Bank Nifty trend || Nifty Prediction for (24-28 May)
Nifty and Bank Nifty trend for (24- 28 May): Indian stock market gained more than 3 percent during the week ended 21 May. Markets gained due to the fall in coronavirus cases in India, strong quarterly reports, and the hopes of reopening the businesses. Next week, Indian markets may extend their weekly gains, technically both Nifty and Bank Nifty trends are positive.
The key factors that may impact the Indian stock markets for the next week are
4th Quarterly result
Last week’s Indian equity markets rally was supported by the strong quarterly earnings. In the coming week, there is a total of five Nifty 50 companies that will report their quarterly earnings along with five hundred other midcaps and smallcap companies. The Q4 results schedule of Nifty 50 companies for next week are given below
| Q4 Results dates for Nifty50 Stocks | |
| 24 May 2021 | Grasim |
| 26 May 2021 | BPCL |
| 27 May 2021 | Eicher Motors |
| 27 May 2021 | Sun Pharma |
| 28 May 2021 | M&M |
Global market cues
The global markets mostly closed mixed in the week ended 21 May. In the US markets, sentiments were negative due to fear of inflation while strong economic data tried to trim the losses later during the week. Fed has hinted that it may slow down the asset purchase, the decision will be taken in the next meeting. European markets traded higher as businesses are reopening due to ease of coronavirus restriction. Next week, the important macroeconomic data for the global markets are
| Important Global Macro Data Next Week | ||
| 27 May 2021 | Industrial profit April | China |
| 27 May 2021 | US Jobless Claim | US |
| 27 May 2021 | GDP growth rate Q1 Estimate | US |
| 28 May 2021 | Unemployment rate | Japan |
| 28 May 2021 | President FY22 Budget | US |
Nifty and Bank Nifty trend for ( 24 – 28 May)
Nifty Futures prediction for the week ( 24 – 28 May)
Primary Trend of Nifty futures for next week: Positive
Range-Bound Trend of Nifty futures: All up Moves Initiates Profit Booking (Sale) @ 15300 whereas All Down Moves Initiates Short Covering (Buy) @ 15140
Suppose Nifty share price in futures Moves Above 15256 and sustain. Then you should Buy Nifty futures with 1st Target of 15304 during the day or week with a Stop Loss of 15170 FOR the Target of 15304- 15340- 15384- 15485
Suppose Nifty share price in futures Moves Below 15170 and sustain. Then you should Sell with the 1st Target of 15140 during the day or week with a Stop Loss of 15256. FOR the Target of 15140- 15107- 15065 -14990
Bank Nifty Trend for next week ( 24 – 28 May)
Primary Trend of Bank Nifty future for the week: Positive
Range-Bound Trend of Bank Nifty share price in future: All up Moves Initiates Profit Booking (Sale) @ 35500, whereas All Down Moves Initiates Short Covering (Buy) @ 34400
Suppose Bank Nifty share price in the futures Moves Above 35210 and sustain. Then you should Buy Bank Nifty futures with the 1st Target of 35485 during the day or week with a Stop Loss of 34430. FOR the Target of 35485 – 35696- 35950- 36318
If Bank Nifty shares price in the future Moves Below 34430 and sustained. Then you should Sell with the 1st Target of 34220 during the day or week with a Stop Loss of 35210. FOR the Target of 34220- 34008- 33590 – 33170
FII & DIIs investment
Foreign Institutional Investors (FIIs) have sold while Domestic Institutional investors (DIIs) have bought in the cash market during the week ended 21 May. FIIs have sold Rs 1753.9 crores while DIIs have bought Rs 1318.52 crores in the cash market segment during the week.
While FIIs turned net sellers only last month. India is the most preferred emerging investment destination since April 2019, barring a few months. The data indicates that a few months of FIIs outflows could cause short-term corrections in the markets.
On the other hand, DIIs have sold almost all the months barring a few months in the last year. Now DIIs have turned buyers and are ready to support the market. Overall, we may not see aggressive selling in the market even if FIIs turned seller in the month of May.
Coronavirus risk & Vaccination
On Saturday, India reported over 2.57 lakh new coronavirus cases with 4191 fatalities. Out of the total cases, over 29 lakh are currently active, a number down under 30 Lakh after three weeks. Maharashtra’s daily count remains below 30000. Tamil Nadu, Karnataka, Kerala, are top contributors.
While nearly 9000 people have been infected with mucormycosis or Black Fungus across the country. As the Black Fungus is surging government has sent over 23000 additional vials of key drugs used for the treatment of the fungal infection to the affected states, like Maharastra, Gujarat, Haryana, Karnataka, and MP.
Though the coronavirus infection is declining in Maharastra, the state government may extend the lockdown due to the spread of Black Fungus. In Maharashtra, there are more than 2000 Black Fungus cases reported.
Total 19,33,72 819 crores of coronavirus vaccine doses administered so far in India. Traders need to closely monitor the daily coronavirus cases and lockdown-related news, an ease in lockdown or restriction is good for the economy and the market.
You can also read daily morning market updates before the markets get open and daily Nifty 50 and Bank Nifty Trend in the evening on our website.
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Happy Investing!!
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