The Nifty and Bank Nifty futures share price target for tomorrow – 19th May

 

Nifty & Bank Nifty futures share price target for 19th May: The benchmark indices continue to trade in the negative zone. The weakness in the Indian markets was seen despite the positive global cues. The lockdown 4 guideline and 20 lakh crore stimulus package could not attract traders in the market. Traders are worried about the increasing number of cases coronavirus cases in India.

On the global front, Asian markets were trading in the green as non-oil domestic exports in Singapore increased unexpectedly in April. The European markets are also trading in green at this hour today.

 

Sensex, Nifty and Bank Nifty share price on the spot level

At close, the Nifty share price was down by 313.60 points or 3.43% and at 8823.25 levels while Sensex was down by 1068.75 points or 3.43% and at 30028.98 levels. The Bank Nifty has declined the most among all index, it was down by 1260.80 points or 6.69% and closed at 17573.20 levels.

The Nifty midcap and smallcap 100 indexes also closed in the deep red. The midcap index fell 582.70 points or 4.49% whereas the Nifty smallcap index was down by 130.20 points or 3.31%.

The top five gainers in the Nifty50 stocks for the day are Cipla, TCS, Bharti Infratel, Infosys, and ITC. On the losing side, the top five Nifty50 losers for the day are IndusInd Bank, Zee Entertainment, Eicher Motors, Ultratech Cement, and Axis Bank

Except for IT & Software services all other major sectors closed in the red today. The top losing sectors are Automobiles, Banking & Finance, Infrastructure, Insurance, and Media. These sectors closed around 5-6% down today.

 

Nifty and Bank Nifty futures share price today

The Nifty futures share price opened today at 9108, it was made a gap down opening of 29 points today morning. It has touched an intraday high at 9138.70 and a day’s low at 8811.05

During the day Nifty futures share price has given a movement of 327.65 points. In the end, it was down by 309.65 points or 3.39% and closed at 8827.45 levels

The Bank Nifty futures share price today opened at 18705, it was made a gap down opening of 102.6 points. It has touched an intraday high at 18711 and a day’s low at 17458.30.

During the day the Bank Nifty future share price has given a movement of 1252.70 points. In the end, it was down by 1218.05 points and closed at 17589.65.

 

Nifty and Bank Nifty futures share price target for 19th May 2020

Nifty Futures share price target for 19th May 2020

Primary Nifty Trend in futures: Bearish

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 8980 whereas All Down Moves Initiates Short Covering (Buy) @ 8720

If Nifty futures share price Moves Above 8930 and sustain. Then you should Buy with 1st Target of 8980 during the day with a Stop Loss of 8790 FOR the Target of 8980- 9040- 9140

If Nifty futures share price Moves Below 8790 and sustain. Then you should Sell with 1st Target of 8722 during the day with a Stop Loss of 9256. FOR the Target of 8722- 8650- 8590

 

 Bank Nifty futures share price target for 19th May 2020

Primary Trend of Bank nifty Futures: Bearish

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 18700, whereas All Down Moves Initiates Short  Covering (Buy) @ 17100

If Bank Nifty future share price Moves Above 17920 and sustain. Then you should Buy with 1st Target of 18150 during the day with a Stop Loss of  17450 FOR the Target of 18150 – 18375- 18770

If Bank Nifty future share price Moves Below 17450 and sustained. Then you should Sell with 1st Target of 17130 during the day with a Stop Loss of 17920 FOR the Target of 17130 – 16930- 16680.

 

Conclusions: 

Domestic cues have dragged the Indian market today. The relief package has failed to impress the traders and an increasing number of corona cases have closed the Nifty below 9000 levels despite positive global cues. The selling pressure may likely to continue in the coming days. 

Traders should trade with caution and with strict stop loss. You can also follow the key factors that will move the market this week here. Traders can also follow our Nifty and Bank Nifty futures share price target for the 19th May as given in the report.

You can also read, Your Stock Broker will never say these Hidden Charges.

                               Coronavirus impact on various sectors & Indian economic growth

                               

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Editor’s Desk

 

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