cues from China. Technically, the markets are looking bullish but uncertainty will remain in the equity markets. With concerns over an economic slowdown and interest rate hikes across the globe, investors should remain cautious and accumulate only fundamentally strong stocks on dips.
Also read, Best Options Trading Books in India-Must Read 2021
Share Market Books in Hindi | शेयर मार्किट हिन्दी बुक्स
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