Nifty 50 share price closed below 11200 psychological levels

 

Sensex and Nifty 50 share price today: Indian markets opened in positive but erased all early gains within a few minutes of trading. The market opened in line with the global peers and continued to show a sluggish trend till the end.

The Sensex and Nifty 50 share price today traded below their psychological levels of 37800 and 11200 respectively. The Bank Nifty tried to recover in the first but could not sustain and fell in the last hour.

The market sentiments were under pressure with the CARE rating survey reported that business activity is unlikely to touch pre-COVID-19 levels before March 2021. The report also stated that the government needs to step in and push the economy as it has not done enough until now.

Traders also noted the Federation of All India Farmer Association (FAIFA) statement that the newly passed farm bill will give farmers the freedom to trade across states and empower them to turn into traders of their own products and be in control of the process.

On the global front, Asian markets closed in the red due to worries about a surge in coronavirus cases in European countries. Traders are worried about fresh lockdown and restriction and its impact on the growing economy. The Europen markets are trading marginally higher as some buying interest seen in the technology and healthcare sector. The US futures Dow and Nasdaq futures are trading almost flat today.

 

Nifty 50, Sensex, and Bank Nifty share price on the spot today

 

At close, the Nifty 50 price was down by 96.90 points or 0.86% and at 11153.65 while Sensex declined 300.06 points or 0.78% and closed at 37734.08 levels. The Bank Nifty on the spot levels also plunged 227.70 points or 1.06% and ended at 21139.10 levels.

The Nifty midcap and small-cap 100 indices also declined more than 1% today. The Nifty midcap was down by 257.45 points and at 16507.75 levels while the smallcap index closed lower by 101.2 points and ended at 5656.75 levels.

The top five Nifty 50 index gainers are TCS, HCL Tech, Grasim, Tech Mahindra, and Cipla. The losers in the Nifty 50 index for the day are  Zee Entertainment, Gail, Adani Port, Bharti Infratel, and Tata Motors. The most active stocks for the day in NSE are Dr. Reddy’s Lab, Reliance, and TCS.

On a sectoral basis, except for IT & Software, and Consumer Durable all other major sectors closed in the red today. Infrastructure, Capital Goods, and Oil & Gas sectors declined more than 2% today followed by Banking & Finance, and Automobiles.

 

NSE indices: Nifty 50 & Bank Nifty in futures today

 

The  Nifty 50 price in futures opened at 11282.30, and it made a positive opening of 26.2 points today. It has touched an intraday high at 11291.85 and a day’s low at 11103

The Nifty 50 price in futures has given a movement of 188.85 points. In the end, it declined 79.10 points or 0.70% and closed at 11177 levels.

The NSE banking index Bank Nifty futures opened at 21389. It was made a negative opening of 1.90 points. It has touched an intraday high at 21516.65 and a day’s low at 20967.50

During the day, the Bank Nifty futures has given a movement of 549.15 points. In the end, it declined by 165.95 points or 0.78% and closed at 21224.95 levels

 

Nifty 50, Bank Nifty futures prediction for 23rd Sept ( Sept Expiry)

 

 

Nifty 50 share price in futures prediction for 23rd Sept 2020

Primary Nifty Trend in futures: Negative

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11250 whereas All Down Moves Initiates Short Covering (Buy) @ 11060

If Nifty 50 share price in futures Moves Above 11208 and sustain. Then you should Buy with 1st Target of 11232 during the day with a Stop Loss of 11130. FOR the Target of 11232- 11250- 11290

If Nifty 50 share price in futures Moves Below 11130 and sustain. Then you should Sell with 1st Target of 11090 during the day with a Stop Loss of 11208. FOR the Target of 11090- 11058 -11005

 

 

Bank Nifty futures prediction, 23rd Sept  2020

Primary Trend of Bank Nifty Futures: Negative

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 21500, whereas All Down Moves Initiates Short  Covering (Buy) @ 20700

If the NSE Bank Nifty share price in futures Moves Above 21380 and sustain. Then you should Buy with 1st Target of 21505 during the day with a Stop Loss of  21080. FOR the Target of 21505 – 21640- 21780

If the NSE Bank Nifty share price in futures Moves Below 21080 and sustained. Then you should Sell with 1st Target of 20956 during the day with a Stop Loss of 21380. FOR the Target of 20956 – 20820- 20690.

 

Conclusions:

Today, Indian markets closed lower for the fourth consecutive days. Indian markets are not getting global market support and that is the reason Nifty fell 4% in the last four days. Indian market may continue to remain volatile in the remaining days of the week due to monthly derivative expiry.

Traders need to follow the global market cues or can also follow our daily Stock market morning views to know the global market updates.

Traders can also follow our NSE Nifty 50 and Bank Nifty share price in futures prediction for tomorrow i.e 23rd Sept. 

You can check out the latest charting platform for your strategy here

 

Also read, Algo Trading Definition: Pros and Cons of Algorithmic trading

Nifty & Bank Nifty futures trading view ahead of F&O expiry 

               

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Editor’s Desk

 

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