Support and Resistance for Nifty, Bank Nifty (19 May 2021)
Support and Resistance for Nifty and Bank Nifty futures for 19 May 2021: Indian stock market opened a gap-up today as indicated by the other Asian market peers. Markets continued to trade in a positive momentum throughout the day on the back of buying in metals, banking, and financial stocks. In the end, markets extended yesterday’s rally and closed on a strong note today.
The market sentiments were upbeat as there is a continuous dip in daily Covid-19 cases. The market sentiments got further boosted with RBI’s data showing that India’s Inc’s foreign investment in the first month of the current fiscal (FY22) jumped by more than 2 times YoY to $2.52 billion. Indian investors had committed $1.21 billion worth of outward foreign direct investment (OFDI) in April 2020.
Traders also took note of the RBI article stating that the double-digit growth registered by the NBFC’s during the second and the third quarter of 2020-21 amid the disruptions caused by the Covid-19 pandemic reflects the resilience of these entities.
Today’s market: Sensex, Nifty, and Bank Nifty on the spot price
At the close, Nifty gained 184.95 points or 1.24 percent and closed at 15108.10 levels while Sensex jumped 612.60 points or 1.24 percent and finished at 50193.33 levels. The Bank Nifty on the spot price up by 463.15 points or 1.39 percent and ended at 33922.40 levels.
The midcap and smallcap indices also gained more than 1.5 percent higher today. The Nifty midcap index gained 454 points or 1.83 percent and closed at 25266.65 levels. The Nifty smallcap index was up by 140.45 points or 1.59 percent and ended at 8999.85 levels.
The top five gainers in the Nifty 50 index for the day were M&M, Bajaj Auto, Titan Company, Bajaj Finance, and Tata Motors. The top five losers in the Nifty 50 index were Bharti Airtel, ITC, Coal India, Dr. Reddy’s Lab, and Divis Lab. The most active stocks of the day in the Nifty 50 index were Tata Steel, Tata Motors, and SBI.
On a sectoral front, barring the Telecom sector, all other sectors closed in the green today. The sectors that supported the market to trade higher were Automobiles, Metals, Banking, Finance, Capital Goods, Oil & Gas, and IT & Software.
Nifty and Nifty Bank futures price movement for 18 May ( May Expiry)
The Nifty futures price opened at 15080.30 made a positive opening of 128.2 points. It has touched an intraday high at 15175 and a day’s low at 15072.20
The Nifty futures price has given a movement of 102.8 points today. In the end, it gained 198.9 points or 1.33 percent and ended at 15151 levels.
The Nifty Bank index in futures opened at 33944.75 It made a positive opening of 395.9 points today. It has touched an intraday high at 34244 and a day’s low at 33801.54
During the day, the Nifty Bank index in futures has given a movement of 442.46 points. In the end, it closed higher by 537.5 points or 1.60 percent and closed at 34086.35 levels.
Nifty, Nifty Bank futures support and resistance levels for 19 May (May Expiry)
Nifty futures support and resistance levels for 19 May
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 15210 whereas All Down Moves Initiates Short Covering (Buy) @ 15100
If the Nifty futures share price Moves Above 15180 and sustain. Then you should Buy with 1st Target of 15214 during the day with a Stop Loss of 15090 FOR the Target of 15214-15240- 15284
If the Nifty futures share price Moves Below 15090 and sustain. Then you should Sell with the 1st Target of 15058 during the day with a Stop Loss of 15180. FOR the Target of 15058- 15024 -14980
Bank Nifty futures support and resistance levels for 19 May
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 34400, whereas All Down Moves Initiates Short Covering (Buy) @ 33800
Suppose the Bank Nifty futures Moves Above 34226 and sustain, then you should Buy with the 1st Target of 34380 during the day with a Stop Loss of 33940. FOR the Target of 34380 – 34470 – 34720
If the Bank Nifty futures Moves Below 33940 and sustained, then you should Sell with the 1st Target of 33850 during the day with a Stop Loss of 34226. FOR the Target of 33850 – 33730 – 33600
Global markets today
On the global front, Asian markets closed in the green today shrugging off worries about an increase in regional coronavirus infections and a subdued session on Wall Street the previous night. The European markets are trading higher on Tuesday as investors cheered the better than expected UK job data. The US futures index, Dow, and Nasdaq futures are trading higher at this moment (4 pm IST)
Conclusions
Indian markets gained over one percent due to a fall in daily Covid-19 cases and positive Asian market cues. The key benchmark indices closed above their crucial levels. The broader markets outperformed the key benchmark indices as Nifty midcap and smallcap closed above 1.5 percent. The Nifty is now heading towards 15200-15300 levels.
You can also follow our Daily Morning Report and an expert view on Nifty and Nifty Bank futures support and resistance levels in futures for 19 May.
Also read, Nifty and Bank Nifty share price target for (17-21 May)
Algo Trading Definition: Pros and Cons of Algorithmic trading
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