Nifty and Bank Nifty Prediction for Tomorrow 19 May 2023
Nifty and Bank Nifty Prediction for Tomorrow 19 May 2023: The Indian equity market indexes erased early gains and ended the volatile session with moderate losses on Thursday, for the third straight session. The domestic markets ended lower despite the positive global cues. The markets were volatile due to the expiry of the weekly index options on the NSE.
Financial and Banking stocks edged higher while selling pressure was witnessed in Realty, PSU Banks, and Pharma stocks. The share price of SBI fell 1.77 percent due to profit booking after the largest PSU Bank reported an 83.18 percent surge in standalone profit to Rs 16695 crore in the Q4 earnings.
The market breadth was negative today. The broader markets underperformed the benchmarks, as Nifty mid and smallcap indexes closed lower by 0.59 percent and 0.48 percent respectively. At the close, Sensex and Nifty ended lower by 0.21 percent and 0.28 percent respectively. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 18 May
The Nifty futures price opened at 18290, making a positive opening of 65.5 points. It has touched an intraday high of 18324.55 and a day’s low of 18150.80
The Nifty futures price has given a movement of 173.75 points. In the end, it closed lower by 44.50 points or 0.24 percent and ended at 18180 levels.
The Bank Nifty futures opened at 43792 It opened slightly higher by 16.55 points on Thursday. The Bank Nifty futures touched an intraday high at 44057.85 and a day’s low at 43712.65
During the day, the Bank Nifty futures have given a movement of 345.2 points. In the end, it closed higher by 86.60 points or 0.20 percent and closed at 43807.75 levels.
Nifty & Bank Nifty Prediction for Tomorrow 19 May 2023
Nifty Futures Prediction for Tomorrow 19 May 2023
Primary Trend in Nifty Futures: Mild Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18230 whereas All Down Moves Initiates Short Covering (Buy) @ 18100
If the Nifty futures (May Series) share price Moves Above 18236 and sustains. Then you should Buy with the 1st Target of 18260 during the day with a Stop Loss of 18202 FOR the Target of 18260- 18288- 18310- 18340
If the Nifty futures (May Series) share price Moves Below 18150 and is sustained. Then you should Sell with the 1st Target of 18115 for the day with a Stop Loss of 18205 For the Target of 18115- 18068- 18038- 18018
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Bank Nifty Futures Prediction for Tomorrow 19 May 2023
Primary Trend in Bank Nifty Futures: Mild negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 44000 whereas All Down Moves Initiates Short Covering (Buy) @ 43550
Suppose the Bank Nifty futures (May Series) Moves Above 43955 and sustain, then you should Buy with the 1st Target of 44040 during the day with a Stop Loss of 43840 and the Target of 44040- 44150- 44220- 44280
If the Bank Nifty futures (May Series) Moves Below 43680 and sustain, then you should Sell with the 1st Target of 43605 the day with a Stop Loss of 43785. For the Target of 43605- 43535- 43450- 43380
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Global Stock Market Updates
On the global front, Asian stock market indexes closed higher following the broadly positive cues from Wall Street overnight, in hopes that the US debt ceiling standoff may finally be coming to an end. The latest data showed that Japan’s exports rose 2.6% in April from a year earlier. The exports have slowed compared to the previous month but experts feel data is still relatively good compared to other Northeast Asian countries.
Japan’s Nikkei led the gains in the region, the index rallied for the sixth straight session and ended at 20 months high. The Shanghai index closed higher on Thursday, snapping a two-day losing streak. Hang Seng also closed higher as shares of Alibaba jumped 3% ahead of quarterly earnings.
European stock market indexes are trading higher on Thursday following an upbeat Wall Street and Asian markets session on Wednesday in hopes that the progress of negotiation will resolve the US debt ceiling dispute soon. The share of British Telecom is trading 8% lower after the company said it plans to cut its workforce between 40000 to 55000 between 2028 to 2030.
The US future index, Dow, and Nasdaq futures are trading slightly higher at 5 pm IST, indicating a flat to positive opening for the US markets.
Conclusion
Indian markets underperformed their Asian peers today, as investors booked profits at higher levels. The benchmarks remain under pressure, while Bank Nifty outperformed the Nifty index and remains strong for most of the session.
Although, some profit booking was seen in the Bank Nifty also after the SBI quarterly result was announced. Going ahead markets will trade sideways negative and are expected to bounce back soon. You can follow our Daily Morning Report at 7.30 am for market direction.
Also, read Stock Market Prediction Next Week (15- 19 May 2023)
Eicher Motors Shares Jump After Q4 Results- Know the Target Price
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