NSE Index: Nifty closed above 9K, Bank Nifty gained 161 pts

 

NSE index Nifty & Bank Nifty: The Indian stock market opened in the green today after a positive indication from the Asian Markets. The market could not hold its morning gains till the end and closed in the red.  Whereas the NSE index Bank Nifty was trading positively today ended in the green.

Today the market sentiments were positive, as Nitin Gadkari the union minister for MSME and Road Transport said that the government is exploring new financial lending to support small scale units in terms of financial support. Gadkari has also said that the government is working to strengthening the NBFCs which will ultimately help small businesses to avail credit in the coming days.

On the global front, the Asian markets closed in a strong note today. The news of South Korea’s consumer confidence improvement has added positive sentiments in the Asian Markets. The Survey results from the Bank of Korea showed that the consumer confidence index rose to 77.6 in May from 70.8 in April. The European markets are also trading in positive today at 4 pm IST.

 

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The NSE index Nifty & Bank Nifty and Sensex on spot level today

At close, the NSE index Nifty was down by 10.20 points or 0.11% and at 9029.05 while the Sensex was declined by 63.29 points or 0.20% and at 30609.30 levels. The Banking NSE index Bank Nifty opened in the strong note today but erased some early gained and later closed in the green. It has gained 161.45 points or 0.94% and closed at 17440.35

The NSE Nifty midcap and smallcap 100 indexes closed in the green today. The midcap index gained 167.60 points or 1.32% whereas the Nifty smallcap index was up by 29.35 points or 0.76% during the day.

The top five gainers in the Nifty50 stocks for the day are Eicher Motors, JSW Steel, Titan Company, Ultratech Cement, and Shree cement. On the losing side, the top five losers in the Nifty50 stocks for the day are Bharti Airtel, Bajaj Finserv, TCS, Bajaj Finance, and Sun Pharma.

On NSE sectoral index, the gainers for the day are Metals, Manufacturing, Automobiles, Power, and Insurance. Whereas the sectors that closed in the red for the day are IT & Software, Telecom, Aviation, Finance, and Retails.

 

Nifty and Bank Nifty futures share price today

The Nifty futures share price opened today at 9122.65, it was made a gap up opening of 94.85 points today morning. It has touched an intraday high at 9162.55 and a day’s low at 8976.30

During the day Nifty futures share price has given a movement of 186.25 points. In the end, it was gained 20.20 points and closed  at 9048 level

The Bank Nifty futures share price today opened at 17525, it was made a gap down opening of 308.9 points. It has touched an intraday high at 17690 and a day’s low at 17261.60.

During the day the Bank Nifty future share price has given a movement of 428.40 points. In the end, it gained 294 points or 1.7% and closed at 17510.10

 

Nifty and Bank Nifty futures share price target for 27th May 2020

Nifty Futures share price target for 27th May 2020

Primary Nifty Trend in futures: Bearish

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 9150 whereas All Down Moves Initiates Short Covering (Buy) @ 8900

If Nifty futures share price Moves Above 9074 and sustain. Then you should Buy with 1st Target of 9112 during the day with a Stop Loss of 9005 FOR the Target of 9112- 9148- 9194

If Nifty futures share price Moves Below 9005 and sustain. Then you should Sell with 1st Target of 8965 during the day with a Stop Loss of 9074. FOR the Target of 8965- 8918- 8870.

 

Bank Nifty futures share price target for 27th May 2020

Primary Trend of Bank nifty Futures: Bearish

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 17920, whereas All Down Moves Initiates Short  Covering (Buy) @ 17300

If Bank Nifty future share price Moves Above 17620 and sustain. Then you should Buy with 1st Target of 17710 during the day with a Stop Loss of 17375 FOR the Target of 17710 – 17815- 17930

If Bank Nifty future share price Moves Below 17375 and sustained. Then you should Sell with 1st Target of 17280 during the day with a Stop Loss of 17620 FOR the Target of 17280 – 17175- 17050

 

Conclusions: 

The Indian market was volatile in a narrow range. The global markets were in support but in domestic front increasing coronavirus cases was the concern for the traders today. The NSE index Nifty today erased all morning gains and was trading at a tight range. The Bank Nifty was corrected 8% last week has shown some positive signs today.

 Now in the absence of any other trigger, the focus would be on quarterly earnings. Traders should be stock specific and trade with caution and with strict stop loss. Traders can also follow our Nifty and Bank Nifty futures share price target for 27th May

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Editor’s desk

 

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