Market Updates: Track SGX Nifty share price for tomorrow’s market opening

 

The positive indication from the SGX Nifty share price opened the Indian market in the green today. In the last hour, the Indian benchmark indices erased all its morning gains and closed in the red. The Nifty share price has closed below 9250 levels at the close.

The market sentiments are still in the negative zone after the US President Donald Trump has threatened to impose higher tariffs to penalize China due to coronavirus spread. Further, escalation on this front could drag down the Nifty below 9000 levels.

 

Sensex, Nifty and Bank Nifty share price on the spot levels today

On the global front, the European markets are trading positive, most of the Asian markets closed in positive but the SGX Nifty share price was trading in the negative zone during market. At close, the Nifty was down by 87.90 points or 0.94% and at 92015.60 while Sensex declined 261.84 points or 0.82% and at 31453.51.

The Bank Nifty fell more than 2% today. The Bank Nifty share price was down by 472 points and closed at 19271.80. The Nifty midcap 100 and Smallcap 100 was also declined by 0.70% and 1.26% respectively.

The top five gainers in the Nifty stocks are M&M, Power Grid Corporation, ONGC, Reliance, and Zee Entertainment. The losers in Nifty stocks are SBI, Bajaj Finance, Britannia, Tata Motors, and Asian Paints.

On a sector-wise, the gainers for the day are Oil & Gas Power, Aviation, Insurance, and IT & Software. On the losing side, Banking & Finance, Capital goods, Real Estate, Retail, and Industrial Gas.

For the last two days, both FIIs and DIIs are selling the cash market. Today FIIs sold Rs 1059.39 crores and DIIs sold Rs 995.30 crores in the cash segment. At 6 pm IST, the European markets are still trading in the green zone and the SGX Nifty share price is also trading in the positive.

Nifty and Bank Nifty share price in futures today:

The Nifty share price in futures opened at 9411 in the morning. It was made a gap up opening of 125.1 points in the morning. The Nifty future has touched a day’s high at 9420 and an intraday low at 9190.05 level.

During the day the Nifty share price in futures has given a movement of 229.95 points and in the end, it was down by 63 points or 0.68% and closed at 9222.90 

The Bank Nifty futures share price in futures opened at 19906.05 in the morning. It was made a gap up opening of 273.30 points in the morning. It has touched an intraday high at 20098 and a day’s low at 19164.35 

During the day, the Bank Nifty future share price has given a movement of 933.65 points. In the end, it was down by 337.75 points or 1.73% and closed at 19295

 

The Nifty and Bank Nifty share price in futures target for 6th May

Primary Trend of Nifty share price in Futures:  Down

Range-Bound Trend of Nifty Futures: 

All up Moves Initiates Profit Booking (Sale) @ 9350 whereas All Down Moves Initiates Short Covering (Buy) @ 9030

If Nifty futures share price Moves Above 9280 and sustain. Then you should Buy with 1st Target of 9322 during the day with a Stop Loss of 9185 FOR the Target of 9322- 9355- 9425

If Nifty futures share price Moves Below 9185 and sustain. Then you should Sell with 1st Target of 9130 during the day with a Stop Loss of 9280. FOR the Target of 9130- 9090- 9030

 

Bank Nifty share price in futures for 6th 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) @ 18770

If Bank Nifty share price future Moves Above 19520  and sustain. Then you should Buy with 1st Target of 19685 during the day with a Stop Loss of  19150. FOR the Target of 19685 – 19920- 20100

If Bank Nifty share price future Moves Below 19150 and sustained. Then you should Sell with 1st Target of 18940 during the day with a Stop Loss of 19520. FOR the Target of 18940 – 18772- 18590.

 

Conclusions

Indian stock market closed in negative zone continuously for the second day in a row in the May series. The US-China tension and increase in the number of coronavirus cases in India have triggered profit booking at higher levels today. 

Technically both Nifty and Bank Nifty looks bearish, traders can follow our Nifty and Bank Nifty futures share price target for tomorrow. Traders should also closely follow the SGX Nifty share price in the morning to get the market opening indication.

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