Nifty & Bank Nifty futures share price target for 12th May

 

Indian stock market today opened in a strong note in the morning and later in the second half, it erased all its morning gains and closed in the red. Indian market sentiment was positive in the morning as the government is working on various initiatives to attract potential investors to do business in India. 

As many foreign organizations are searching for China’s alternative place to set up their facilities on post-COVID-19. The Indian government is working its best to attract those industries. Investors are worried about the increasing number of coronavirus cases and the extension of lockdown in India. 

 

Indian stock market today

At close, Nifty50 was down by 12.30 points or 0.13% and at 9239.20 while Sensex was declined by 81.48 points or 0.25% and at 31561.22. The Bank Nifty was trading weak from the beginning of the day was down by 402.40 points or 2.08% and closed at 18950.50 level.

The Nifty midcap 100 closed in the green today, it was up by 74.45 points or 0.58% and closed 12863.40 levels. Whereas the Nifty smallcap 100 index was down by 5.75 points or 0.15% and closed at 3904.85 levels.

The top gainers in the Nifty50 stocks for the day are Hero Motorcop, Tata Motors, Maruti Suzuki, Bajaj Auto, and Bharti Infratel. On the losing side, ICICI Bank, BPCL, Dr. Reddy’s lab, Kotak Mahindra Bank and HUL.

Sector-wise, the top gainers for the day in NSE are Automobiles, IT & Software Services, Consumer Durables, Industrial Gas, and Media.  The sectors that closed in the red today are Banking & Finance, FMCG, Manufacturing, Power, and  Paper.

Nifty and Bank Nifty futures share price today

The Nifty futures share price opened today at 9335.85, it was up by 99.20 points. It has touched an intraday high at 9442.70 and a day’s low at 9202.10

During the day Nifty futures share price has given a movement of 240.6 points. In the end, it was down by 7.55 points and closed at Rs 9229.10

The Bank Nifty futures share price today opened at 19489.85, it was up by 205.20 points. It has touched an intraday high at 19700 and a day’s low at 18855.

During the day the Bank Nifty future share price has given a movement of 845 points. In the end, it was down by 374.65 points and closed at 18910.

 

Nifty and Bank Nifty futures share price target for 12th May 2020

Nifty Futures share price target for 12th May 2020

Primary Nifty Trend in futures: Bearish

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 9350 whereas All Down Moves Initiates Short Covering (Buy) @ 9100

If Nifty futures share price Moves Above 9294 and sustain. Then you should Buy with 1st Target of 9325 during the day with a Stop Loss of 9180 FOR the Target of 9325- 9370- 9445

If Nifty futures share price Moves Below 9180 and sustain. Then you should Sell with 1st Target of 9138 during the day with a Stop Loss of 9294. FOR the Target of 9138- 9090- 9030

 

 Bank Nifty futures share price target for 12th May 2020

Primary Trend of Bank nifty Futures: Bearish

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 19450, whereas All Down Moves Initiates Short  Covering (Buy) @ 18600

If Bank Nifty future share price Moves Above 19155 and sustain. Then you should Buy with 1st Target of 19310 during the day with a Stop Loss of  18880 FOR the Target of 19310 – 19455- 19720

If Bank Nifty future share price Moves Below 18880 and sustained. Then you should Sell with 1st Target of 18640 during the day with a Stop Loss of 19155 FOR the Target of 18640 – 18470- 18310

 

Conclusions: 

Indian stock market today closed at marginally lower, profit-booking at a higher level has dragged down the market in the last hour. Auto sectors gained more than 3% today as operations at various auto manufacturing units have been started recently.

The Banking sector which was looking weak since last week dragged down the market as ICICI bank’s Q4 earnings missed the street estimates. The market and investors’ sentiments were also subdued as the coronavirus cases are rising in India.

Traders should trade with caution and avoid any overnight carry forward position. Traders can also follow our Nifty and Bank Nifty futures share price for 12th May

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