Nifty and Bank Nifty Prediction for Tomorrow 13 May 2022
Nifty and Bank Nifty Prediction for Tomorrow 13 May 2022: Indian equity markets opened a gap down on Thursday amid weak global cues. The benchmark indices extended their losses soon after opening on the back of selling in all sectors led by PSU Banking, Financials, and Metals. Globally investors are worried about high inflation and interest rate hikes, which may slow down the economic growth.
Indian markets remain volatile throughout the day, the volatility index ‘India VIX’ gained around 7% and closed above 24. The broader markets also fell in line with their larger peers, as the Nifty midcap and smallcap indexes were down nearly 2 percent today. You can read the detailed market updates here.
Nifty and Nifty Bank futures price movement for 12 May (May Expiry)
The Nifty futures price opened at 16020, making a negative opening of 157.95 points. It has touched an intraday high of 16038.85 and a day’s low of 15733
The Nifty futures price has given a movement of 305.88 points today. In the end, it closed lower by 359.95 points or 2.22 percent and ended at 15818 levels.
The Bank Nifty futures opened at 34301.15, It made a negative opening of 427.75 points. The Bank Nifty futures has touched an intraday high at 34404.80 and a day’s low at 33307.05
During the day, the Bank Nifty futures has given a movement of 1097.75 points. In the end, it closed lower by 1169.90 points or 3.37 percent and closed at 33559 levels.
Nifty & Bank Nifty Prediction for Tomorrow 13 May 2022 (May Expiry)
Nifty Futures Prediction for Tomorrow 13 May 2022
Primary Nifty Trend in futures: Volatile with Cautious Bias
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 16000 whereas All Down Moves Initiates Short Covering (Buy) @ 15600
If the Nifty futures share price Moves Above 15866 and sustain. Then you should Buy with 1st Target of 15916 during the day with a Stop Loss of 15832 FOR the Target of 15916- 15972 – 16010- 16085
If the Nifty futures share price Moves Below 15750 and is sustained. Then you should Sell with the 1st Target of 15708 for the day with a Stop Loss of 15805. FOR the Target of 15708- 15676- 15608- 15565
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Bank Nifty Futures Prediction for Tomorrow 13 May 2022
Primary Trend of Bank Nifty Futures: Volatile with cautious bias
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 34000 whereas All Down Moves Initiates Short Covering (Buy) @ 33300
Suppose the Bank Nifty futures Moves Above 33750 and sustain, then you should Buy with the 1st Target of 33980 during the day with a Stop Loss of 33550 the Target of 33980- 34170- 34350- 34470
If the Bank Nifty futures Moves Below 33285 and sustain, then you should Sell with the 1st Target of 33045 the day with a Stop Loss of 33415. FOR the Target of 33045 – 32910 – 32760 – 32610
Global Stock Markets today
On the global front, the other Asian markets were closed in the deep red on Thursday. The higher than expected US inflation data dented the market sentiments as investors feared that another aggressive rate hike from Federal Reserve is on the way to tackle the high inflation. Wall Street was expecting 8.1% US inflation for the month of April, but the rise of 8.3% sent a shock wave across the global markets.
European markets opened sharply lower on Thursday and are trading in the deep red due to the tech-driven sell-off on Wall Street overnight after US inflation data was higher than expected. The weak UK GDP data also dented the market sentiments today. The US futures, Dow Jones, and Nasdaq futures are trading lower at this moment at 5.30 pm IST
Conclusion
Indian markets continued to remain under pressure following weak global cues. Investors are worried about more interest rate hikes and a slow down in economic growth. India’s retail inflation came at 7.79% in April vs 6.95 in March, higher than streets estimates. Indian markets will first react to the inflation data tomorrow, traders should remain cautious.
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