Stimulus package boosted Bank Nifty & Nifty50 futures share price today

 

Indian stock market opened in a strong note after Prime Minister Narendra Modi’s announcement of Rs 20 lakh crore stimulus package yesterday. Profit booking was seen at a higher level and the market erased some early gains immediately after opening. Later the market remained volatile in a tight range and closed in the green today.

Traders ignored India’s IIP data that was announced yesterday after the market. The Index of Industrial Production (IIP) has contracted by 16.7% in March as compared to 2.7% in March last year. The IIP data contracted on account of a poor show of mining, manufacturing and electricity sectors due to nationwide lockdown

On the global front, European markets are trading lower due to the fear of continued coronavirus cases and its impact on the economy for a longer time. The Asian markets were trading mixed in the morning.

 

Sensex, Nifty50 and Bank Nifty on spot levels

At close, the Nifty50 gained 187 points or 2.04% and at 9383.55 while the Sensex was up by 637.49 points or 2.04% and closed at 32008.61 levels. The Bank Nifty gained 4.09% today, it was up by 772.20 points and closed at 19635.

The Nifty midcap and smallcap 100 indexes also gained more than 2% today. The midcap index gained 292.70 points or 2.29% whereas the smallcap index was up by 96.85 points or 2.50% during the day.

The top gainers in the Nifty50 stocks are Axis Bank, Zee Entertainment, Adani Ports, Larsen, and Ultratech Cement. The losers in the Nifty50 stocks for the day are Nestle, Sun Pharma, Britannia, HUL and Bharti Airtel.

On a sectoral basis, Automobiles, Banking & Finance, Capital Goods, Construction materials, Infrastructure, and Real Estate are the top gaining sectors. Whereas the sectors like FMCG, Healthcare, Industrial Gas, Insurance, and Telecom are losing sectors today.

FIIs are net sellers whereas DIIs are the buyers today in the cash market. FIIs sold Rs 283.43 crores and DIIs bought 232.65 crores in the cash segment today.

Nifty50 and Bank Nifty futures share price today

The Nifty50 futures share price opened today at 9530.90, it was made a gap up of 318.55 points today morning. It has touched an intraday high at 9557 and a day’s low at 9356.60

During the day Nifty50 futures share price has given a movement of 200.40 points. In the end, it was up 178.65 points or 1.94% and closed at 9391 level

The Bank Nifty futures share price today opened at 19950, it was made a gap up opening of 1110.90 points. It has touched an intraday high at 20199 and a day’s low at 19493.

During the day the Bank Nifty future share price has given a movement of 706 points. In the end, it was up by 779.45 points or 4.14% and closed at 19618.55 levels.

Nifty50 and Bank Nifty futures share price target for 14th May 2020

 

Nifty50 Futures share price target for 14th May 2020

Primary Nifty Trend in futures: Mild positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 9570 whereas All Down Moves Initiates Short Covering (Buy) @ 9270

If Nifty50 futures share price Moves Above 9435 and sustain. Then you should Buy with 1st Target of 9474 during the day with a Stop Loss of 9350 FOR the Target of 9474- 9518- 9574

If Nifty50 futures share price Moves Below 9350 and sustain. Then you should Sell with 1st Target of 9310 during the day with a Stop Loss of 9435. FOR the Target of 9310- 9270- 9225.

 

 Bank Nifty futures share price target for 14th May 2020

Primary Trend of Bank nifty Futures: Mild positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 20050 whereas All Down Moves Initiates Short  Covering (Buy) @ 19200

If Bank Nifty future share price Moves Above 19780 and sustain. Then you should Buy with 1st Target of 19910 during the day with a Stop Loss of  19550 FOR the Target of 19910 – 20050- 20260

If Bank Nifty future share price Moves Below 19550 and sustained. Then you should Sell with 1st Target of 19340 during the day with a Stop Loss of 19780 FOR the Target of 19340 – 19202- 19060.

 

Conclusions: 

The stimulus package has boosted the Indian stock market sentiment today. Finance Minister Nirmala Sitharaman is addressing the press conference today regarding the first tranch of the package. The package includes benefits for MSMEs, Tax measures, Real Estate sectors, EPF, MFI, and NBFC. We may see some up move in the market tomorrow particularly on the above sectors.

Traders should trade with caution and trade with strict stop loss. Traders can also follow our Nifty50 and Bank Nifty futures share price target for 14th May

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

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