The market today: Sensex down 242 pts, Nifty50 closed near 9200 levels and Bank Nifty plunged 1%

 

Indian stock market today opened in the red as per the global market indication. The market was trading in a tight range and closed in the negative zone. The increase in the number of coronavirus cases in India has dampened market sentiment today.

Today the market sentiments were subdued after the report of Chief Economic Adviser K V Subramanian said India’s gross domestic product (GDP) will contract in the first quarter but is likely to grow at 2% for the full financial year.

On the global front, most of the Asian Market today was closed in the green. As there was a surprise rise in exports in China amid mixed global economic data. The Europen markets are also trading in the green zone at 3.30 pm IST. The Dow and Nasdaq futures are positive at this hour.

 

The Market Today: Sensex, Nifty50 and Bank Nifty on spot level

At close, Nifty50 declined 71.85 points or 0.77% and at 9199.05 while Sensex was down by 242.37 points or 0.76% and at 31443.38. The Bank nifty plunged 1.03% or 202.80 points and closed at 19491.75 levels.

The Nifty midcap 100 was declined by 68.65 points or 0.53% and closed at 12831 levels. Whereas the Nifty smallcap 100 index was the gainer today, it was up by 21.10 points or 0.54% and closed at 3944.05 levels.

The top Nifty50 gainers for the day are Bharti Infratel, IndusInd Bank, Adani Ports, JSW steel, and M&M. The Nifty50 stocks that closed in red today are ONGC, NTPC, BPCL, Kotak Mahindra, and Zee Entertainment.

On the Sectoral basis, OIL & GAS, Agriculture, Paper, Metals, and Electricals are the gainers. The sectors that closed in the red today are Banking & Finance, FMCG, Power, Automobiles, and Telecom.

Nifty50 and Bank Nifty futures share price  today

The Nifty futures share price opened at 9157.40 in the morning. It was made a gap down opening of 123.30 points in the morning. The Nifty future has touched a day’s high at 9264.40 and an intraday low at 9152.5 levels.

During the day the Nifty future share price has given a movement of 111.9 points and in the end, it was down by 70.30 points or 076% and closed at 9210.40  

The Bank Nifty futures share price in futures opened at 19470 in the morning. It was opened down by 27.15 points in the morning. It has touched an intraday high at 19743.35 and a day’s low at 19300. 

During the day, the Bank Nifty future share price has given a movement of 443.35 points. In the end, it was down by 127 points or 0.65% and closed at 19544.95

 

The Nifty50 and Bank Nifty futures share price target in futures for 8th May

Primary Trend of Nifty Futures share price:  Down

Range-Bound Trend of Nifty Futures: 

All up Moves Initiates Profit Booking (Sale) @ 9320 whereas All Down Moves Initiates Short Covering (Buy) @ 9100

If Nifty futures share price Moves Above 9238 and sustain. Then you should Buy with 1st Target of 9265 during the day with a Stop Loss of 9180 FOR the Target of 9265- 9294- 9322

If Nifty futures share price Moves Below 9180 and sustain. Then you should Sell with 1st Target of 9155 during the day with a Stop Loss of 9327. FOR the Target of 9155- 9125- 9090

 

Bank Nifty futures share price  for 8th May 2020

Primary Trend of Bank Nifty Future: Down

Range-Bound Trend of Bank Nifty Future: 

All up Moves Initiates Profit Booking (Sale) @ 19870, whereas All Down Moves Initiates Short  Covering (Buy) @ 19030

If Bank Nifty share price future Moves Above 19650  and sustain. Then you should Buy with 1st Target of 19760 during the day with a Stop Loss of  19420. FOR the Target of 19760 – 19870- 19976

If Bank Nifty share price future Moves Below 19420 and sustained. Then you should Sell with 1st Target of 19315 during the day with a Stop Loss of 19650. FOR the Target of 19315 – 19197- 19030

 

Conclusions

The Indian stock market today ended in a negative note after a range-bound session. The Nifty50 closed near 9200 levels on spot. Nifty50 has strong resistance at 9350-9450 levels would be a little tough to cross the level. Traders can follow our Nifty50 and Bank Nifty share price target for tomorrow on 8th May 

Investors and Traders should closely follow the global cues and indication of SGX Nifty in the pre-opening session tomorrow. Traders should avoid taking an overnight position tomorrow.

 

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