Nifty and Bank Nifty Prediction for Monday 15 May 2023
Nifty and Bank Nifty Prediction for Monday 15 May 2023: Indian equity markets ended the volatile session with minor gains on Friday. The market sentiments were hit due to weak global cues, as investors were concerned about an economic slowdown in China and fresh banking turmoil in the US. The market participants were also cautious ahead of the country’s CPI and IIP data.
However, in the second half, markets turned positive on the back of buying in auto, banking, and financial stocks, while some selling pressure was witnessed in metals and oil & gas stocks. The market breadth was almost flat with the advance decline indicating a neutral ratio on Friday.
The broader markets underperformed the benchmark indices, as Nifty mid and smallcap indexes declined by 0.41 percent and 0.75 percent respectively. At the close, Sensex and Nifty ended marginally higher by 0.10 percent and 0.20 percent respectively.
Nifty and Nifty Bank futures price movement on Friday, 12 May
On Friday, May 5 the Nifty futures (May Series) opened at the 18298.95 mark, it made a negative opening of 54.45 points from the previous close. It touched an intraday high at 18365 and a day’s low at 18215.45
The Nifty futures have given a movement of 149.55 points on Friday. In the end, it closed lower by just 19.40 points or 0.11 percent and ended at 18334 levels
The Bank Nifty futures (May Series) opened at 43455.35 levels on the last day of the week. It made a negative opening of just 6.4 points on Friday. It has touched an intraday high at 43871.95 and a day’s low at 43331.05
On Friday, the Bank Nifty futures gave a movement of 540.9 points. At the close, it ended higher by 298.25 points or 0.69 percent and closed at 43760 levels.
Nifty & Bank Nifty Prediction for Monday 15 May 2023 (May Expiry)
Nifty Futures Prediction for Monday 15 May 2023
Primary Nifty Trend in Futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18450 whereas All Down Moves Initiates Short Covering (Buy) @ 18250
If the Nifty futures share price Moves Above 18358 and sustains. Then you should Buy with 1st Target of 18388 during the day with a Stop Loss of 18327 FOR the Target of 18388- 18415- 17446- 17480
If the Nifty futures share price Moves Below 18272 and is sustained. Then you should Sell with the 1st Target of 18247 during the day with a Stop Loss of 18305. For the Target of 18247- 18215- 18180- 18138
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Bank Nifty Futures Prediction for Monday 15 May 2023
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 44200, whereas All Down Moves Initiates Short Covering (Buy) @ 43700
Suppose the Bank Nifty futures Moves Above 43910 and sustain, then you should Buy with the 1st Target of 44020 during the day with a Stop Loss of 43765. For the Target of 44020- 44090- 44180- 44250
If the Bank Nifty futures Moves Below 43625 and sustain, then you should Sell with the 1st Target of 43550 during the day with a Stop Loss of 43715. For the Target of 43550- 43470- 43400- 43325
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Global stock market updates
The US stock market indexes closed slightly lower on Friday as investors worried about the continued regional banking turmoil and fall in consumer sentiment to its lowest since November. The Michigan survey data showed that consumer sentiment fell by more than expected to 63.5 in April, the lowest in six months, and long-term consumer inflation rising to a 12-year high also hit on market sentiment.
The big tech Apple, Meta, and Microsoft fell on Friday while Alphabet (Google) closed slightly higher on the last day of the week. On the political front, a debt ceiling extension is possible as talks are in progress in Washington among lawmakers on legislation to avoid the U.S. default on its debt payments.
European stock market indexes closed higher on Friday after UK GDP data and quarterly earnings. U.K. GDP for Q1 of 2023, showed 0.01% growth, in line with market estimates, but an unexpected 0.3% fall in March due to contraction in the services sector worried investors.
Oil and Gas and Banking stocks closed higher while auto stocks fell on Friday. In corporate news, THG fell 10% as take-over talks call off with US private equity outfit Apollo Global Management, due to an “inadequate valuation” The shares of Richemont and Societe Generale rose due to upbeat quarterly earnings while Allianz missed market expectations in the 1st quarter results released on Friday.
Conclusion
On Friday, the domestic markets traded negatively in the first half due to weak global cues. The recession fears in the US after the weekly jobless claim rose significantly weigh on market sentiments, while in Asia market sentiments were subdued due to the slowdown in China.
However, on the domestic front, the country’s retail inflation data released postmarket hours on Friday further declined to 4.7% in April, this will improve the market sentiments on Monday. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also, read- Eicher Motors Shares Jump After Q4 Results- Know the Target Price
Global Stock Market – Weekly News and Analysis
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