NIFTY PREDICTION | BANK NIFTY TARGET- 20 MAY
Nifty and Bank Nifty Prediction for Tomorrow 20 May: Indian stock markets opened lower tracking the negative cues from the global markets in the morning. The markets however turned flat to positive in the first half an hour of trading, but could not sustain for long. In the end, markets extended their morning losses on the back of selling in metals, private banks, and financial stocks and closed in the red.
The market sentiments were subdued due to negative cues from the global markets. The market fell half a percent but the downside remained capped due to the hopes of reopening of economic activity soon as daily fresh coronavirus cases dropped since last ten days. The encouraging quarterly results also supported the markets from a big fall.
Today’s market updates: Sensex, Nifty, and Bank Nifty on the spot price
At the close, Nifty fell 77.95 points or 0.51 percent and closed at 15030.15 levels while Sensex declined 290.69 points or 0.57 percent and finished at 49902.64 levels. The Bank Nifty on the spot price slipped 237.20 points or 0.69 percent and ended at 33685.20 levels.
The midcap and smallcap index closed mixed on Wednesday. The Nifty midcap index closed lower by 33.85 points or 0.13 percent while the Nifty smallcap index closed higher by 52.50 points or 0.58 percent and ended at 9052.35 levels.
The top five gainers in the Nifty 50 index were Coal India, Cipla, Sun Pharma, UPL, and IOC. the top five losers in the Nifty 50 index were Tata Motors, HDFC, M&M, JSW Steel, and Bajaj Finserve. The most active stocks in the Nifty 50 index were Tata Motors, Tata Steel, and SBI.
On a sectoral basis, Healthcare, Real Estate, Insurance, Media, and Consumer Durables sectors closed higher. The sectors that closed in the red were Metals, Banking, Financials, Telecom, and Auto sectors.
Nifty and Nifty Bank futures price movement for 19 May ( May Expiry)
The Nifty futures price opened at 15081.60 made a negative opening of 63.25 points. It has touched an intraday high at 15157.80 and a day’s low at 15035.20
The Nifty futures price has given a movement of 122.6 points today. In the end, it fell 96.3 points or 0.64 percent and ended at 15048.55 levels.
The Bank Nifty futures opened at 33810 It made a gap-down opening of 235.2 points today. It has touched an intraday high at 34030 and a day’s low at 33655
During the day, the Bank Nifty in futures has given a movement of 375 points. In the end, it closed lower by 230 points or 0.68 percent and closed at 33815.20 levels.
Nifty and Bank Nifty prediction for tomorrow 20 May (May Expiry)
Nifty futures prediction for tomorrow 20 May
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 15110 whereas All Down Moves Initiates Short Covering (Buy) @ 14980
If the Nifty futures share price Moves Above 15084 and sustain. Then you should Buy with 1st Target of 15124 during the day with a Stop Loss of 15002 FOR the Target of 15124-15165- 15202
If the Nifty futures share price Moves Below 15002 and sustain. Then you should Sell with the 1st Target of 14980 during the day with a Stop Loss of 15084. FOR the Target of 14980- 14956 -14897
Bank Nifty futures prediction for tomorrow 20 May
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 34200, whereas All Down Moves Initiates Short Covering (Buy) @ 33500
Suppose the Bank Nifty share price in futures Moves Above 34040 and sustain, then you should Buy with the 1st Target of 34210 during the day with a Stop Loss of 33650. FOR the Target of 34210 – 34380 – 34580
If the Bank Nifty share price in futures Moves Below 33650 and sustained, then you should Sell with the 1st Target of 33470 during the day with a Stop Loss of 34040. FOR the Target of 33470 – 33340 – 33090
Global markets today
On the global front, Asian markets closed in the red on Wednesday tracking the negative cues from Wall Street and on concern about the surges of coronavirus cases in the region. The European markets are trading lower due to selling pressure in miners, travel, and technology stocks. European market indices opened lower tacking the weakness in Wall Street and after the data showed that UK inflation more than doubled in April. The US futures indices, Dow, and Nasdaq futures are trading in the red, indicating that the US markets will open lower today.
Conclusions
Indian markets closed in the red due to the weakness in global markets. Traders are worried about the rising inflations in the US and UK, that fear the increase in interest rate. The US Fed Reserve has already assured the inflation is temporary and today’s FOMC minutes is important for the direction of the global markets tomorrow.
On the domestic front, daily Covid cases are declining in the country any progress in vaccination will boost the market sentiment in the coming days. You can also follow our Daily Morning Report and an expert view on Nifty and Nifty Bank futures prediction for tomorrow 20 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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