Market updates: Nifty and Bank Nifty futures technical levels for 21st May

 

Indian benchmark indices opened in a flat note in the morning despite the positive indication from the Asian markets. The market extended its gains in the last hour of trading and closed in the green.

Today some positive support has come with reports that the government has decided to further revise the criteria for medium units by enhancing the investment and turnover limits up to Rs 50 crore and 200 crores respectively. Traders overlooked CRISIL’s research which states that eight states most affected by the Coronavirus account for over 60% of the GDP and the extended restrictions due to lockdown will slam the economy harder.

On the global front, most of the Asian market closed in the green except Shanghai and Straits Times. The Europen markets are trading flat to negative today at this hour.

 

Sensex, Nifty, and Bank Nifty share price on spot levels.

At close, Nifty gained 187.45 points or 2.12% and at 9066.55 levels while Sensex was up by 622.44 points or 2.07% and at 30818.61 levels. The Bank Nifty also closed in the green today, it was up by 353.45 points or 2.02% and closed at 17840.20 levels.

The Nifty midcap and smallcap 100 indexes also gained more than 1% today. The Nifty midcap was up by 193.05 points or 1.55% whereas the Nifty smallcap100 gained 39.80 points or 1.04% during the day.

The top five gainers for the day are Shree Cements, M&M, Dr.Reddy’s lab, HDFC, and Eicher Motors. The losers for the day are Bharti Infratel, IndusInd Bank, Hero Motorcorp, Vedanta, and  Bharti Airtel.

On sectoral basis today, the top gainers are Banking & Finance, Healthcare, Infrastructure, Media, and Industrial gas. Whereas on the losing side, Aviation, Electricals, Paper, Agri, and Telecom are closed in the red today.

Nifty and Bank Nifty futures share price today

The Nifty futures share price opened today at 8903.15, it was made a positive opening of 19.05 points today morning. It has touched an intraday high at 9097.70 and a day’s low at 8879

During the day Nifty futures share price has given a movement of 218.70 points. In the end, it gained 201.90 points or 2.27% and closed at 9086 levels

Today the Bank Nifty futures share price opened at 17390, it was made a negative opening of 48.75 points in the morning. It has touched an intraday high at 18026.95 and a day’s low at 17351.70.

During the day, the Bank Nifty futures has given a movement of 675.25 points. At close, it was gained by 501.25 points or 2.87% and closed at 17940 levels

 

Nifty and Bank Nifty futures share price target for 21st May 2020

Nifty Futures share price target for 21st May 2020

Primary Nifty Trend in futures: Mild positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 9180 whereas All Down Moves Initiates Short Covering (Buy) @ 9020

If Nifty futures share price Moves Above 9110 and sustain. Then you should Buy with 1st Target of 9152 during the day with a Stop Loss of 9018. FOR the Target of 9152- 9190- 9238

If Nifty futures share price Moves Below 9018 and sustain. Then you should Sell with 1st Target of 8980 during the day with a Stop Loss of 9110. FOR the Target of 8980- 8938- 8884.

 

Bank Nifty futures share price target for 21st May 2020

Primary Trend of Bank nifty Futures: Mild positive

Range-Bound Trend of Bank Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18450, whereas All Down Moves Initiates Short  Covering (Buy) @ 17770

If Bank Nifty futures share price Moves Above 18040 and sustain. Then you should Buy with 1st Target of 18180 during the day with a Stop Loss of  17770 FOR the Target of 18180 – 18320- 18450

If Bank Nifty futures share price Moves Below 17770 and sustained. Then you should Sell with 1st Target of 17640 during the day with a Stop Loss of 18040 FOR the Target of 17640 – 17520- 17310

 

Conclusions: 

The Indian market closed in the positive zone for the second consecutive day. The Nifty closed above 9050 levels and can now move to 9150-9240 levels if the global market supports. On the other hand, the downside for the Nifty could be 9000- 8930 on the spot levels.

Traders should trade with caution and follow the global cues and SGX Nifty tomorrow morning. Traders can also follow our Nifty and Bank Nifty futures share price target for 21st May.

 

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