Nifty 50 indices: Market gained for the second consecutive days

 

Nifty 50 indices today: The Indian stock market extended its yesterday’s gain and closed in a positive note. The Nifty 50 indices touched 9404 and closed near the day’s high at 9380.90. The market gained consecutively for the second trading session today with the support of the global cues.

The street took note of a report stating that the RBI received Rs 64,746 crore worth of bids or more than six times the amount it proposed to buy government bonds through the special open market operation (OMO). In the OMO sale auction, the RBI received Rs 50,260 crore of bids for four securities,

On the global front except for Nikkei and Shanghai, other markets closed in the positive note today. The European markets are also trading in a positive note.

 

Sensex, Nifty 50 indices, and Bank Nifty share prices on the spot level today.

The Nifty 50 indices gained 98.60 points or 1.07% while Sensex was up by 371.44 points or 1.18% and closed at 32114.52. The Banking and Finance stocks are top gainers today, IndusInd Bank gained around 15% in the end. The Bank Nifty gained 589.94 points or 2.94% and closed at 20671.10

The Nifty midcap and smallcap 100 indexes are closed in green today. The Nifty midcap 100 index gained 167.30 points and or 1.30% and the Nifty smallcap 100 index was up by 29.65 points or 0.74% during the day.

The top gainers in the Nifty 50 indices are IndusInd Bank, Bajaj Finance, HDFC, Axis Bank and Bajaj Finserve. On the losing side in Nifty 50 indices are Sun Pharma, HCL Tech, IOC, NTPC, and Nestle.

On the sectoral front, Banking & Finance, Industrial Gas, Aviation, Real Estate, and consumer durables. On the losing side, Healthcare, Retails, Telecom, FMCG and Hospitality are closed in the red.

Nifty 50 and Bank Nifty indices in future today

The Nifty 50 indices in futures opened today at 9379, it was up by 83.85 points. It has touched an intraday high at 9421 and a day’s low at 9257.15

During the day Nifty 50 indices in futures have given a movement of 163.85 points. In the end, it was gained 159.45 points and closed at Rs 9416.60

The Bank Nifty future share price today opened at 20399.45, it was up by 292.35 points. It has touched an intraday high at 20749 and a day’s low at 20242.

During the day the Bank Nifty future share price has given a movement of 507 points. In the end, it was up 636.40 points and closed at 20743.50

 

Nifty 50 indices and Bank Nifty in futures target for 29th April 2020

Nifty 50 indices in futures  target for 29th April 2020

Primary Nifty Trend in futures: Bearish

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 9500 whereas All Down Moves Initiates Short Covering (Buy) @ 9260

If Nifty futures share price Moves Above 9428 and sustain. Then you should Buy with 1st Target of 9462 during the day with a Stop Loss of 9374 FOR the Target of 9462- 9495- 9518

If Nifty futures share price Moves Below 9374 and sustain. Then you should Sell with 1st Target of 9338 during the day with a Stop Loss of 9428. FOR the Target of 9338- 9308- 9264

 

 Bank Nifty future share price target for 29th April 2020

Primary Trend of Bank nifty Future: Bearish

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 20450, whereas All Down Moves Initiates Short  Covering (Buy) @ 19670

If Bank Nifty future share price Moves Above 20920 and sustain. Then you should Buy with 1st Target of 20997 during the day with a Stop Loss of  20578 FOR the Target of 20997 – 21076- 21320

If Bank Nifty future share price Moves Below 20578 and sustained. Then you should Sell with 1st Target of 20492 during the day with a Stop Loss of 20920 FOR the Target of 20492 – 20408- 20270

 

Conclusions: 

Indian stock market gained after getting support from the global cues. Indian markets were volatile in a tight range in the morning and later closed near day’s high. India VIX fell by 7.07% today to 35.35 levels, it is falling since the last four consecutive days providing the room for the bulls in the market.

Tomorrow if the global market supports and Nifty 50 indices on spot level close above 9400 levels, we can see a rally for another 150-200 points. But traders should remain cautious for the coming two days due to monthly derivative expiry.  All trades should be with strict stop loss and avoid carry forward positions. Traders can also follow our Nifty 50 indices and Bank Nifty future share price for 29th April.

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