Nifty and Bank Nifty Prediction for Monday 29 May 2023
Nifty and Bank Nifty Prediction for Monday 29 May 2023: Indian equity markets ended with strong gains on Friday, rising for the second straight session. The positive global cues supported the domestic markets on Friday. The benchmark indices gradually marched northwards as the session progressed, on the back of buying in heavyweight index stock Reliance Industries.
All sectoral indices on the NSE closed in the green today led by Media, IT, and FMCG. The market breadth was strong. The broader markets also ended higher on Friday. The Nifty midcap index gained 0.81 percent and smallcap index was up by 0.53 percent. At the close, Sensex and Nifty advanced 1.02 percent and 0.97 percent respectively on the last trading day of the week.
Nifty and Nifty Bank futures price movement on Friday, 26 May
On Friday, May 26 the Nifty futures (June Series) opened at the 18440.35 mark, it made a positive opening of 20.1 points from the previous close. It touched an intraday high at 18590 and a day’s low at 18419
The Nifty futures have given a movement of 171 points on Friday. In the end, it closed higher by 149.95 points or 0.81 percent and ended at 18570.20 levels.
The Bank Nifty futures (June Series) opened at 43784.95 levels on the last day of the week. It made a positive opening of just 48.6 points on Friday. It has touched an intraday high at 44149 and a day’s low at 43658
On Friday, the Bank Nifty futures gave a movement of 491 points. At the close, it ended higher by 341.65 points or 0.78 percent and closed at 44078 levels.
Nifty & Bank Nifty Prediction for Monday 29 May 2023 (June Expiry)
Nifty Futures Prediction for Monday 29 May 2023
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18650 whereas All Down Moves Initiates Short Covering (Buy) @ 18500
If the Nifty futures share price Moves Above 18592 and sustains. Then you should Buy with 1st Target of 18632 during the day with a Stop Loss of 18560 FOR the Target of 18632- 18664- 18688- 18718
If the Nifty futures share price Moves Below 18515 and is sustained. Then you should Sell with the 1st Target of 18470 during the day with a Stop Loss of 18540. For the Target of 18470- 18435- 18407- 18365
Bank Nifty Futures Prediction for Monday 29 May 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 44500, whereas All Down Moves Initiates Short Covering (Buy) @ 44000
Suppose the Bank Nifty futures Moves Above 44175 and sustain, then you should Buy with the 1st Target of 44250 during the day with a Stop Loss of 44050. For the Target of 44250- 44370- 44450- 44570
If the Bank Nifty futures Moves Below 43930 and sustain, then you should Sell with the 1st Target of 43840 during the day with a Stop Loss of 44020. For the Target of 43840- 43760- 43690- 43625
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Global Stock Market Updates
European stock market indexes closed higher on Friday, as US debt ceiling talks reached a final and crucial phase. All sectoral indices closed in the positive zone led by tech stocks followed by minings.
Tech stocks continued to rally after artificial intelligence beneficiary Nvidia’s strong quarterly earnings on Thursday, with Dutch chipmaker ASML ending 5% higher. On the economic front, UK retail sales rose 0.5% in April, following a fall in the previous month.
The US stock markets rallied on Friday, as optimism grows that the negotiators are in a final and crucial stage of the debt ceiling agreement. The continued rally in tech stocks also lifted the market sentiments on Friday. The optimism of debt ceiling talks boosted investors’ sentiment despite weak economic data released on Friday.
The latest economic data released on Friday showed that the US monthly personal spending rose by 0.8% in April almost double the estimates while the core personal consumption expenditures (PCE) price index rose by 0.4% in April, slightly higher than the expectation.
The PCE price index is the Fed’s most preferred inflation gauge, and the data suggest difficulty in pausing interest rates by Fed in the June policy meeting.
Conclusion
The domestic market was quite bullish on Friday. The growing optimism of US debt ceiling talks, buying in heavyweight Reliance, and institutional and retail participations together have lifted the domestic sentiments on Friday.
All eyes are on the progress of the US debt ceiling negotiation, which is at the crucial and final stage now. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also, read- Global Stock Market – Weekly News and Analysis Report
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Editor’s Desk
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