Nifty and Bank Nifty futures gained almost 1% today, Trading strategy for 24 Dec 2020

 

Nifty & Bank Nifty futures trading strategy for 24 Dec: Indian stock market opened flat to positive in the morning and continued to trade positively throughout the day. Positive cues from other Asian markets helped key indices to close higher today. In the end, markets extended their yesterday gain and closed almost 1% higher.

Traders got relief after industry body CII said it has demanded a higher allocation of funds for food processing schemes and tax incentives for exports of agriculture and food items. In a pre-Budget meeting with senior finance ministry officials, CII highlighted the need to find ways for tapping export markets for wheat.

Meanwhile, with a view to mobilizing Rs 111 lakh crore required for funding of the ambitious national infrastructure pipeline, Financial Services Secretary Debasish Panda has said that the government plans to set up a Development Finance Institution (DFI) in the next three to four months.

On the global front, Asian markets were mostly closed in the green. European markets are trading in the green on post-Brexit trade deal hopes. The US future, Dow, and Nasdaq futures are trading higher at 4 pm IST.

 

Today’s Market Index: Sensex, Nifty, and Bank Nifty 

 

At the close, Nifty gained 134.80 points or 1.01% and at 12601.10 levels while Sensex up by 437.49 points or 0.96% and at 46,444.18 levels. The Bank Nifty on the spot levels gained 257.35 points or 0.87% and at 29883.30 levels.

The Nifty midcap and smallcap 100 indices outperformed the benchmark today. The midcap index gained 475.05 points or 2.38% and at 20439.95 levels. The Nifty smallcap index also gained 181.70 points or 2.73% and at 6840.45 levels.

The top five gainers in the Nifty 50 index for the day were Wipro, Cipla, Tata Steel, Infosys, and Tata Steel. The top five losers in the Nifty 50 index for the day were Divis labs, Titan Company, NTPC, Coal India, and Heromotocorp. The most active stocks for the day in NSE were Infosys, Reliance, and Bajaj Finance.

On a sectoral basis, almost all sectors participated in today’s rally. IT & software, Capital Goods, Metals, Automobiles, FMCG, and Healthcare closed as top gaining sector today.

 

Nifty & Bank Nifty futures price today

 

The Nifty futures share price opened at 13479.85, it made a negative opening of 7.65 points. It has touched an intraday high at 13627.50 and a day’s low at 13448

The Nifty futures share price has given a movement of 179.5 points. In the end, it gained 131.55 points or 0.98% and closed at 13619.05 levels.

The Bank Nifty futures share price opened at 29580.25 It made a negative opening of 66.35 points today. It has touched an intraday high at 29950 and a day’s low at 29472.30

During the day, the Bank Nifty futures share price has given a movement of 477.7 points. In the end, it gained by 294.9 points or 0.99% and closed at 29941.50 levels.

 

Nifty and Bank Nifty futures trading strategy for 24 Dec ( Dec Expiry)

 

Nifty futures trading strategy for 24 Dec 2020

Primary Nifty Trend in future: Positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 13700 whereas All Down Moves Initiates Short Covering (Buy) @ 13560

If the Nifty futures share price Moves Above 13632 and sustain. Then you should Buy with 1st Target of 13670 during the day with a Stop Loss of 13550  FOR the Target of 13670-13709- 13732

If the Nifty futures share price  Moves Below 13550 and sustain. Then you should Sell with the 1st Target of 13502 during the day with a Stop Loss of 13632. FOR the Target of 13502- 13470 -13446

 

Bank Nifty futures trading strategy, 24 Dec  2020

Primary Trend of  Bank Nifty Futures: Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 30300, whereas All Down Moves Initiates Short  Covering (Buy) @ 29800

Suppose Bank Nifty futures share price Moves Above 30120 and sustain. Then you should Buy with the 1st Target of 30180 during the day with a Stop Loss of  29820. FOR the Target of 30180 – 30265- 30504

If the Bank Nifty futures share price Moves Below 29820 and sustained. Then you should Sell with the 1st Target of 29706 during the day with a Stop Loss of 29780. FOR the Target of 29706 – 29625- 29470

 

Conclusions:

Indian stock markets gained for the second consecutive days after Monday’s sharp fall. Today almost all sectors participated in the rally and the midcap and smallcap index outperform the benchmark indices. Going ahead, investors will now focus on the post-Brexit trade talk which is expected to finalize soon. 

As tomorrow is the last day of the week ahead of the long weakened market may see some profit booking at higher levels. Traders/investors can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures trading strategy for tomorrow 24 Dec. 2020.

 

Also read,     The Best Stock market book to read to make money 

                    Market Prediction- Nifty & Bank Nifty futures for 21-24 Dec

          

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Editor’s Desk

 

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