Nifty and Bank Nifty Future: Technical Levels for Tomorrow

nifty and bank nifty future target
Nifty and Bank Nifty Future 



Indian benchmark indices end in red today. In the end, Nifty and Sensex was down 87.65 and 353.87 points and closed at 11584.30 and 38585.35 points respectively. Bank Nifty sheds 310.35 points at the end and closed at below 30000 all are on spot level.


Today the market opened in negative zone due to weak global cues. The trend of SGX Nifty indicated a negative opening for the Indian stock market. The reason for weak global cues are because of International Monetary Fund (IMF) cut its outlook for global growth. As per IMF now the world economy will grow at 3.3 percent this year, down from 3.5 percent as per IMF forecast for 2019 in last January.


As per IMF estimates, India's economy grew 7.1 percent in FY19 and is expected to accelerate to 7.3 percent growth this fiscal and to 7.5 percent in FY 21. All estimates are 0.2 percentage points less than the previous assessment in January.


Nifty mid and small cap 100 index was almost flat today. In the end, Nifty midcap 100 index was down 51.40 points and small cap 100 was up by 21.40 points from yesterday's close.




Sectors like Bank, Metal, IT, Infra, FMC are the major losers today whereas Pharma and Auto sector are gainers. HDFC Bank was down 2.18 percent and has dragged down the Bank Nifty today whereas Tata Motor gains 4.93 percent in today’s trading session.


Nifty 50 Stocks: Top Gainers and Losers for the day


Top 5 Nifty 50 Stocks Gainers of the Day
Company NameLTP  (Rs )Prev Close (Rs )Change (Rs )Change (%) 52 week H/L( Rs)
Tata Motors216.05 205.90 10.15 4.93 368.60-129.00
Cipla546.45 532.00 14.45 2.72 678.45-483.75
Wipro281.00 273.80 7.20 2.63 291.71-190.13
Hind. Unilever1694.15 1680.50 13.65 0.81 1,869.50-1,367.50
I O C L156.60 155.40 1.20 0.77 181.30-105.25
Top 5 Nifty 50 Stocks Losers of the Day
Company NameLTP  (Rs )Prev Close (Rs )Change (Rs )Change (%) 52 week H/L( Rs)
Bharti Airtel340.00 351.60 -11.60 -3.30 427.40-276.85
Hindalco Inds.211.70 217.15 -5.45 -2.51 267.80-182.20
TCS2040.25 2091.50 -51.25 -2.45 2,275.95-1,457.50
Asian Paints1409.85 1444.85 -35.00 -2.42 1,529.85-1,118.00
HDFC Bank2237.35 2287.25 -49.90 -2.18 2,332.00-1,860.30

Indian Stock Market Events for Tomorrow:

Tomorrow, the 1st phase of Lok Sabha Voting will start, traders and investors should keep track of the election-related news. The market is expected to remain volatile tomorrow because of weekly options expiry in Nifty and Bank Nifty.


Technical Outlook of Nifty and Bank Nifty Future for tomorrow

Primary Trend of Nifty Future:   Bias Up

Nifty Future Range Bound Trend: All up moves initiates Profit Booking (Sale) @ 11718 whereas all down moves initiate Short Covering (Buy) @ 11615


If Nifty future moves above 11680 then you should Buy with 1st Target of 11718 during the day with the Stop Loss of 11638  For the Target of 11718-11749-11781- 11830


If Nifty future moves below 11638  then you should Sell with 1st Target of 11615 during the day with the Stop Loss of 11680 FOR the Target of 11615-11592-11575- 11521

Primary Trend of Bank Nifty Future:  Up (Volatile )

Bank Nifty Future Range Bound Trend: All up moves initiates Profit Booking (Sale) @ 30151  whereas all down moves initiate Short Covering (Buy) @ 19815


If Bank Nifty future moves above 30078 then you should Buy with 1st Target of 30151 during the day with the Stop Loss of 29920  For the Target of 30151 -30236- 30365 - 30493


If Bank Nifty future moves below 29920  then you should Sell with 1st Target of 29815 during the day with the Stop Loss of 30078  For the Target of 29815 - 29740 - 29665 - 29540


Conclusion:



At present both Nifty and Bank Nifty trend looks positive. Tomorrow there is Nifty and Bank Nifty weekly options expiry. Indian stock market will open as per global cues in the morning expected to be volatile during the day.


IT and Banking sector would be volatile tomorrow. On Friday the Q4 result of TCS and Infosys are there, so traders interested in the IT sector should remain cautious of their carry forward position ahead of the result. Traders are also advised to keep track of election news which is going to begin from tomorrow.




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Happy Investing!


Finogyan Team


Disclaimer-Finogyan has taken due care and caution in compilation of data for its blog. The views and investment tips expressed by investment experts on Finogyan are their own and not that of the website or its management. Finogyan is not SEBI registered Advisors and advises users to check with certified and SEBI registered experts before taking any investment decision. However, Finogyan does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Finogyan especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.

Nifty and Bank Nifty Future: Technical Levels for Tomorrow Nifty and Bank Nifty Future: Technical Levels for Tomorrow Reviewed by Finogyan on April 10, 2019 Rating: 5

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