Nifty and Bank Nifty Prediction for Monday 22 May 2023
Nifty and Bank Nifty Prediction for Monday 22 May 2023: Indian equity markets snap a three-day losing streak on Friday and ended the volatile session with modest gains. The domestic markets gained on the back of buying in IT, Realty, and Auto stocks, while some selling pressure was witnessed in Pharma and FMCG counters. Advanced in Adani group stocks after the expert committee report also aided market sentiments on Friday.
The market breadth was negative on Friday, on NSE, 841 shares advanced while 1093 shares declined. The broader markets underperformed the benchmarks, as the Nifty midcap index ended lower by 0.06 percent while smallcap index closed flat to positive. At the close, Sensex and Nifty ended higher by 0.48 percent and 0.41 percent respectively.
Nifty and Nifty Bank futures price movement on Friday, 19 May
On Friday, May 19 the Nifty futures (May Series) opened at the 18210 mark, it made a positive opening of 34.55 points from the previous close. It touched an intraday high at 18242 and a day’s low at 18084.05
The Nifty futures have given a movement of 157.95 points on Friday. In the end, it closed higher by 55.55 points or 0.31 percent and ended at 18231 levels
The Bank Nifty futures (May Series) opened at 43900 levels on the last day of the week. It made a positive opening of just 124.55 points on Friday. It has touched an intraday high at 44016.80 and a day’s low at 43524.30
On Friday, the Bank Nifty futures gave a movement of 492.5 points. At the close, it ended higher by 214.65 points or 0.49 percent and closed at 43990.10 levels.
Nifty & Bank Nifty Prediction for Monday 22 May 2023 (May Expiry)
Nifty Futures Prediction for Monday 22 May 2023
Primary Nifty Trend in Futures: Sideways
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18340 whereas All Down Moves Initiates Short Covering (Buy) @ 18160
If the Nifty futures share price Moves Above 18265 and sustains. Then you should Buy with 1st Target of 18290 during the day with a Stop Loss of 18227 FOR the Target of 18290- 18315- 18340- 18368
If the Nifty futures share price Moves Below 18200 and is sustained. Then you should Sell with the 1st Target of 18180 during the day with a Stop Loss of 18218. For the Target of 18180- 18158- 18115- 18085
Bank Nifty Futures Prediction for Monday 22 May 2023
Primary Trend of Bank Nifty Futures: Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 44200, whereas All Down Moves Initiates Short Covering (Buy) @ 43800
Suppose the Bank Nifty futures Moves Above 44110 and sustain, then you should Buy with the 1st Target of 44180 during the day with a Stop Loss of 44000. For the Target of 44180- 44250- 44330- 44410
If the Bank Nifty futures Moves Below 43880 and sustain, then you should Sell with the 1st Target of 43805 during the day with a Stop Loss of 43960. For the Target of 43805- 43710- 43625- 43535
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Global stock market updates
European stock market indexes closed higher on Friday, as sentiments were boosted by the progress of US debt ceiling talks. It was just before the end of the trading session, a report came in that US Republican lawmakers has paused the debt ceiling talks with no immediate plans to resume negotiations.
Barring retail, all sectors were closed in the green with financial services-led gains followed by construction stocks. German’s DAX extended its previous session gains and closed near the record high despite the latest data showing that its producer prices rose slightly more than expected in April
The US stock market indexes closed lower on Friday after Republican lawmakers hit a pause on talks and walked out with no immediate plans to resume negotiations. The sentiments become weak, as the news wash out the hope that a deal to avoid default would be reached over the weekend.
The downside was limited as Federal Reserves Chairman Jerome Powell has indicated a likely pause in interest rate hikes in the upcoming monetary policy at a conference in Washington. The shares of apparel and shoe retailer Foot Locker tanked 27% after it cuts its annual sales and profit forecast.
Conclusions
The domestic markets gained with the support of positive global cues, as the optimism of progress in negotiations of the US debt ceiling, cheered the global investors. The domestic markets are looking for a trigger either from the local or global markets for further up move.
On Friday, the US debt ceiling negotiation talk was paused and this impacted negatively on the US markets, Asian and other markets are likely to react negatively to the news on Monday. You can also follow our Daily Morning Report at 7.30 am IST to know the market direction.
Also, read- Best Bank Stock to Buy Now for Short-Term Gains
Global Stock Market – Weekly News and Analysis Report
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