Nifty and Bank Nifty Prediction for Monday 8 May 2023
Nifty and Bank Nifty Prediction for Monday 8 May 2023: Indian stock markets fell sharply on Friday due to aggressive selling in the banking, metal, and financial stocks. The markets started on a negative note due to weak global cues, as European Central Bank (ECB) followed US Fed and hiked interest rates by 25 bps and signaled more hikes hikes.
The sentiments were hit, as investors fret the financial health of the US regional banks after the fresh turmoil triggered. On the domestic front, HDFC twin drags more than 5% after reports said that MSCI will use an adjustment factor of 0.5 while computing the weightage of the merged entity.
The market breadth was negative with the advance decline indicating a ratio of 1:2 at the close. The broader markets also fell almost in line with their larger peers. At the close, Sensex and Nifty declined 1.13 percent and 1.02 percent respectively on Friday.
Nifty and Nifty Bank futures price movement on Friday, 5 May
On Friday, May 5 the Nifty futures (May Series) opened at the 18180 mark, it made a negative opening of 114.65 points from the previous close. It touched an intraday high at 18267.75 and a day’s low at 18115
The Nifty futures have given a movement of 152.75 points on Friday. In the end, it closed lower by 164.55 points or 0.90 percent and ended at 18130.10 levels
The Bank Nifty futures (May Series) opened at 43225 levels on the last day of the week. It made a negative opening of 432.8 points on Friday. It has touched an intraday high at 43584.35 and a day’s low at 42630
On Friday, the Bank Nifty futures gave a movement of 954.35 points. At the close, it tanked 937.80 points or 2.15 percent and closed at 42720 levels.
Nifty & Bank Nifty Prediction for Monday 8 May 2023 (May Expiry)
Nifty Futures Prediction for Monday 8 May 2023
Primary Nifty Trend in Futures: Sideways Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18240 whereas All Down Moves Initiates Short Covering (Buy) @ 18050
If the Nifty futures share price Moves Above 18182 and sustains. Then you should Buy with 1st Target of 18215 during the day with a Stop Loss of 18164 FOR the Target of 18215- 18248- 17280- 17315
If the Nifty futures share price Moves Below 18102 and is sustained. Then you should Sell with the 1st Target of 18064 during the day with a Stop Loss of 18135. For the Target of 18064- 18022- 17980- 17958
Bank Nifty Futures Prediction for Monday 8 May 2023
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 42900, whereas All Down Moves Initiates Short Covering (Buy) @ 42300
Suppose the Bank Nifty futures Moves Above 42970 and sustain, then you should Buy with the 1st Target of 43060 during the day with a Stop Loss of 42840. For the Target of 43060- 43150- 43225- 43320
If the Bank Nifty futures Moves Below 42550 and sustain, then you should Sell with the 1st Target of 42470 during the day with a Stop Loss of 42680. For the Target of 42470- 42380- 42290- 42225
If you want Market Views and Live Trading calls for Nifty, Bank Nifty and Stocks, Cash/F&O Segment, and Global /Domestic market happenings then join our Telegram Channel – https://t.me/nifty50stocks1
Global stock market updates
European stock market indexes closed higher on Friday, as investors reacted positively to the US jobs report for the month of April. The market sentiment also remains upbeat due to the better-than-expected quarterly results of tech giant Apple.
On the economic front, retail sales in the eurozone fell by 3.8% in March on an annual basis, worse than the 3.1% forecast, according to official data released on Friday. German factory orders also dropped in March, missing market expectations and reversing previous gains. Sentiments were boosted as share prices of IAG, Norwegian, and Adidas surged after upbeat quarterly results were announced.
The US stock markets jumped on Friday as Apple stocks rallied after the upbeat quarterly results announced on Thursday after the market. The sentiment becomes further optimistic as the monthly job report eased the concern of a deeper and darker recession in the US
The other big tech stocks including Alphabet, Microsoft, and Amazon rallied in the last trading session while regional banking stocks also recovered most of their losses made in the previous session. Meanwhile, some investors are concerned that strong wage growth may elevate the inflation rate and that would encourage the Fed to persist with higher for longer interest rates.
Conclusions
The domestic markets witnessed the biggest single-day selloff in the last two months. The weak global cues and a selloff in heavyweight index stocks drag the markets lower on Friday. HDFC twins were major losers, dragging benchmark and Banking indices down due to MSCI news.
On Monday, markets are likely to open in green as global cues turned positive on Friday’s session. 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 Ends Mixed Amid Volatility – Weekly Report
If you like the post “Nifty and Bank Nifty Prediction for Monday 8 April 2023” please share it with your friends and others
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution in compiling its website data. The views and investment tips expressed by investment experts on Nifty50Stocks.com are their own and for educational purposes. Nifty50Stocks.com is not SEBI registered Advisors. Nifty50stocks.com advises its users to check with certified and SEBI-registered experts before taking any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
