Nifty and Bank Nifty Prediction for Tomorrow 19 May 2023: Today, the Indian equity market witnessed a very volatile session for the third consecutive day. The Nifty and Bank Nifty experienced significant drops from their highs today. Though the Bank Nifty closed in green, it but the Nifty closed below the crucial level of 18,150. The market faced intense profit booking throughout the day, despite strong cues from the U.S. markets. After SBI and ITC announced their Q4 financial results, the market dropped significantly.
The Nifty 50 lost 51.80 points (28%), breaking the significant support level of 18,150. The Nifty Bank closed above 43700, gaining 53.60 points (0.12%). The Nifty’s intraday range was between 18,104.85 and 18,297.20, eventually closing at 18,129.95.
Although the Bank Nifty displayed relative strength compared to the Nifty, it recorded a low of 43,673.70 and a high of 44,079.20. However, both indices saw a mild recovery from their lows during the closing hour, with the Bank Nifty closing at 43,752.30.
Realty, PSU banks and pharma were the top sectoral losers on the NSE today. Except for Nifty financial services and private banks, all sectors on the NSE closed in red today.
The broader market also exhibited weakness today. But the selling pressure was deeper there as compared to the benchmarks. The Nifty Midcap 100 faced a decline of 0.59 percent, while the Nifty Small-Cap index recorded a loss of 0.48 percent.
Nifty and Bank Nifty Prediction for Tomorrow 19 May 2023
Based on the analysis of current trends and market indicators, I will now predict the performance of the Nifty and Bank Nifty in the upcoming trading session.
Technical Analysis of Nifty
| Primary Trend of Nifty 50 | UP |
| Nifty 50 Outlook for Tomorrow | Negative |
| Key Area of Nifty 50 | 18180 |
| Upside Range of Nifty 50 | 18250-18445 |
| Downside Range of Nifty 50 | 18040-17865 |
NIFTY 50 forecasts for tomorrow (19th May 2023)
After today’s decline in the Nifty, the chart structure is getting a little distorted. The overall strength of the Nifty is still strong, with the primary trend being up. Tomorrow, the Nifty 50 will be bearish unless it sustains above the key area of 18180.
Taking this as the benchmark for tomorrow, one can initiate buys or sells in the Nifty for given targets. Currently, the immediate major hurdle for Nifty will be 18200, and support will be 18100. Any side breakout will open bigger levels for tomorrow as well.
Nifty 50 Levels for Tomorrow, May 19, 2023
| Levels of NIFTY 50 | Level 1 | Level 2 | Level 3 |
| Nifty 50 Resistance Levels | 18250 | 18370 | 18445 |
| Nifty 50 Support Levels | 18040 | 17980 | 17865 |
Tomorrow Nifty 50 Target: Upside 18250-18445 and Downside 18040-17865
Technical Analysis of Bank Nifty
| Primary Trend of Nifty Bank | UP |
| Nifty Bank Outlook for Tomorrow | Sideways to Negative |
| Key Area of Nifty Bank | 43800 |
| Upside Range of Nifty Bank | 44000-44410 |
| Downside Range of Nifty Bank | 43570-43160 |
NIFTY Bank forecasts for tomorrow (19th May 2023)
After today’s volatile movement in the Bank Nifty, the chart pattern is showing some weakness. However, the overall strength of the Nifty Bank remains intact, and the primary trend is still upward. Looking ahead to tomorrow’s trading session, the Nifty Bank is expected to be bearish unless it manages to sustain above the crucial level of 43800.
Traders can consider initiating buying or selling positions in the Bank Nifty for the given targets. Currently, the immediate resistance for the Bank Nifty is at 43900, while the support level is at 43600. A breakout in either direction will lead to further significant levels, as mentioned for tomorrow.
Nifty Bank Levels for Tomorrow, May 19, 2023
| Levels of NIFTY Bank | Level 1 | Level 2 | Level 3 |
| Nifty Bank Resistance Levels | 44000 | 44250 | 44410 |
| Nifty Bank Support Levels | 43570 | 43420 | 43160 |
Tomorrow Nifty Bank Target: Upside 44000-44410 and Downside 43570-43160
Conclusion
For the last two days, the Indian equity market has shown a profit booking on the higher side. The closure typically occurs near the day’s low points regardless of any initial market recovery. More volatility is expected as the F&O May expiry gets closer based on the fact that selling is being seen in the bulk of stocks following Q4 results, good or bad.
Currently, the Indian market has been ignoring global cues, so until the F&O expiration, it will continue to act alone to its global peers. As tomorrow will be the mark of the weekly closing, the benchmarks will try to give a satisfactory closing. But everything depends on how traders will make positions tomorrow. Despite foreign institutional investors (FIIs) have been buying continuously, traders’ sentiments will influence short-term market patterns.
