Nifty, Sensex end higher while Banknifty share price closed in the red today
Nifty & Banknifty share price target for 13th Oct: Indian benchmark indices opened in a strong note amid positive indication from the Asian markets today. The market traded positively throughout the day but erased most of their early gains in the end. Buying seen mainly in the large-cap stocks only, midcap and smallcap stocks underperformed today. Banknifty share price closed in the red today.
The market sentiments were positive with NITI Aayog CEO Amitabh Kant’s statement that India’s massive digital footprint is one of the biggest strengths for Artificial intelligence (AI) development. The established platforms like Aadhar, UPI, along with massive digital infrastructure create a unique opportunity for this futuristic technology to be leveraged to enhance transparency and improve governance.
However, markets erased most of their gains as traders were concerned over the macro data to be released later today and power failure in Mumbai and Navi Mumbai area. The Finance Minister’s press conference for boosting consumer spending under LTC Cash Voucher Scheme has also failed to attract buyers in the market.
Under the LTC scheme, a government employee can opt to receive cash amounting to leave encashment, plus three times the ticket fare to buy items that attract a GST of 12% or more. The scheme will be allowed only through digital transactions and proper GST invoice.
On the global front, Asian markets are closed higher on the hopes of a new stimulus package in the US. The Europen markets are mostly trading higher while tracking gains in Aisa countries. The US futures Dow is trading flat while Nasdaq future is trading higher at 4 pm INST
Sensex, Nifty, and Banknifty share price on spot levels today
At the close, Nifty gained 16.75 points or 0.15% and at 11930.95 levels while Sensex was up by 84.31 points or 0.21% and closed at 40593.80 levels. The Banknifty share price on spot levels closed lower by 134 points or 0.56% and ended at 23712.80 levels.
The midcap and smallcap indices closed lower today. The Nifty midcap index was down by 98.60 points or 0.58% and at 16994.65 levels. The Nifty smallcap index fell 21.60 points or 0.37% and ended at 5855 levels.
The top five gainers in the Nifty50 index for the day are ITC, Infosys, UPL, Asian Paints, and Dr. Reddy’s Lab. The top five losers in the Nifty50 index for the day are Bharti Airtel, JSW Steel, GAIL, Tata Motors, and HDFC Life. The most active stocks for the day in NSE were, Wipro, Infosys, and Reliance.
On a sectoral basis, IT & Software, Infrastructure, Healthcare, Chemical, and Footwear sectors closed higher. On the losing side, Metals & Mining, Automobiles, Banking & Finance, Capital goods, and Telecom sectors closed in the red today.
Nifty and Banknifty share price in futures today
Te Nifty futures share price opened at 11950 and it made a positive opening of 20.2 points today. It has touched an intraday high at 12014.30 and a day’s low at 11867.50
The Nifty futures share price has given a movement of 146.80 points. In the end, it gained 6.7 points and closed flat at 11936.50 levels.
The Banknifty share price in futures opened at 23935.40 It was made a positive opening of 32.25 points today. It has touched an intraday high at 24217 and a day’s low at 23588.40
During the day, the Banknifty share price in futures has given a movement of 628.60 points. In the end, it declined 134.15 points or 0.56% and closed at 23769 levels.
Nifty and Banknifty share price target for 13th Oct ( Oct Expiry)
Nifty futures prediction for 13th Oct 2020
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 12020 whereas All Down Moves Initiates Short Covering (Buy) @ 11900
If the Nifty futures share price Moves Above 11976 and sustain. Then you should Buy with 1st Target of 12012 during the day with a Stop Loss of 11894. FOR the Target of 12012- 12048- 12085
If the Nifty futures share price Moves Below 11894 and sustain. Then you should Sell with 1st Target of 11864 during the day with a Stop Loss of 11976. FOR the Target of 11864- 11828 -11795
Banknifty share price target in futures for 13th Oct 2020
Primary Trend of Banknifty Futures: Positive
Range-Bound Trend of Banknifty Future: All up Moves Initiates Profit Booking (Sale) @ 24300, whereas All Down Moves Initiates Short Covering (Buy) @ 23500
If Banknifty share price in futures Moves Above 23880 and sustain. Then you should Buy with 1st Target of 23990 during the day with a Stop Loss of 23650. FOR the Target of 23990 – 24130- 24305
If the Banknifty share price in futures Moves Below 23650 and sustained. Then you should Sell with 1st Target of 23510 during the day with a Stop Loss of 23880. FOR the Target of 23510 – 23350- 23220
Conclusions:
Indian market continued to trade higher for the eighth consecutive days in a row. The market opened with optimistic mode but gradually erased all its morning gains as traders were cautious ahead of CPI and Industrial production data. The scheme announced by the FM to boost consumer spending failed to cheer the market mood.
The Indian market is looking positive. Traders should closely watch out the outcome of the GST meeting and macro data that will be released today evening. Traders can also follow our Daily Morning market views and Nifty and Banknifty share price in futures for tomorrow 13th Oct.2020
Also read, Algo Trading Definition: Pros and Cons of Algorithmic trading
Indian share market outlook for next week (12-16 October )
Infosys and Maruti share price target for next week
If you like the post please share with your friends and others
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution to compile the data for its Website. The views and investment tips expressed by investment experts on Nifty50Stocks.com are their own and not that of the website or its management. Nifty50Stocks.com is not SEBI registered Advisors and advises its users to check with certified and SEBI registered experts before taking any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.