Nifty and Nifty Bank futures gained for the fourth consecutive days in a row

 

Nifty & Nifty Bank Futures Target Tomorrow: It was a very strong opening for the Indian stock markets today amid positive global cues. The markets later extended their early gains in the second half and closed near day’s high. There are 35 stocks in advance and 14 stocks in decline and one stock with no change in the Nifty50 index at closing.

The market sentiments got positive after the news of India’s Markit Service PMI Index rose for the fifth straight month in September to 49.8 as compared to 41.8 in August. Though the PMI number is still in contraction it has increased substantially in September compared to last month. 

On the global front, Asian markets were closed higher. The European markets are trading flat due to the profit booking on Technology and Healthcare stocks. In the US market, Dow and Nasdaq futures are trading marginally lower today.

 

Market on spot levels: Sensex, Nifty, and Nifty Bank

 

At the close, Nifty gained 159.05 points or 1.39% and at 11662.40 while Sensex closed higher by 600.87 points or 1.55% and at 39574.57. The Nifty Bank on the spot level gained 482.75 points or 2.16% and ended at 22853.70 levels.

The Nifty midcap and smallcap 100 indices closed marginally higher today. The midcap index gained 108.30 points or 0.63% and closed at 17216.25 levels. The smallcap index was up by 27.70 points or 0.47% and closed at 5923.65 levels.

The top five gainers in the Nifty index for the day are HDFC, Tata Motors, Adani Ports, IndusInd Bank, and M&M. On the losing side, Britannia, Coal India, Tata Steel, Hindalco, and Wipro. HDFC, TCS, and Tata Motors are the most active stocks in NSE today.

On a sectoral front, Banking Finance, Automobiles, Chemicals, Infrastructure, and Insurance sectors gained the most. While FMCG, Hospitality, Consumer Durables, and Oil & Gas sectors closed marginally lower today.

 

Nifty & Nifty Bank futures price today

 

The Nifty futures share price opened at 11582.30 and it made a gap up opening of 64.65 points today. It has touched an intraday high at 11683.75 and a day’s low at 11566.25

The Nifty futures share price has given a movement of 117.25 points. In the end, it gained 154.65 points or 1.34% and closed flat at 11672.30 levels.

The Nifty Bank futures price opened at 22723 It was made a gap up opening of 297.85 points today. It has touched an intraday high at 22940.10 and a day’s low at 22542.80

During the day, the Nifty Bank futures price has given a movement of 397.3 points. In the end, it gained by 484.85 points or 2.16% and closed at 22910 levels.

 

Nifty and Nifty Bank futures target for 7th Oct ( Oct Expiry)

 

 

Nifty futures target for 7th Oct 2020

Primary Nifty Trend in futures: Positive 

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11750 whereas All Down Moves Initiates Short Covering (Buy) @ 11620

If the Nifty share price in futures Moves Above 11685 and sustain. Then you should Buy with 1st Target of 11715 during the day with a Stop Loss of 11638. FOR the Target of 11715- 11758- 11797

If the Nifty share price in futures Moves Below 11638 and sustain. Then you should Sell with 1st Target of 11618 during the day with a Stop Loss of 11685. FOR the Target of 11618- 11595 -11560

 

 

Nifty Bank futures target, 7th Oct  2020

Primary Trend of Nifty Bank Futures: Positive

Range-Bound Trend of Nifty Bank Future: All up Moves Initiates Profit Booking (Sale) @ 23400, whereas All Down Moves Initiates Short  Covering (Buy) @ 22800

If Nifty Bank futures share price Moves Above 23050 and sustain. Then you should Buy with 1st Target of 23130 during the day with a Stop Loss of  22720. FOR the Target of 23130 – 23195- 23392

If the Nifty Bank futures share price Moves Below 22720 and sustained. Then you should Sell with 1st Target of 22655 during the day with a Stop Loss of 23050. FOR the Target of 22655 – 22520- 22400

 

Conclusions:

Indian market closed after a strong rally for the fourth consecutive day today.  Other than strong global cues, the positive PMI service data has helped the Indian markets closed at seven months higher today. RBI has announced an MPC meeting on 9th October, the market may remain volatile in the coming three days due to RBI policy.

Traders can follow our Daily Morning market views and can follow our Nifty and Nifty Bank futures target for tomorrow 7th Oct.2020

 

Also read, Algo Trading Definition: Pros and Cons of Algorithmic trading

               Best stocks to buy today in India- Stock Recommendations

Trading Strategies: Nifty, Bank Nifty futures | 5-9 Oct. 2020

 

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Editor’s Desk

 

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