Nifty & Bank Nifty futures share price target for 5th May 2020

As expected and indicated the SGX Nifty, the Indian stock market made a gap-down opening with losses of over 4% in the morning. The global market gets nervous after the fresh tension between US-China over coronavirus. The market extended its losses in the second half after European markets opened in deep red.

Some cautiousness came in with government data showing that India’s core sector output has contracted 6.5% in the month of March. The April PMI Manufacturing data was released in the morning falls to a record low at 27.4 as compared to 51.8 in March

 

Sensex, Nifty50, and Bank Nifty share price on spot level today.

At close, the Nifty50 was down by 566.40 points or 5.74% and at 9293.50 while Sensex was down by 2002.27 points or 5.93% and at 31715.35. The Bank Nifty was the biggest losers today, it was down by 1790.70 points or 8.32% and closed at 19743.80.

The Nifty Midcap and Smallcap 100 also closed in the red. The Nifty Midcap index fell 593.60 points or 4.40% whereas the Nifty Smallcap Index was down by 131.65 points or 3.23% during the day.

The top gainers in the Nifty50 stocks for the day are Cipla, Bharti Airtel, Sun Pharma, and Dr. Reddy’s Lab. The losers in the Nifty50 stocks are ICICI Bank, Hindalco, Vedanta, Bajaj Finance, and Tata Motors.

On the sectoral front, Alcohol, Healthcare, and Telecom sectors closed in the green whereas all other sectors closed in the red. Automobiles, Banking & Finance, Metals, and Real Estate all closed 6-8% down today.

 

Nifty and Bank Nifty futures share price  today:

The Nifty futures share price opened at 9418.50 in the morning. It was made a gap down opening at 412.35 points in the morning. The Nifty future has touched a day’s high at 9477.50 and an intraday low at 9245.30 level.

During the day it has given a movement of 232.20 points and in the end, it was down by 536.50 points or 5.46% and closed at 9294.35  

The Bank Nifty futures share price in futures opened at 20600 in the morning. It was made a gap down opening of 831.30 points in the morning. It has touched an intraday high at 20600 and a day’s low at 19505. 

During the day, the Bank Nifty future share price has given a movement of 1095 points. In the end, it was down by 1753.30 points or 8.19%and closed at 19678

 

You may also like to read, Indian stock market weekly updates: Nifty50 and Bank Nifty

The Nifty and Bank Nifty futures share price target in futures for 5th May

Nifty futures share price target 

Primary Trend of Nifty Futures share price:  Down

Range-Bound Trend of Nifty Futures: 

All up Moves Initiates Profit Booking (Sale) @ 9380 whereas All Down Moves Initiates Short Covering (Buy) @ 9150

If Nifty futures share price Moves Above 9352 and sustain. Then you should Buy with 1st Target of 9384 during the day with a Stop Loss of 9250 FOR the Target of 9384- 9430- 9504

If Nifty futures share price Moves Below 9250 and sustain. Then you should Sell with 1st Target of 9208 during the day with a Stop Loss of 9095. FOR the Target of 9208- 9150- 9030

 

Bank Nifty futures share price  for 5th May 2020

Primary Trend of Bank Nifty Future: Down

Range-Bound Trend of Bank Nifty Future: 

All up Moves Initiates Profit Booking (Sale) @ 19920, whereas All Down Moves Initiates Short  Covering (Buy) @ 19050

If Bank Nifty share price future Moves Above 19930  and sustain. Then you should Buy with 1st Target of 20140 during the day with a Stop Loss of  19576. FOR the Target of 20140 – 20270- 20380

If Bank Nifty share price future Moves Below 19576 and sustained. Then you should Sell with 1st Target of 19260 during the day with a Stop Loss of 19930. FOR the Target of 19260 – 19050- 18840

 

Conclusions

The Indian stock market closed in a negative note on the first day of May series due to global cues. The Indian benchmark indices have seen a positive series or pullback in the month of April after a fall in March. Technically both Nifty and Bank Nifty future share price are looking bearish

The selling pressure in the Indian stock market likely to continue and soon we may see Nifty future share price below 9000 levels. Indian VIX, the volatility has moved up sharply by 28.48% to 43.67 levels.

Traders should trade with strict stop loss and follow global cues closely. Traders can also follow our Nifty and Bank Nifty futures share price target for tomorrow.

 

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Happy Investing!!

Editor Desk

 

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