Intraday Trading Strategy- Nifty and Bank Nifty for 26 May
Intraday Trading Strategy for Nifty and Bank Nifty futures for 26 May: Indian stock market opened strong on Tuesday morning tracking the positive cues from global peers. The key benchmark indices erased all their early gains in the afternoon session due to the selling pressure in the banking counter. The market closed almost flat at the end, and Bank Nifty closed half percent down.
Other than the positive global cues, Indian market sentiments were positive as daily fresh cases of coronavirus have fallen to 1.95 lakh in the last 24 hrs and recoveries are at 3.25 lakhs. Traders were optimistic as the unlocking process is expected to start from June. The downside of the market remained capped after the news that the government is planning for an economic stimulus package for Covid-19 hit sectors like tourism, aviation, and hospitality sectors.
Today’s market updates: Sensex, Nifty, and Bank Nifty on the spot price
At the close, Nifty gained 10.75 points or 0.08 percent and closed at 15208.45 levels while Sensex was down by 14.37 points 0.02 percent and closed at 50637.53 levels. The Bank Nifty on the spot price declined by 281.60 points or 0.80 percent and finished at 34662 levels.
The midcap and smallcap indices closed lower today. The Nifty midcap index was down by 39.95 points or 0.16 percent and closed at 25544.35 levels. The Nifty smallcap index fell 7.25 points or 0.08 percent and ended at 9171.85 levels.
The top five gainers in the Nifty 50 index for the day were Britannia, Asian Paints, Titan Company, Eicher Motors, and JSW Steel. The top losers in the Nifty 50 index were HDFC Bank, HDFC Life, Axis Bank, Reliance, and IndusInd Bank. The most active stocks for the day in the Nifty 50 index were SBI, Tata Steel, and JSW Steel.
On a sectoral basis, IT & Software, Metals, FMCG, Media, Hospitality, and Aviation sectors closed higher today. The sectors that tried to drag down the markets were Banking, Finance, Insurance, Oil & Gas, and Power.
Nifty and Nifty Bank futures price movement for 25 May ( May Expiry)
The Nifty futures price opened at 15281.05 made a positive opening of 78.4 points. It has touched an intraday high at 15299.40 and a day’s low at 15160
The Nifty futures price has given a movement of 139.4 points today. In the end, it gained 30.35 points or 0.20 percent and ended at 15233 levels.
The Bank Nifty futures opened at 35149 It made a positive opening of 150.9 points today. It has touched an intraday high at 35193.95 and a day’s low at 34434
During the day, the Bank Nifty in futures has given a movement of 750.95 points. In the end, it closed lower by 188.1 points or 0.54 percent and closed at 34810 levels.
Intraday trading strategy for Nifty and Bank Nifty futures for 26 May (May Expiry)
Nifty futures intraday trading strategy for 26 May
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 15300 whereas All Down Moves Initiates Short Covering (Buy) @ 15150
If the Nifty futures share price Moves Above 15266 and sustain. Then you should Buy with 1st Target of 15302 during the day with a Stop Loss of 15185 FOR the Target of 15302-15336- 15370
If the Nifty futures share price Moves Below 15185 and sustain. Then you should Sell with the 1st Target of 15152 during the day with a Stop Loss of 15266. FOR the Target of 15152- 15118 -15090
Bank Nifty futures intraday trading strategy for 26 May
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35200, whereas All Down Moves Initiates Short Covering (Buy) @ 34500
Suppose the Bank Nifty futures Moves Above 35020 and sustain, then you should Buy with the 1st Target of 35190 during the day with a Stop Loss of 34620. FOR the Target of 35190 – 35380 – 35570
If the Bank Nifty futures Moves Below 34620 and sustained, then you should Sell with the 1st Target of 34430 during the day with a Stop Loss of 35020. FOR the Target of 34430 – 34250 – 34160
Global markets today
On the global front, Asian markets closed higher on Tuesday as technology shares led the rally after following positive cues from Wall Street overnight. The European markets are mostly trading in the green due to the billion-dollar deal combining two of Germany’s biggest property developers and a rally in technology shares. The U.S future indexes, Dow and Nasdaq futures are trading higher at this moment (4.30 IST) indicating a positive opening for the U.S markets.
Conclusions
Indian stock markets made a strong opening following the positive global cues but could not sustain at higher levels. Profit booking witnessed in the banking sectors at the higher levels. Markets erased all early gains despite the news that the government will soon announce the stimulus package for Covid-19 hit sectors. Going ahead, the market will remain volatile in the coming two days due to the monthly F&O expiry.
You can also follow our Daily Morning Report and an intraday trading strategy for Nifty and Nifty Bank futures for tomorrow 26 May.
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