NSE Indices Nifty 50 closed at 11250, Bank Nifty down 3% today, now what next?

 

BSE Sensex and NSE Nifty 50 index today: Indian markets opened flat to negative today amid weakness in Asian peers. Markets were struggling to find direction and trading near the neutral lines with positive bias in the first half. In the end, the Indian markets fell sharply and closed lower.

The second half market fell sharply after the news of some foreign banks involved in money laundering over the past two decades. Further, the news of the second round of lockdown and fresh restrictions in the European countries due to the resurgence of the coronavirus pandemic has dampened the market sentiments

Earlier in the morning, the traders took encouragement with the report that the Indian government is in consultation with the Russian government for exploring the possibility of co-operation between the two countries for advancing the Covid-19 vaccine in India. Some support also came in with CII’s business outlook survey that Indian business activity has improved during July- September 2020 due to the government’s gradual process of unlocking the business activity.

On the global front, Asian markets closed in the red today due to the weakness in the global markets. The European markets are trading in the deep red due to the resurgence of coronavirus cases and the concerns about the second round of lockdown and restriction to be imposed on the continent. The US Dow and Nasdaq futures are trading lower at 4 pm IST.

 

BSE Sensex, NSE Nifty 50, and Bank Nifty on spot level today

 

At close, NSE Nifty 50 declined 254.40 points or 2.21%, and at 11250.55 levels while Sensex down 811.68 points or 2.08% and at 38034.14. The Bank Nifty on the spot levels fell 664.25 points or 3.01% and ended at 21366.80 levels.

The Nifty midcap and smallcap indices also closed in the red today. The Nifty midcap index down 634.25 points or 3.65% and at 16765.20 levels. The smallcap index also declined 233.55 points or 3.90% and closed at 5757.95 levels.

The top gainers in the Nifty 50 index for the day are Kotak Mahindra, Infosys, and TCS. The top losers in the Nifty 50 index are IndusInd Bank, Tata Motors, Hindalco, JSW Steel, and Tata Steel. The most active stocks in NSE for the day were Dr. Reddy’s Lab, Reliance, and HCL Tech.

On a sectoral basis, all sectors closed in the red today. Metals & Minings, Automobiles, Banking & Finance, Healthcare, and FMCG sectors closed as top losers today.

NSE indices: Nifty 50 & Bank Nifty in futures today

 

The NSE Nifty 50 futures opened at 11491.05, and it made a negative opening of 24.2 points today. It has touched an intraday high at 11527 and a day’s low at 11225.45

The NSE Nifty 50 future has given a movement of 301.55 points. In the end, it declined 289.15 points or 2.51% and closed at 11226.10 levels.

The NSE banking index Bank Nifty futures opened at 22025. It was made a negative opening of 53.4 points. It has touched an intraday high at 22125 and a day’s low at 21290

During the day, the Bank Nifty futures has given a movement of 835 points. In the end, it declined by 786.4 points or 3.56% and closed at 21292 levels

 

NSE Nifty 50, Bank Nifty futures prediction for 22nd Sept ( Sept Expiry)

 

 

NSE Nifty 50 futures prediction for 22nd Sept 2020

Primary Nifty Trend in futures: Negative

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11260 whereas All Down Moves Initiates Short Covering (Buy) @ 11150

If NSE Nifty 50 share price in futures Moves Above 11309 and sustain. Then you should Buy with 1st Target of 11334 during the day with a Stop Loss of 11190. FOR the Target of 11334- 11376- 11424

If NSE Nifty 50 share price in futures Moves Below 11190 and sustain. Then you should Sell with 1st Target of 11156 during the day with a Stop Loss of 11309. FOR the Target of 11156- 11124 -11075

 

 

Bank Nifty futures prediction, 22nd Sept  2020

Primary Trend of Bank Nifty Futures: Negative

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 22700, whereas All Down Moves Initiates Short  Covering (Buy) @ 22160

If the NSE Bank Nifty share price in futures Moves Above 21530 and sustain. Then you should Buy with 1st Target of 21715 during the day with a Stop Loss of  21080. FOR the Target of 21715 – 21840- 22120

If the NSE Bank Nifty share price in futures Moves Below 21080 and sustained. Then you should Sell with 1st Target of 21000 during the day with a Stop Loss of 22530. FOR the Target of 21000 – 20840- 20730

 

Conclusions:

The markets were struggling to find direction in the morning. The news of foreign banks illicit funds over two decades and fresh lockdown in European countries dragged down the market in the second half. The profit booking was seen across all sectors in the market. The Indian volatility index India VIX jumped 11% today and closed above 22 levels.

We already discussed the global market negativity in our last weekly reports that US and European markets may trade in negative this week and exactly the same happened. Tomorrow the Indian markets will trade as per the global peers.

You can also follow our Daily Stock/Share Market live updates to know the Market Opening views.

Traders can also follow our NSE Nifty and Bank Nifty futures trading strategies i.e for 18th Sept. 

You can check out the latest charting platform for your strategy here

 

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

               

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Editor’s Desk

 

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