Market updates and trading strategy for Nifty and Bank Nifty futures for 22nd Oct

 

Nifty & Bank Nifty futures trading strategy for 22 Oct:  Indian markets opened on a strong note as indicated by the global market cues. The markets traded positively in the first half whereas profit booking was seen in the second half. The benchmark indices erased all intraday gains in the post-lunch but recovered immediately and closed in the green.

The market sentiments remained positive as Commerce and Industry Ministery said that Foreign Direct Investments (FDI) in India has increased by 16% during April-Aug for FY21. This is as compared to last year for the same period. 

Adding more optimism, the rating agency ICRA’s report stated that the Indian economic recovery has broadened and strengthened in September 2020. It has said that nine of the tracked 15 nonfinancial high-frequency indicators recorded growth in September 2020 while five posted a narrow YoY contraction in that month.

On the global front, Asian markets were mostly closed in the green as investors are still hopeful about the U.S stimulus package ahead of the November election. European markets are trading lower due to profit booking in healthcare and construction stocks. The US future indices Dow futures and Nasdaq futures are trading almost flat. 

 

Market updates Sensex, Nifty, and Bank Nifty today

 

At the close, Nifty gained 40.85 points or 0.35% and at 11937.65 levels while the Sensex was up by 162.94 points or 0.41% and at 40707.31 levels. The Bank Nifty on the spot levels gained 323.25 points or 1.33% and closed at 24635.05 levels.

The Nifty midcap index gained whereas the smallcap index closed marginally lower today. The Nifty midcap index gained 42.20 points or 0.25% and at 17065.45 levels. The Nifty smallcap index closed lower by 6.65 points 0.11% and at 5897.70 levels.

The top five gainers in the Nifty index for the day are Power Grid Corp, Bharti Airtel, Tata Steel, Hindalco, and GAIL. The top five losers in the Nifty index for the day are Britannia, TCS, SBI Life Insurance, Hero Motor Corp, HDFC life. The most active stocks for the day were Reliance, Bajaj Finance, and Infosys.

On a sectoral front, Metals, Telecom, Banking & Finance, Infrastructure, and Real Estate closed as the top gaining sector. On the losing side IT & Software, Oil & Gas, Insurance, FMCG, and Consumer durable sectors are closed in the red today.

 

Nifty & Bank Nifty futures price today

 

Te Nifty futures share price opened at 11951.25, it made a positive opening of 55.35 points. It has touched an intraday high at 12016.80 and a day’s low at 11766.75

The Nifty futures share price has given a movement of 250.05 points. In the end, it gained 33.5 points or 0.28% and closed at 11929.40 levels.

The Bank Nifty futures share price opened at 24484. It was made a positive opening of 132.25 points today. It has touched an intraday high at 24880.65 and a day’s low at 24102.40

During the day, the Bank Nifty futures share price has given a movement of 778.25 points. In the end, it closed higher by 350.75  points and closed at 24702.50 levels.

 

Nifty and Bank Nifty futures trading strategy for 22 Oct ( Oct Expiry)

 

 

Nifty futures trading strategy for 22 Oct 2020

Primary Nifty Trend in futures: Positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 12040 whereas All Down Moves Initiates Short Covering (Buy) @ 11850

If the Nifty futures share price Moves Above 11974 and sustain. Then you should Buy with 1st Target of 12040 during the day with a Stop Loss of 11894. FOR the Target of 12040- 12074- 12098

If the Nifty futures share price  Moves Below 11894 and sustain. Then you should Sell with 1st Target of 11858 during the day with a Stop Loss of 11922. FOR the Target of 11858- 11804 -11778

 

 

Bank Nifty futures prediction, 22 Oct  2020

Primary Trend of  Bank Nifty Futures: Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 25200, whereas All Down Moves Initiates Short  Covering (Buy) @ 24500

If Bank Nifty futures share price Moves Above 24820 and sustain. Then you should Buy with 1st Target of 25020 during the day with a Stop Loss of  24520. FOR the Target of 25020 – 25170- 25320

If the Bank Nifty futures share price Moves Below 24520 and sustained. Then you should Sell with 1st Target of 24405 during the day with a Stop Loss of 24820. FOR the Target of 24405 – 24250- 24080

 

Conclusions:

Indian stock market managed to close in positive territory amid volatility in the second half. The global market cues are mixed due to the political uncertainty and dimming hopes of a stimulus package. The Indian market may remain volatile in the coming days as the market will now react to the Q2 results and global cues.

Traders can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures trading strategy for tomorrow 22 Oct.2020

 

Also read, Ultratech & JSW Steel Share Price target for next week

Best Stock Market books to buy at discounted price 

               

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Editor’s Desk

 

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