Tomorrow Market Prediction 15 May 2023: The Indian stock market will be closely watched as it will react to significant events on Monday. It includes the Karnataka election results and the recently announced inflation numbers. The Nifty 50 and the Nifty Bank will be in focus as they attempt to absorb these events.
So, this week will be very crucial in establishing a trend. Traders and investors have eagerly awaited the market’s opening on Monday. But the majority of participants anticipate a highly volatile and negative session tomorrow.
The Indian equity market ended the last week on an impressive note. Bank Nifty performed well as compared to the Nifty. To continue the trend on the upside Indian benchmarks must perform well this week as well. This week, the market’s volatility will serve as a test for the credibility of traders and investors.
Nifty Prediction for Tomorrow (15th May 2023)
| Primary Trend of Nifty 50 | UP |
| Nifty 50 Outlook for Tomorrow | Cautiously Positive |
| Key Area of Nifty 50 | 18280 |
| Upside Range of Nifty 50 | 18380-18530 |
| Downside Range of Nifty 50 | 18220-18070 |
Tomorrow Nifty Levels
| Levels of NIFTY 50 | Level 1 | Level 2 | Level 3 |
| Nifty 50 Resistance Levels | 18380 | 18430 | 18530 |
| Nifty 50 Support Levels | 18220 | 18130 | 18070 |
Bank Nifty Tomorrow Prediction (15th May 2023)
| Primary Trend of Nifty Bank | UP |
| Nifty Bank Outlook for Tomorrow | Cautiously Positive |
| Key Area of Nifty Bank | 43650 |
| Upside Range of Nifty Bank | 44020-44575 |
| Downside Range of Nifty Bank | 43450-42900 |
Tomorrow Bank Nifty Levels
| Levels of Nifty Bank | Level 1 | Level 2 | Level 3 |
| Nifty Bank Resistance Levels | 44020 | 44240 | 44575 |
| Nifty Bank Support Levels | 43450 | 43100 | 42900 |
Conclusion
Tomorrow, it is highly likely that the Indian market will respond to the Karnataka election results, resulting in a wider market range and heightened volatility compared to normal days. So, traders should exercise great caution on the higher side. If the indices open higher, it may be prudent to consider booking long positions and observing from the sidelines until there is greater clarity in the market.
In case the market doesn’t open higher, existing long position holders should prioritize downside levels and carefully consider whether to continue holding or exit their long positions.
For option buyers, tomorrow will be a day of ample opportunities to discover any trade, long or short. But options traders must equally examine the India VIX movement before making any fresh trade. Unless Nifty and Bank Nifty break 18000 and 43000, respectively, tomorrow, the market is likely to rebound sharply as the overall trend of the market remains positive and upward.
Please note that all levels of Nifty and Bank Nifty discussed above, are spot prices.
Chart Credit: Chartink
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