Expert View on Nifty & Bank Nifty Futures Tomorrow 7 May
Expert views on Nifty and Bank Nifty futures for tomorrow 7 May: Indian equity markets opened higher today and traded above their neutral lines. Markets gained on the back of buying in bluechip stocks like Tata Steel, Bajaj Auto, HDFC, and Hero Motor corp. In the end, markets extended their early gains and closed in the positive zone.
The Indian market sentiments were upbeat with US President Joe Biden’s decision to back waiving intellectual property rights on vaccines. This will quicken the vaccination process enabling countries like India to come out of the pandemic faster. However, the upside remained capped due to the rise in coronavirus cases after 5 days of decline. Traders were concerns about the increasing lockdowns and restrictions in various states and their impact on the economic recovery.
Today’s market highlights: Sensex, Nifty, and Bank Nifty on the spot price
At the close, Nifty gained 114.90 points or 0.79 percent and closed at 14724.80 levels while Sensex was up by 272.21 points or 0.56 percent and finished at 48949.76 levels. The Bank Nifty on the spot price is closed marginally higher by 44.10 points or 0.14 percent and ended at 32827.80 levels.
The midcap and smallcap indices also closed higher today. The Nifty midcap index gained 228.90 points or 0.94 percent and closed at 24639 levels. The Nifty smallcap index was up by 59.90 points or 0.70 percent and closed at 8676.10 levels.
The top five gainers in the Nifty 50 index were Hindalco, Here Motorcorp, Wipro, Tata Motors, and Tata Steel. The top losers in the Nifty 50 index were UPL, Power Grid, NTPC, Bajaj Finance, and ONGC. The most active stocks in the Nifty 50 index were Tata Steel, Cipla, and Tata Motors.
On a sectoral basis, barring insurance all major sectors in NSE closed in the green today. The sectors that helped the markets to trade higher are Metals, Automobiles, IT & software, Finance, and Capital Goods.
Nifty and Bank Nifty futures price movement for 6 May ( May Expiry)
The Nifty futures price opened at 14717.95 made a positive opening of 38.85 points. It has touched an intraday high at 14788 and a day’s low at 14657.45
The Nifty futures price has given a movement of 130.55 points today. In the end, it gained 101.35 points or 0.69 percent and ended at 14780.45 levels.
The Bank Nifty futures price opened at 33107.85 It made a positive opening of 134.2 points today. It has touched an intraday high at 33144.40 and a day’s low at 32655
During the day, the Bank Nifty futures price has given a movement of 489.4 points. In the end, it closed higher by 37.65 points or 0.11 percent and closed at 33011.30 levels.
Expert view on Nifty and Bank Nifty for tomorrow 7 May (May Expiry)
Expert view on Nifty futures for tomorrow 7 May
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 14850 whereas All Down Moves Initiates Short Covering (Buy) @ 14740
If the Nifty futures share price Moves Above 14816 and sustain. Then you should Buy with 1st Target of 14849 during the day with a Stop Loss of 14740 FOR the Target of 14849-14874- 14925
If the Nifty futures share price Moves Below 14740 and sustain. Then you should Sell with the 1st Target of 14709 during the day with a Stop Loss of 14816. FOR the Target of 14709- 14685 -14660
Expert view on Bank Nifty futures for tomorrow 7 May
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 33300, whereas All Down Moves Initiates Short Covering (Buy) @ 32930
Suppose Bank nifty share price in futures Moves Above 33220 and sustain, then you should Buy with the 1st Target of 33310 during the day with a Stop Loss of 32930. FOR the Target of 33310 – 33430 – 33670
If Bank nifty share price in the futures Moves Below 32930 and sustained, then you should Sell with the 1st Target of 32840 during the day with a Stop Loss of 33220. FOR the Target of 32840 – 32730 – 32590
Global markets today
On the global front, Asian markets were mostly closed in the green today as investors welcomed strong jobs data from the US. This reinforced optimism among investors that the world’s top economy is well on the recovery track. The European markets are hovering near their record high levels and are trading almost flat. The US futures markets are also trading marginally higher at this time ( 4.30 pm IST)
Conclusions
Indian stock market closed on a positive note with the support of other Asian market cues and heavy buying in metals stocks. US president Biden’s decision to waive intellectual property rights on vaccines also boosted the market sentiments today. The Nifty has now hurdles in 14800-14900 levels, closing above these levels can see bullish sentiments in the market.
You can also follow our Daily Morning Report and Expert view on Nifty and Bank Nifty futures for tomorrow 7 May.
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