Nifty & Nifty Bank share price target for 16th Jan

 

Nifty & Nifty Bank share price: The Indian stock market was trading under pressure on weak global market cues. However, the final hour recovery helped the market to close near day’s high. In the end, the market closed in red after the fourth consecutive days of winning streak.

The Nifty future share price opened at 12363.40, it was down by 33.6 points from the previous close. It has touched an intraday high at 12391.95 and a day’s low at 12319.05.

During the day the Nifty future share price has given a movement of 72.9 points. In the end, it fell 22.5 points and closed at 12374.50.

The Nifty Bank share price opened at 32089, it was down by 80.05 points from the previous day’s closing. It has touched an intraday high at 32105.50 and a day’s low at 31765.80. 

On an intraday basis, the Nifty bank share price has declined 339.70 points. In the end, it fell 219.05 and closed at 31950.

 

Nifty Future share price  for 16th Jan 2020

Primary Trend of Nifty Futures share price:  Sideways

Range-Bound Trend of Nifty Futures: 

All up Moves Initiates Profit Booking (Sale) @ 12430 whereas All Down Moves Initiates Short Covering (Buy) @ 12300

If Nifty futures share price Moves Above 12394 and sustain. Then you should Buy with 1st Target of 12415 during the day with a Stop Loss of 12350 FOR the Target of 12415- 12434- 12460

If Nifty futures share price Moves Below 12350 and sustain. Then you should Sell with 1st Target of 12327 during the day with a Stop Loss of 12415. FOR the Target of 12327- 12309- 12288

 

Nifty Bank Future share price  for 16th Jan 2020

Primary Trend of Nifty Bank Future: Sideways

Range-Bound Trend of  Nifty Bank Future:

All up Moves Initiates Profit Booking (Sale) @ 32280, whereas All Down Moves Initiates Short  Covering (Buy) @ 31750

If Nifty Bank future share price Moves Above 32020  and sustains. Then you should Buy with 1st Target of 32080 during the day with a Stop Loss of  31860. FOR the Target of 32080 – 32170- 32280

If Nifty Bank future share price Moves Below 31860 and sustains. Then you should Sell with 1st Target of 31775 during the day with a Stop Loss of 32020. FOR the Target of 31775- 31690- 31605.

 

Conclusions: 

Indian stock market is down due to the weak global cues. On the domestic front sentiments got hit due to the decline in bilateral trade between India and China by about $3 billion last year. While trade deficit continues to be high amounting to $56.77 billion as both countries experienced an economic slowdown.

On the other hand, the Q3 earnings have started and some stock-specific action has started in the heavyweight stocks. Traders should follow the global market tomorrow for market opening indications. Traders can also follow our above Nifty and Nifty Bank share price views for tomorrow.

You can also read, 10 best stocks/shares to buy now for 2020

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Editor

 

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