Bank Nifty and Nifty futures prediction for tomorrow 12 May
Bank Nifty and Nifty futures prediction for tomorrow 12 May: Indian markets opened gap-down in the morning tracking the negative cues from the global market peers. Bears were holding their grip over the Dalal Street in today’s trading session, with both Sensex and Nifty traded below their neutral line. In the end, the key benchmark indices trimmed their early losses and closed negative.
Other than the negative global cues, traders were worried as Fitch Ratings said that there are going indications that India’s second wave of coronavirus infection will add to risk among financial institutions (FIs) by sapping near-term momentum from the economic recovery. Measures announced by the RBI on May 5 will provide some relief to FIs in the next 12 to 24 months, but largely at the expense of postponing the recognition of underlying asset quality problems.
Today’s market updates: Sensex, Nifty, and Bank Nifty on the spot price
At close, Nifty was down by 91.60 points or 0.61 percent and closed at 14850.75 levels while Sensex declined by 340.60 points or 0.68 percent and finished at 49161.81 levels. The Bank Nifty on the spot price slipped 270.20 points or 0.81 percent and ended at 32872.20 levels.
The midcap and smallcap indexes outperformed the benchmark indices today. The Nifty midcap index was up by 194.95 points or 0.74 percent and closed at 24971.75 levels. The Nifty smallcap index gained 72.30 points or 0.82 percent and ended at 8942.90 levels.
The top five gainers in the Nifty 50 index were Coal India, NTPC, IOC, ONGC, and BPCL. the top losers in the Nifty 50 index were JSW Steel, Hindalco, Kotak Mahindra, HDFC, and Divis Lab. The most active stock for the day in the Nifty 50 index was Tata Steel, Tata Motors, and SBI.
On the sectoral front, Capital Goods, Consumer Durables, Oil & Gas, Power, and Chemical sectors closed higher. On the losing side, Metals, Finance, Banking, IT & Software, and Telecom sectors closed lower.
Nifty and Bank Nifty futures price movement for 11 May ( May Expiry)
The Nifty futures price opened at 14798 made a gap-down opening of 186.65 points. It has touched an intraday high at 14939.50 and a day’s low at 14785
The Nifty futures price has given a movement of 154.5 points today. In the end, it fell 110.1 points or 0.73 percent and ended at 14874.55 levels.
The Bank Nifty futures price opened at 32755 It made a negative opening of 547.65 points today. It has touched an intraday high at 33288.95 and a day’s low at 32700
During the day, the Bank Nifty futures price has given a movement of 588.95 points. In the end, it closed lower by 373.85 points or 1.12 percent and closed at 32928.80 levels.
Nifty and Bank Nifty futures prediction for tomorrow 12 May (May Expiry)
Nifty futures prediction for tomorrow 12 May
Primary Nifty Trend in futures: Mild Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 14950 whereas All Down Moves Initiates Short Covering (Buy) @ 14830
If the Nifty futures share price Moves Above 14909 and sustain. Then you should Buy with 1st Target of 14947 during the day with a Stop Loss of 14850 FOR the Target of 14947-14982- 15018
If the Nifty futures share price Moves Below 14850 and sustain. Then you should Sell with the 1st Target of 14814 during the day with a Stop Loss of 14909. FOR the Target of 14814- 14790 -14755
Bank Nifty futures prediction for tomorrow 12 May
Primary Trend of Bank Nifty Futures: Mild Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 33200, whereas All Down Moves Initiates Short Covering (Buy) @ 32800
Suppose Bank nifty share price in futures Moves Above 33060 and sustain, then you should Buy with the 1st Target of 33240 during the day with a Stop Loss of 32814. FOR the Target of 33240 – 33405 – 33565
If Bank nifty share price in the futures Moves Below 32814 and sustained, then you should Sell with the 1st Target of 32670 during the day with a Stop Loss of 32814. FOR the Target of 32670 – 32520 – 32380
Global markets today
On the global front, Asian markets closed in the deep red today due to the fear of rising inflations. China’s consumer price inflation rose to 0.9 percent in April from 0.4 percent in March, the National Bureau of Statistics reported. The European markets are also trading lower today after following global peers and on fears of rising inflation. The US futures index, Nasdaq, and Dow futures are trading lower at this moment ( 4.30 pm IST)
Conclusions
Indian stock markets snapped four days’ winning streak today. In the morning, key benchmark indices opened gap-down, later, in the end, markets managed to trim their early losses and hold their crucial levels. The midcap and smallcap indices outperformed the benchmark today and closed higher.
Going ahead, Indian markets will remain volatile tomorrow due to inflation fears. You can also follow our Daily Morning Report and Expert view on Nifty and Bank Nifty futures for tomorrow 12 May.
Also read, Your Stock Broker will never say these Hidden Charges.
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