Nifty and Bank Nifty futures share price target for 7th May

 

Indian stock market closed in positive after a volatile trading session. There is some cautiousness seen in the market after the April PMI Service data was announced. It was at 5.4 in April as against 49.3 in March. The most severe contraction in services output since records began in December 2005.

Some consciousness among traders is seen after ICRA’s report of credit growth and CMIE’s unemployment rate. The incremental credit growth in the year ending March 2020 declined by 64% from Rs 16.79 lakh crore in the previous year to Rs 6.04 lakh crore. 

The CMIE has said the Covid-19 crisis has let to a spike in the country’s unemployment rate to 27.11% for the May 3rd week, it was up from the 7% level before the start of the coronavirus pandemic in mid-march.

 

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Nifty and Bank Nifty share price on spot level today

At close, the Indian benchmark indices Nifty 50 gained 65.30 points or 0.71% and at 9270.90 while the Sensex was up by 232.24 points or 0.74% and at 31685.75 level. The Bank Nifty gained 422.70 points or 2.19% and closed at 19694.50.

The Nifty midcap and smallcap 100 indexes are closed in the green today. The Nifty midcap gained 82.25 points or 0.64% whereas the smallcap index was up by 26.20 or 0.67%

The top five gainers in the Nifty50 stocks for the day are Bajaj Finance, M&M, GAIL, HDFC Bank, and Bharti Airtel. The losers for the day are side, ITC, Bharti Infratel, Coal India, IOC, and UPL.

On a sectoral basis, Banking & Finance, Automobiles, Insurance, Manufacturing, and Telecom are major gainers.  The sectors that closed in the red for the day are, FMCG, IT & Software, Hospitality, Retail, and Oil & Gas.

On the global front, the Asian market closed in mixed, Nikkei, and SET composite closed in red today. European markets are trading almost flat to positive at 5 pm IST (Indian Standard Time). The SGX Nifty is also trading at flat to positive.

 

You can also read, Coronavirus impact on various sectors & Indian economic growth

 

Nifty and Bank Nifty futures share price today:

The Nifty futures share price opened at 9214.95 in the morning. It was opened almost flat at 6.35 points up in the morning. The Nifty future has touched a day’s high at 9373 and an intraday low at 9125 levels.

During the day the Nifty future share price has given a movement of 248 points and in the end, it was up by 92.05 points and closed at 9300.65  

The Bank Nifty futures share price in futures opened at 19219.20 in the morning. It was opened down by 27.15 points in the morning. It has touched an intraday high at 19819 and a day’s low at 18900. 

During the day, the Bank Nifty future share price has given a movement of 919 points. In the end, it was up by 526.25 points or 2.73% and closed at 19772.60

 

The Nifty and Bank Nifty futures share price target in futures for 7th May

Primary Trend of Nifty Futures share price:  Down

Range-Bound Trend of Nifty Futures: 

All up Moves Initiates Profit Booking (Sale) @ 9360 whereas All Down Moves Initiates Short Covering (Buy) @ 9180

If Nifty futures share price Moves Above 9327 and sustain. Then you should Buy with 1st Target of 9365 during the day with a Stop Loss of 9280 FOR the Target of 9365- 9412- 9455

If Nifty futures share price Moves Below 9280 and sustain. Then you should Sell with 1st Target of 9250 during the day with a Stop Loss of 9327. FOR the Target of 9250- 9218- 9180

 

Bank Nifty futures share price target  for 7th May 2020

Primary Trend of Bank Nifty Future: Down

Range-Bound Trend of Bank Nifty Future: 

All up Moves Initiates Profit Booking (Sale) @ 20100, whereas All Down Moves Initiates Short  Covering (Buy) @ 19180

If Bank Nifty share price future Moves Above 19950  and sustain. Then you should Buy with 1st Target of 20090 during the day with a Stop Loss of  19480. FOR the Target of 20090 – 20220- 20405

If Bank Nifty share price future Moves Below 19480 and sustained. Then you should Sell with 1st Target of 19338 during the day with a Stop Loss of 19950. FOR the Target of 19338 – 19176- 18876.

 

Conclusions

Indian market snaps two days losing streak, the market ends in a positive note after a volatile session. The market would remain volatile in the coming days. The Nifty has a resistance at 9350 levels and then at 9450. Traders can follow our Nifty and Bank Nifty futures share price for 7th May tomorrow.

Traders are advised to trade with strict stop loss and follow global cues closely. 

 

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