Market updates, Nifty & Bank Nifty futures for derivative expiry 29 Oct

 

Nifty & Bank Nifty futures technical analysis for 29 Oct: Indian markets traded negatively throughout the day. The benchmark indices extended their losses in the late afternoon session due to weak global cues. Selling pressure in Banking & Financial, Metal, and Oil & Gas stocks dragged down the market today. In the end, both Sensex and Nifty closed below their crucial 40000 and 11750 levels respectively. 

The market sentiments remained subdued today after UNTAD said that global foreign direct investment (FDI) flows fell 49% in the first half of 2020 compared to 2019 due to the economic fallout from the coronavirus pandemic. Investors took note of a report that the government may extend the MSME loan scheme, Emergency Credit Line Guarantee Scheme (ECLGS ) beyond October to achieve Rs 3 lakh crore of guaranteed loans to business.

On the global front, Asian markets are mostly closed in the red due to concerns about the rising coronavirus cases in Europe and the U.S. The European markets are trading in the deep red today on fears of new national lockdown in France and Germany and tighter restrictions in other parts to combat a surge in coronavirus cases. The US markets Dow and Nasdaq futures are also trading lower today.

 

Market updates: Sensex, Nifty, and Bank Nifty today

 

At the close, the Nifty fell 159.80 points or 1.34% and at 11729.60 levels while Sensex declined 599.64 points or 1.47% and at 39922.46 levels. The Bank Nifty today on the spot levels tanks 537 points or 2.16% and closed at 24232.50 levels.

The Nifty midcap and smallcap 100 indices closed lower today. The midcap index down by 169.65 points or 0.99% and at 17047.60 levels. The smallcap index declined by 58.25 points or 0.98% and at 5893.10 levels. 

The top gainers in the Nifty index for the day are Bharti Airtel, UPL, Hero Motocorp, M&M, and Eicher Motors. The top five losers in the Nifty index for the day are HDFC, IndusInd Bank, Adani Ports, and Tech Mahindra. The most active stocks in the NSE were Bharti Airtel, Reliance, and Tata Motors.

On a sectoral front, almost all major sectors closed in the red except for Telecom, Manufacturing, and Retail. Banking & Finance, Healthcare, Metals, Oil & Gas, and IT & Software were the major losers 

 

Nifty & Bank Nifty futures price today

 

The Nifty futures share price opened at 11881.40, it made a flat to the positive opening of 2.35 points. It has touched an intraday high at 11917.60 and a day’s low at 11675.10

The Nifty futures share price has given a movement of 242.5 points. In the end, it declined 159.2 points or 1.34% and closed at 11719.85 levels.

The Bank Nifty futures share price opened at 23698. It made a gap down opening of 1043.4 points today. It has touched an intraday high at 24795 and a day’s low at 23698. The opening price and low price are the same and were not available for trade in the morning.

During the day, the Bank Nifty futures share price has given a movement of 1097 points. In the end, it closed lower by 491.3 points or 1.99% and closed at 24250.10 levels.

 

Nifty and Bank Nifty futures technical analysis for 29 Oct ( Oct Expiry)

 

 

Nifty futures technical analysis for 29 Oct 2020

Primary Nifty Trend in futures: Range-Bound

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11800 whereas All Down Moves Initiates Short Covering (Buy) @ 11600

If the Nifty futures share price Moves Above 11772 and sustain. Then you should Buy with 1st Target of 11803 during the day with a Stop Loss of 11694. FOR the Target of 11803- 11832- 11876

If the Nifty futures share price  Moves Below 11694 and sustain. Then you should Sell with the 1st Target of 11662 during the day with a Stop Loss of 11772. FOR the Target of 11662- 11635 -11605

 

 

Bank Nifty futures technical analysis, 29 Oct  2020

Primary Trend of  Bank Nifty Futures: Mild Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 24500, whereas All Down Moves Initiates Short  Covering (Buy) @ 23950

Suppose Bank Nifty futures share price Moves Above 24320 and sustain. Then you should Buy with the 1st Target of 24360 during the day with a Stop Loss of  24090. FOR the Target of 24360 – 24430- 24515

If the Bank Nifty futures share price Moves Below 24090 and sustained. Then you should Sell with the 1st Target of 24020 during the day with a Stop Loss of 24320. FOR the Target of 24020 – 23960- 23880

 

Conclusions:

Indian market closed in the red today. The domestic markets reacted negatively post tracking global peers. The global market sentiments are currently negative on the fears of new lockdown in European countries due to the rise in coronavirus infection cases in the region. The market volatility may increase tomorrow due to monthly F&O expiry and global market sentiments.

Traders should remain cautious for tomorrow and trade with strict stop loss. Traders can follow our Daily Morning market views and can follow our Nifty and Bank Nifty futures technical analysis for tomorrow 29 Oct.2020.

 

Also read, Hedging: Meaning, Risk, Strategies, and types of Hedge

                Nifty, Bank Nifty futures prediction for the week 26-30 Oct

 

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