Nifty and Bank Nifty Prediction for Today 24 May 2023: Yesterday’s trading in the Indian equity market was highly volatile, causing the market to slide from its highs and ultimately close near the day’s lows. Despite this turbulence, both the Nifty and Bank Nifty managed to end the day on a positive note, indicating resilience in the market.
Although, the upward trends of both indexes will depend on the global markets and domestic volatility due to the Monthly F&O expiry of May next Thursday. So, it is crucial to bear in mind that the market is expected to remain highly volatile today again. Furthermore, the potential impact of the weakness observed in the U.S. market added additional weakness.
Nifty and Bank Nifty Prediction for Today 24 May 2023
After conducting a thorough analysis of the prevailing trends, market indicators, and available data, I would like to present my predictions regarding today’s trading session’s performance of the Nifty and Bank Nifty.
Technical Analysis of Nifty
| Primary Trend of Nifty 50 | UP |
| Nifty 50 Outlook for Today | Sideways to Negative |
| Key Area of Nifty 50 | 18360-18370 |
| Upside Range of Nifty 50 | 18400-18500 |
| Downside Range of Nifty 50 | 18300-17200 |
NIFTY 50 forecasts for today (24th May 2023)
After yesterday’s selling pressure on the higher sides of the Nifty, the chart structure is slightly distorted. The overall strength of the Nifty is still strong, with the primary trend being up. Today, the Nifty 50 will be sideways to negative unless it sustains above the key area between 18360 and 18370.
If the Nifty fails to surpass the upper range of the key area, it is advisable to sell on any upward movement today. Traders can use this as a reference point to make buying or selling decisions in the Nifty, targeting specific levels. The immediate major hurdle for the Nifty stands at 18400, while support can be found at 18300.
Nifty 50 Levels for Today, May 24, 2023
| Levels of NIFTY 50 | Level 1 | Level 2 | Level 3 |
| Nifty 50 Resistance Levels | 18403.80 | 18459.60 | 18499.40 |
| Nifty 50 Support Levels | 18308.20 | 18268.40 | 18212.60 |
Tomorrow Nifty 50 Target: Upside 18400-18500 and Downside 18300-18200
Technical Analysis of Bank Nifty
| Primary Trend of Nifty Bank | UP |
| Nifty Bank Outlook for Today | Sideways to Negative |
| Key Area of Nifty Bank | 43980-44000 |
| Upside Range of Nifty Bank | 44100-44350 |
| Downside Range of Nifty Bank | 43800-43590 |
NIFTY Bank forecasts for today (24th May 2023)
The chart structure of Bank Nifty is weak after yesterday’s profit booking on every rise near to 44100. Though the overall trend is up, the immediate distortion in the chart may intensify selling pressure. Today, the bias of Nifty Bank will be sideways to negative until and unless it trades above the key area, 43980-44000.
So, to witness a rally in Bank Nifty, it must trade above the upper range of the key area. With respect to the key levels, one can initiate buys or sells in the Bank Nifty for given targets. Currently, the immediate major hurdle for Nifty Bank will be 44100, and support will be 43800.
Nifty Bank Levels for Today, May 24, 2023
| Levels of NIFTY Bank | Level 1 | Level 2 | Level 3 |
| Nifty Bank Resistance Levels | 44082.33 | 44210.27 | 44325.33 |
| Nifty Bank Support Levels | 43839.33 | 43724.27 | 43596.33 |
Today Nifty Bank Target: Upside 44100-44350 and Downside 43800-43590
Global Market Update
US stock markets experienced a decline on Tuesday due to ongoing challenges in reaching a debt ceiling agreement in Washington. The lack of progress between President Joe Biden and Republican House Speaker Kevin McCarthy has increased concerns about a potential government default. This cautious atmosphere had already set the tone for the trading session.
The global markets, particularly the Dow Jones Industrial Average, S&P 500, and Nasdaq-100, experienced a negative trend today. The Dow Jones Industrial Average closed at 33,055.51, reflecting a decrease of 231.07 points or 0.69%. The S&P 500 closed at 4,145.58, showing a decline of 47.05 points or 1.12%. Similarly, the Nasdaq-100 closed at 13,672.54, down by 177.21 points or 1.28%.
In addition to the global market indices, the SGX Nifty closed at 18,280.00, showing a decrease of 81.50 points or 0.44% compared to the previous session.
Conclusion
The market outlook for today appears slightly bearish, so it is crucial for traders to closely monitor the price actions of the index and broader market movement. Yesterday’s volatile session and the market’s slide from its highs serve as reminders of the potential intraday volatility. Therefore, traders must stay vigilant and adjust their strategies to navigate the expected intraday volatility ahead of the May monthly F&O expiry.
Considering the negative movement in the U.S. stocks, combined with the fall in SGX Nifty, it further reinforces the likelihood of a negative bias in the Indian market, including the Nifty and Bank Nifty indices, at the opening of the trading session today.
However, the primary trend of the Nifty and Bank Nifty remain upward, indicating underlying strength. But, caution is warranted as the chart structures of the indices have been slightly distorted due to yesterday’s selling pressure. To establish a positive outlook for the Nifty and Bank Nifty today, it must trade above the key areas mentioned earlier. Without surpassing those crucial ranges, the sentiment may lean towards a sell-on-rise strategy today.
Please note that all levels of Nifty and Bank Nifty discussed above, are spot prices.
Chart Credit: Investing.com
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