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| Nifty and Bank Nifty Share Price |
Indian Stock Market:Nifty and Bank Nifty (19th to 23rd Aug):Indian stock market closed in positive note on the last day of the week. Nifty and Sensex gained 18.40 points and 38.80 points respectively at the end. Bank Nifty share price jumps more than 0.70 percent gained 197.80 points and closed at 28217.
Last Thursday,Prime Minister Narendra Modi held a meeting with the official to discuss various steps to arrest the current economic slowdown. The proposal like FPI Super rich tax structure,to raise minimum share holding in listed company, GST cut etc are in package in economic stimulus.
Next week minutes of the RBI monetary policy will be released on Wednesday 21st Aug and Foreign exchange reserve will be released on 23rd Aug. Indian stock market is desperately looking for economic stimulus which will kick start the growth in current slowdown.
Nifty and Bank Nifty Future for next week
Primary Trend of Nifty Future: Volatile (Bias Sideways)
Range Bound Trend: All up Moves Initiates Profit Booking (Sale) @ 11200 whereas All Down Moves Initiates Short Covering (Buy) @ 10910
If Nifty Future Moves Above 11080 then you should Buy with 1st Target of 11120 during the day or any point during the week by Trailing the Stop Loss from 11025- 11110- 11180- 11238 FOR the Target of 11120- 11152- 11192- 11270
If Nifty Future Moves Below 11025 then you should Sell with 1st Target of 10992 during the day or any point during the week by Trailing the Stop Loss from 11080- 10980- 10938 -10892 FOR the Target of 10992- 10960- 10910 -10852
Primary Trend of Bank Nifty Future: Volatile (Bias Sideways)
Range Bound Trend : All up Moves Initiates Profit Booking (Sale) @ 28650, whereas All Down Moves Initiates Short Covering (Buy) @ 27950
If Bank Nifty Future Moves Above 28293 then you should Buy with 1st Target of 28460 during the day or any point during the week by Trailing the Stop Loss from 28220- 28380- 28525- 28638- 28840 FOR the Target of 28460- 28570- 28674 - 28950
If Bank Nifty Future Moves Below 28190 then you should Sell with 1st Target of 28110 during the day or any point during the week by Trailing the Stop Loss from 28293- 28150- 28038- 27950- 27860 FOR the Target of 28110- 28010- 27910- 27740
Conclusions:
The Indian stock market has become highly volatile because of the reasons mentioned above. Traders must remain cautious and trade with stop loss only. Indian stock market may open in positive on Monday if Asian market opens in positive zone on Monday morning.
You may like to read How to protect your Portfolio and Make Money from the Stock Market Crash
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Finogyan Team
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