Nifty and Bank Nifty Prediction for Tomorrow 12 May 2023: Today, the Nifty 50 closed below 18300, while the Nifty Bank closed positively above 43450, indicating a strong trading day for the banking sector. However, Nifty experienced profit booking due to a decline in a few heavyweights, resulting in volatility throughout the day. The market was influenced by the weekly F&O expiry and a drop in the share prices of Dr Reddy’s and Larsen.
Dr Reddy’s Labs shares tumbled 7% along with shares of Larsen & Toubro tanked by 5% during the day after the release of Q4 numbers. Also, Hindalco shares declined 3.5% after the weak Q4 numbers of Novelis, a subsidiary of Hindalco Industries Limited. The impact of these stocks restricted any meaningful bounce in the Nifty today. Though Bank Nifty tried its best to hold the benchmarks the whole day today.
The broader market closed positively today. The Nifty Midcap 100 and Nifty Smallcap 100 gained 0.3% and 0.53%, respectively. Nifty Consumer durables, realty, and financial were the top performing sectors today, while Nifty Pharma and Metals were the only sectors that saw losses on NSE. Adanient emerged as the top gainer of NSE with a 5.07% increase, while Dr Reddy’s was the biggest loser of Nifty, falling by 6.93%.
Nifty 50 Prediction for Tomorrow(May 12, 2023)
| Primary Trend of Nifty | UP |
| Nifty Outlook for Tomorrow | Rangebound to slightly negative |
| Upside Range of Nifty | 18370-18490 |
| Downside Range of Nifty | 18248-18125 |
Tomorrow Nifty Levels
| Levels of NIFTY 50 | Level 1 | Level 2 | Level 3 |
| Nifty Resistance Levels | 18370 | 18440 | 18490 |
| Nifty Support Levels | 18248 | 18175 | 18125 |
Nifty Bank Prediction for Tomorrow(May 12, 2023)
| Primary Trend of Nifty Bank | UP |
| Nifty Bank Outlook for Tomorrow | Rangebound to slightly negative |
| Upside Range of Nifty Bank | 43740-44110 |
| Downside Range of Nifty Bank | 43300-42880 |
Tomorrow Nifty Bank Levels
| Levels of Nifty Bank | Level 1 | Level 2 | Level 3 |
| Nifty Bank Resistance Levels | 43740 | 43930 | 44110 |
| Nifty Bank Support Levels | 43300 | 43110 | 42880 |
Global Market Outlook News
Most Asian markets closed with little change today, except for Taiwan’s index, which saw a decline of 0.81%. The European markets, including DAX, CAC, and FTSE, are also trading flat with no clear trend observed as of 4:50 PM IST. The US futures are also trading without any clear indication, except for the Dow Jones, which has declined by 90 points.
Commodity prices are mostly down, with the surge in the US dollar index by 0.33% to above 101.6. Base metals, including Copper and Aluminum, are trading lower, declining by 2.44% and 0.71%, respectively. Crude oil prices have also dropped marginally, erasing today’s gains. The US 10-year bond has fallen by 1.02% to 3.401.
Investors remain focused on the ongoing talks to increase the US government’s debt ceiling, which started on Wednesday and currently stands at a staggering $31.4 trillion. Republicans are emphasizing the need for spending cuts, fueling concerns about a potential default.
Conclusion
Looking at the last few sessions, global markets, including India, have been trading flat. However, the primary trend of the Indian equity market remains intact on the higher side, which provides some reassurance for tomorrow’s trading.
Nevertheless, caution is advised for traders as the Nifty and Bank Nifty are likely to react to the US market closing tonight. Any sudden side-range breakout could trigger abrupt price action tomorrow.
Furthermore, as the Indian market is currently near an all-time high, buyers must remain vigilant. Overall, given that tomorrow is the last day of the weekly closing, it’s advisable to approach the market with caution.
Please note that all levels of Nifty and Bank Nifty discussed above, are spot prices.
Chart Credit: Chartink
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