Market Prediction for tomorrow 23 May
Market Overview: Nifty opened the day with a gap-down of around 60 points at 24,733. Within the first 10 minutes, it fell another 200 points and then traded sideways for most of the session, melting premiums. Mid-session, Nifty broke the day’s low, falling an additional 100 points to touch a low of 24,462. Significant open interest (OI) was seen around 24,500 and 24,600 levels. However, in the last trading hour, Nifty sharply recovered nearly 160 points from the day’s low, supported by the 20-day moving average (DMA). This recovery was somewhat expected due to today being the weekly expiry. Despite trading in both directions, traders found limited opportunities as the market remained range-bound.
Earlier, market experts and media were discussing higher resistance levels at 25,500 and 26,000. However, today’s price action challenged those expectations, shifting sentiment towards further downside. Let’s dive into detailed data points and technical indicators for market prediction for tomorrow 23 May.
Table of Contents – Market Prediction for tomorrow
Market Overview – A Pause Before the Action
🔍 Nifty 50 Snapshot
| Open | High | Low | Close |
| 24,733.95 | 24,737.50 | 24,462.40 | 24,609.70 |
📊 Market Breadth (Nifty 50)
| ADVANCED | FLAT (<0.25%) | DECLINES |
| 4 | 14 | 32 |
📈 Nifty Movers
| TOP GAINERS | GAIN % | TOP LOOSERS | LOSS % |
| IndusInd Bank | +1.76% | ONGC | -2.65% |
| JSW Steel | +0.71% | M&M | -2.42% |
🏦 Nifty Sectoral Performance
All sectors closed in red, with FMCG being the top loser at -1.44%. Private Banks saw minor losses of -0.22%.
🔍 Technical Analysis – Is The Rejection Significant?
Price Action: Nifty successfully defended the last swing low around the critical psychological support at 24,500, coinciding with the 20 DMA. The market showed good rejection from lows, indicating underlying support. A close above 24,600 signals strength and potential upside momentum.
Key Levels:
- Support: 24500
- Resistance: 24,675 & 24,737
Candlestick Pattern: On the daily chart, today’s candle formed with a significant bottom wick, indicating rejection from lower levels. This candle suggests potential upside if resistance at 24,737 is broken decisively.
RSI Indicator:
- Hourly RSI (14): Rising from 30, currently at 42. It indicates potential upside movement toward 60.
- Daily RSI (14): Declining, currently at 55, with potential supports at 50 and 40.
📊 Open Interest (OI) Data
OI Buildup (less important due to weekly expiry today):
- Max OI (PE side): 24,500 with 68 lakh contracts
- Max OI (CE side): 25,000 with 69 lakh contracts
🧮 OI Build-Up:
| Index | PRICE % | OI % | BUILDUP |
| NIFTY | -0.67% | +7.31% | Short Buildup |
| BANK NIFTY | -0.09% | +0.24% | Short Buildup |
| FINNIFTY | -0.29% | +2.36% | Short Buildup |
🧠 Market Prediction for tomorrow & Trade Plan
Tomorrow marks the first trading session of the month’s final expiry, potentially making it highly volatile. The hourly chart and RSI indicate bullish momentum, though the daily RSI still points to some bearishness. Nifty may retest the 25,000 mark if it decisively breaks above today’s high (24,737). Downside movement appears limited for tomorrow.
{ If Nifty will close a bullish candle above today’s high tomorrow. A New life time high can be seen very soon. And If not then volatility will be continued}
Trading Strategy: Due to high option premiums and mixed market signals, exercise caution and closely monitor price action. Look for strong rejection candles at lower levels to initiate trades towards 24,800.
📘 Key Learning from Today’s Market
- Closing of candlesticks is crucial to validate breakouts or breakdowns.
- A 10-minute candle close below support or above resistance is necessary in volatile conditions.
- Be cautious of fake breakouts and breakdowns as smart money often exploits these opportunities.
Stay disciplined. Stay profitable.
Disclaimer:
This blog post is intended solely for educational purposes. All information shared here is based on publicly available data, news reports, and personal analysis.
We do not provide any buy or sell recommendations. Investment in stock markets is subject to market risks. Always consult with a SEBI-registered financial advisor before making any investment decisions.
The author and this website assume no responsibility for any financial losses or gains incurred based on the information provided in this article.
📣 What’s Your Take?
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