Nifty and Bank Nifty Prediction for Tomorrow 17 May 2022
Nifty and Bank Nifty Prediction for Tomorrow 17 May 2022: Indian equity markets opened higher on Monday following the positive Asian market cues. The key indices erased all intraday gains in the afternoon session and traded volatile with a positive bias in the post-lunch session. Finally, the benchmark indices ended the losing streak and closed higher on the back of buying in PSU banking, Realty, and Auto stocks today.
The broader markets outperformed today as compared to benchmarks, as the Nifty midcap and smallcap index gained over 1 percent today. You can read the detailed market updates here.
Nifty and Nifty Bank futures price movement for 16 May (May Expiry)
The Nifty futures price opened at 15832.30, making a positive opening of 45.7 points. It has touched an intraday high of 15979.75 and a day’s low of 15752
The Nifty futures price has given a movement of 227.75 points today. In the end, it closed higher by 78.40 points or 0.50 percent and ended at 15865 levels.
The Bank Nifty futures opened at 33232.30 It made a positive opening of 96 points. The Bank Nifty futures has touched an intraday high at 33849.20 and a day’s low at 33005.15
During the day, the Bank Nifty futures has given a movement of 844.05 points. In the end, it closed higher by 498.65 points or 1.50 percent and closed at 33634.95 levels.
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Nifty & Bank Nifty Prediction for Tomorrow 17 May 2022 (May Expiry)
Nifty Futures Prediction for Tomorrow 17 May 2022
Primary Nifty Trend in futures: Volatile with Cautious Bias
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 16050 whereas All Down Moves Initiates Short Covering (Buy) @ 15700
If the Nifty futures share price Moves Above 15928 and sustain. Then you should Buy with 1st Target of 15968 during the day with a Stop Loss of 15880 FOR the Target of 15968- 16024 – 16050- 16091
If the Nifty futures share price Moves Below 15809 and is sustained. Then you should Sell with the 1st Target of 15765 for the day with a Stop Loss of 15848. FOR the Target of 15765- 15738- 15685- 15654
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Bank Nifty Futures Prediction for Tomorrow 17 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 33865 and sustain, then you should Buy with the 1st Target of 34020 during the day with a Stop Loss of 33690 the Target of 34020- 34175- 34370- 34600
If the Bank Nifty futures Moves Below 33370 and sustain, then you should Sell with the 1st Target of 33180 the day with a Stop Loss of 33620. FOR the Target of 33180 – 33046 – 32912 – 32760
Global Stock Markets today
On the global front, the other major Asian markets were mostly closed higher on Monday. The sentiments remain cautious, as China’s Shanghai index closed lower after the latest economic data showed that the country’s economic activity cooled sharply in April due to the Covid lockdown.
European market indexes are trading lower on Monday as the weak economic data from China highlighted fears about a slowdown in economic growth. The market sentiments were hit, as investors were also worried that inflation pushing up interest rates will damage the global economy. The US future indexes, Dow, and Nasdaq futures are trading lower at this moment at 5.30 pm IST.
Conclusion
Indian equity markets erased early gains and traded volatile in a narrow range and later it managed to close in the green. Going ahead, the domestic markets will likely follow the global market cues in absence of any major events on the domestic front. Traders should remain cautious as there is uncertainty in the market regarding the further interest rate hikes.
Also read: Stock Market Prediction Next Week (16- 20 May 2022)
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