Nifty and Bank Nifty Prediction for Tomorrow 17 May 2023: The Indian equity markets ended the volatile session with significant losses on Tuesday despite positive global markets. Soon after opening in the green zone, the market slipped into the red terrain and extended losses in the last hour. Barring Nifty PSU Bank and IT all other sectoral indices closed in the red, with media, auto, and financial services falling the most.
The market breadth was slightly negative, on NSE 915 shares advanced while 1019 shares declined. The broader markets outperformed the benchmark indices, as the Nifty midcap index gained 0.26 percent while smallcap index closed flat to negative. At the close, Sensex and Nifty ended lower by 0.66 percent and 0.61 percent on Tuesday. You can read the detailed market updates here.
Nifty and Bank Nifty futures price movement for 16 May
The Nifty futures price opened at 18439, making a positive opening of 21.45 points. It has touched an intraday high of 18445.75 and a day’s low of 18312
The Nifty futures price has given a movement of 133.75 points. In the end, it closed lower by 92.45 points or 0.50 percent and ended at 18325.10 levels.
The Bank Nifty futures opened at 44050.05 It opened higher by 50.25 points on Tuesday. The Bank Nifty futures touched an intraday high at 44114.70 and a day’s low at 43842.90
During the day, the Bank Nifty futures have given a movement of 271.8 points. In the end, it closed lower by 119.15 points or 0.27 percent and closed at 43880.65 levels.
Nifty & Bank Nifty Prediction for Tomorrow 17 May 2023
Nifty Futures Prediction for Tomorrow 17 May 2023
Primary Trend in Nifty Futures: Positive with a cautious approach
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 (May Series) share price Moves Above 18358 and sustains. Then you should Buy with the 1st Target of 18385 during the day with a Stop Loss of 18325 FOR the Target of 18385- 18415- 18447- 18474
If the Nifty futures (May Series) share price Moves Below 18280 and is sustained. Then you should Sell with the 1st Target of 18254 for the day with a Stop Loss of 18310 For the Target of 18254- 18224- 18185- 18140
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Bank Nifty Futures Prediction for Tomorrow 17 May 2023
Primary Trend in Bank Nifty Futures: Positive with a cautious approach
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 (May Series) Moves Above 44065 and sustain, then you should Buy with the 1st Target of 44170 during the day with a Stop Loss of 43950 and the Target of 44170- 44240- 44325- 44415
If the Bank Nifty futures (May Series) Moves Below 43775 and sustain, then you should Sell with the 1st Target of 43680 the day with a Stop Loss of 43850. For the Target of 43680- 43590- 43525- 43450
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Global Stock Market Updates
On the global front, Asian stock market indexes mostly closed in the green despite weaker-than-expected Chinese economic data. Shanghai index closed lower, as China’s April industrial output and retail sales growth came below expectations, suggesting the economy lost further momentum at the start of the second quarter due to uneven recovery.
Nikkei ended higher due to strong corporate earnings while Hang Seng pared early gains and closed flat to the positive. The South Korean Kospi also closed slightly higher on Tuesday.
European stock market indexes are trading near the flatline as the fresh data showed UK’s jobless data ticked higher, potentially easing inflation fears. The Eurozone’s latest data showed that the Q1 GDP data came in at 1.3% vs 1.3% and the estimation was 1.3% while exports and employment were also up on year on year basis.
The US futures, Dow, and Nasdaq futures are trading marginally lower at 5 pm IST
Conclusion
The Indian markets snapped a two-day winning streak amid profit booking at higher levels. The uncertainty in US markets and a slowdown in China dampened the domestic market sentiments and investors preferred to book profit and remain sidelined. However, persistent FIIs inflow and steady oil prices encouraged some domestic investors. 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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