Nifty and Bank Nifty Prediction for Tomorrow 10 May 2023: Today, Nifty and Bank Nifty ended the day flat amid mixed global cues. In the first half, both indices moved higher, but due to profit booking on the higher sides, benchmarks erased all gains. With the fall in Dow futures and a few major Asian markets, the majority of the stocks couldn’t sustain their early gains.
Today’s Market Movement
Following a strong day, Nifty 50 and Nifty Bank started the day on a positive note. As the day progressed, both indices gained momentum and made highs in the first half. Benchmarks traded in a narrow range for a couple of hours, but after consolidation, Nifty and Bank Nifty gave up all gains.
The Nifty 50 reached a high of 18,344.20 and a low of 18,229.65. The closing price of Nifty was 18,265.95, which was just a gain of 1.55 (0.01%) points. The Bank Nifty also behaved similarly to the Nifty. The high and low of Nifty Bank were 43,533.25 and 43,125.85, respectively. The Bank Nifty lost 85.85 (-0.2%) points and closed negative.
If we look at the sectors, the PSU bank index and IT index were the top gainers and losers, respectively. The Nifty PSU Bank index declined by 2.75%, and the Nifty IT index rose 0.73%. The Brodaer market also gave nothing, and both midcap and small indexes closed flat today.
Nifty and Bank Nifty Prediction for Tomorrow 10 May 2023
Technical Analysis Of Nifty
The overall trend of the Nifty is up, and it has been maintaining its upward trajectory on a weekly and daily closing basis. But for the very short term, say tomorrow, it has shown a little bit of stretch on the upside. So, for tomorrow, the chart structure seems to be a little bit weaker. The Nifty will be bullish once it stays above the range of 18290–18300. So, trading below this range will emerge as a selling opportunity, and the trend will be slightly negative for tomorrow.
Tomorrow Nifty 50 Target: Upside 18340–18450 and Downside 18200-18090
Nifty 50 Levels for Tomorrow, May 10, 2023
Primary Trend of Nifty for Tomorrow: FLAT TO NEGATIVE BIAS
| Nifty Resistance Levels | ||
| 18340 | 18400 | 18450 |
| Nifty Support Levels | ||
| 18210 | 18150 | 18090 |
Bank Nifty 50 Levels for Tomorrow, May 10, 2023
Technical Analysis Of Nifty
Similarly, the Bank Nifty has been on an upward trend and has consistently maintained bullishness across multiple time frames. However, there has been a minor pullback in the very short term, particularly for tomorrow. This has weakened the chart structure in the very short term. The Bank Nifty will only remain bullish if it stays above 43300. If it consistently stays below this, it will provide a shorting opportunity. Currently, the Bank Nifty is trading well below 43300, so the trend for tomorrow will be slightly negative.
Tomorrow Bank Nifty Target: Upside 43400–43800 and Downside 43000-42600
Bank Nifty Levels for Tomorrow, May 10, 2023
Primary Trend of Bank Nifty for Tomorrow: FLAT TO NEGATIVE BIAS
| Bank Nifty Resistance Levels | ||
| 43430 | 43600 | 43800 |
| Bank Nifty Support Levels | ||
| 43020 | 42860 | 42600 |
Conclusion
The Nifty and Bank Nifty continue to show upward trends on multiple time frames, except for very short periods, such as 60-30 minutes. If they fail to sustain above key levels mentioned above, there may be a downtrend in both indices during intraday trading tomorrow. The most critical factor will be how the U.S. market closes tomorrow.
At present (IST 8.30 p.m.), global markets are mostly trading flat to negative. The Dow Jones is trading without any significant movements, and the European markets show flat to negative to signs. However, the Shanghai and Hang Seng indexes experienced a decline of 1% to 2% today. Additionally, crude oil prices have decreased by 1.1%, and the U.S. dollar index (DXY) has risen by about 0.3% above 101.45.
Therefore, at present, there is no clear trend from the global front that would impact the Indian equity market tomorrow. The focus will be on the U.S. market closing today and the Bank Nifty’s performance tomorrow.
Please note that all levels of Nifty and Bank Nifty discussed above, are spot prices.
Chart Credit: Chartink
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