Nifty and Bank Nifty share price target for (17-21 May)
Nifty and Bank Nifty share price target for (17- 21 May): Indian stock market closed almost 1 percent lower during the week ended 14 May. The market declined due to negative cues from the global markets, FIIs, and DIIs selling in cash markets and concerns about the impact of the deadly infection on economic growth. Next week, Indian markets may remain range-bound due to the absence of any major trigger.
The key factors that may impact the Indian stock markets for the next week are
4th Quarterly result
Indian corporates have so far reported impressive fourth quarterly results. Next week there are seven Nifty 50 companies will announce their quarterly results, the schedule is given below
| Q4 Results dates for Nifty50 Stocks | |
| 17 May 2021 | Bharti Airtel |
| 18 May 2021 | Tata Motors |
| 19 May 2021 | IOC |
| 21 May 2021 | Hindalco |
| 21 May 2021 | JSW Steel |
| 21 May 2021 | SBI |
| 21 May 2021 | Shree Cement |
Global market cues
The global markets mostly closed lower on a weekly basis. The concern of the US inflation worried traders in the first half of the week ended 14 May. The global markets reacted positively in the last two days of the week due to strong economic data in the US, UK, and Japan. The economic data that are scheduled for the next week are as follows.
| Important Global Macro Data Next Week | ||
| 17 May 2021 | Industrial Production | China |
| 17 May 2021 | Retail Sales & Unemployment rate | China |
| 18 May 2021 | GDP Growth rate prel | Japan |
| 18 May 2021 | Unemployment rate | GB |
| 19 May 2021 | Industrial Production March | Japan |
| 19 May 2021 | Inflation Rate | GB |
| 20 May 2021 | Jobless Claim | US |
| 21 May 2021 | Gfk Consumer Confidence May | GB |
| 21 May 2021 | Inflation data | Japan |
| 21 May 2021 | Jibun Bank Manufacturing PMI Flash | Japan |
| 21 May 2021 | Retail sales/ Markit PMI flash May | GB |
| 21 May 2021 | Markit Manufacturing PMI flash May | US |
Nifty and Bank Nifty share price target for ( 17 May – 21 May)
Nifty Futures Trend for the week ( 17 May – 21 May)
Primary Trend of Nifty futures for next week: Range-Bound
Range-Bound Trend of Nifty futures: All up Moves Initiates Profit Booking (Sale) @ 14850 whereas All Down Moves Initiates Short Covering (Buy) @ 14600
Suppose Nifty share price in futures Moves Above 14756 and sustain. Then you should Buy Nifty futures with 1st Target of 14809 during the day or week with a Stop Loss of 14636 FOR the Target of 14809- 14852- 14900- 14946
Suppose Nifty share price in futures Moves Below 14636 and sustain. Then you should Sell with the 1st Target of 14590 during the day or week with a Stop Loss of 14756. FOR the Target of 14590- 14550- 14518 -14480
Bank Nifty futures share price target ( 17 May – 21 May)
Primary Trend of Bank Nifty future for the week: Range-Bound
Range-Bound Trend of Bank Nifty share price in future: All up Moves Initiates Profit Booking (Sale) @ 32700, whereas All Down Moves Initiates Short Covering (Buy) @ 31800
Suppose Bank Nifty share price in the futures Moves Above 32380 and sustain. Then you should Buy Bank Nifty futures with the 1st Target of 32530 during the day or week with a Stop Loss of 32000. FOR the Target of 32530 – 32710- 32875- 33130
If Bank Nifty shares price in the future Moves Below 32000 and sustained. Then you should Sell with the 1st Target of 31930 during the day or week with a Stop Loss of 33310. FOR the Target of 31930- 31840- 31590 – 31330
FII & DIIs investment
Foreign Institutional Investors (FIIs) and Domestic Institutional investors (DIIs) have sold in the cash market during the week ended 14 May. FIIs have sold Rs 3620.75 crores while DIIs have sold Rs 1244.03 crores in the cash market segment during the week.
FIIs selling spree is likely to continue in the next week also. Traders need to watch closely the DIIs investment in the coming week, buying by the DIIs can support the markets from sharp fall.
Coronavirus risk & Vaccination
The coronavirus daily new cases have dropped in the last week. India recorded 326098 fresh coronavirus cases and 3890 fatalities on Saturday as per the government data. For the fourth time in five days, India’s daily Coronavirus recoveries outnumbered new cases, taking total recoveries to 2,0432898.
Lockdown and restriction have extended in many places during the week like Delhi, Maharashtra, Karnataka, Kerala, etc. West Bengal has imposed a lockdown for 15 days from 16 May. World health experts issued a grim warning on Friday that the second year of Covid-19 was set to be “far more deadly”.
On the vaccine front, India has administered 18 crore vaccine doses in the country till Friday. The third Coronavirus vaccine that got approval in India is Russian Sputnik V, it will be available at Rs 995 for a single dose and the first shot has been administered on Saturday 15 May at Hyderabad. Due to the shortage of vaccines, several states have stopped vaccination for the age group “18-44” years during the week.
A dip in daily new cases is positive news for the market. Indian markets will closely watch the availability of coronavirus vaccine and related news in the next week. Any progress on the vaccine front can be positive for the market in the next week.
You can also read daily morning market updates before the markets get open and daily Nifty and Bank Nifty Futures Share Price Target in the evening on our website.
You may also like to read, Sensex and Nifty end almost 1% lower on a weekly basis
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Happy Investing!!
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