Technical analysis of Nifty and Bank Nifty future for 20th Dec

 

Technical analysis of Nifty and Bank Nifty: Indian stock market opened marginally lower today. It was trading range-bound till the afternoon. A volatility in tight range was seen in the Bank Nifty in the last hour due to weekly option expiry.

The Nifty futures opened at 12228.40 in the morning, a 14.75 points down from yesterday’s closing. The Nifty future touched an intraday high at 12276.95 and day’s low at 12207.60. During the day it has given a movement of  69.35 points. In the end, it close at 12272.30 and gained 29.15 points today.

The Bank Nifty future was opened at 20.7 points higher at 32300 today. It has touched an intraday high at 32345.45 and day’s low at 32123.35. During the day it has given a movement of 222.10 points today. In the end, the Bank Nifty future was marginally down by 12.30 points and closed at 32267.     

 

Technical analysis of Nifty future for 20th Dec

Primary Trend Nifty Futures:  Up & Sideways

Range-Bound Trend of Nifty Futures:

All up Moves Initiates Profit Booking (Sale) @ 12330 whereas All Down Moves Initiates Short Covering (Buy) @ 12200

If Nifty futures share price Moves Above 12280 and sustain. Then you should Buy with 1st Target of 12298 during the day with a Stop Loss of 12252 FOR the Target of 12298- 12310- 12327

If Nifty futures share price Moves Below 12252 and sustain. Then you should Sell with 1st Target of 12238 during the day with a Stop Loss of 12280. FOR the Target of 12228- 12205- 12180

 

Technical analysis of Bank Nifty future for 20th Dec

Primary Trend of Banknifty Future: Up & Sideways

Range-Bound Trend of Bank Nifty Future:

All up Moves Initiates Profit Booking (Sale) @ 32400, whereas All Down Moves Initiates Short  Covering (Buy) @ 32080

If Bank Nifty future share price Moves Above 32320  and sustain. Then you should Buy with 1st Target of 32370 during the day with a Stop Loss of  32238 FOR the Target of 32370 – 32420- 32465

If Bank Nifty future share price Moves Below 32238 and sustained. Then you should Sell with 1st Target of 32190 during the day with a Stop Loss of 32320 FOR the Target of 32190 – 32150- 32080

 

Conclusions: 

The Indian market was trading in the positive territory today. The Bank Nifty future was volatile in the second half and was trading in a tight range. Market may move higher in the coming days due to FIIs inflow and positive global market 

Traders can also follow our Technical analysis of Nifty Futures and Bank Nifty futures for tomorrow’s 20th Dec19 and Weekly market views and trends here.

 

You can also read, PSU Bank Merger: 7 ways the merger will impact on you

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