Nifty and Bank Nifty futures share price technical view for 2nd Dec19

 

The Indian market opened in the negative on 29th November Friday on fear of weak GDP numbers. The market extended its early losses in the second half and closed in red. Almost all major sectors were down on the last of the week. You can ready 29th Nov Friday’s market update here

The Nifty future share price opened at 12174.84 a gap down of 11.20 points. It has touched an intraday high of almost at the same opening price and a day’s low at 12051. During the day the Nifty futures share price has given a movement of 123.90 points. At close Nifty future share price was down 93.15 points and closed at 12092.90(LTP).

The Bank Nifty futures share price opened at 32100.50 on the last Friday, it was opened at a gap down of 69.65 points. It has touched an intraday high at 32148 and a day’s low at 31820. 

During the day the Bank Nifty futures share price has given a movement of 320 points. In the end, the Bank Nifty futures share price closed at 31990(LTP), it was down 180.15 from the last day’s close

 

Nifty, Bank Nifty futures share price target for 2nd Dec19

Nifty futures price target for 2nd Dec19

Primary Trend Nifty Futures: Up

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 12190 whereas All Down Moves Initiates Short Covering (Buy) @ 12010 

If Nifty futures share price Moves Above 12110 and sustain. Then you should Buy with 1st Target of 12132 during the day with a Stop Loss of 12075 FOR the Target of 12132-12160- 12192

If Nifty futures share price Moves Below 12075  and sustain. Then you should Sell with 1st Target of 12038 during the day with a Stop Loss of 12110. FOR the Target of 12038- 12010- 11984

 

Primary Trend of Banknifty Future: Up

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 32300, whereas All Down Moves Initiates Short  Covering (Buy) @ 31820

If Bank Nifty future share price Moves Above 32080  and sustain. Then you should Buy with 1st Target of 32,148 during the day with a Stop Loss of  31900 FOR the Target of 32148 – 32220- 32297

If Bank Nifty future share price Moves Below 31900 and sustained. Then you should Sell with 1st Target of 31820 during the day with a Stop Loss of 32080 FOR the Target of 31820 – 31755- 31670

 

Conclusions: 

The Indian stock market fell last Friday due to the outcome of Q2GDP data. The Q2GDP announced on Friday was 4.5% as against 5% on QoQ and 7% YoY. The six months average GDP number for the current financial has slipped below 5% now. The macro data announced is not favorable for the market but it has already discounted in the market now. 

The fresh tension between the US and China over Hong Kong can further delay the Trade Deal between the two countries. This can be the worry for the investors at this moment in the global front. The US market saw a profit-booking on last Friday and on Monday Asian Market may open in red. The FIIs on last Friday sold Rs 1892.29 crores and DIIs were the buyers of Rs 953.62 crores in cash segment. 

Traders can also follow our Nifty and Bank Nifty futures share price target for 2nd Dec19

 

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