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Home » Indian benchmark indices likely to open green. Be cautious at upper levels. Read today’s Nifty & Bank Nifty levels.
Morning Nifty Update

Indian benchmark indices likely to open green. Be cautious at upper levels. Read today’s Nifty & Bank Nifty levels.

Indian Benchmark Indices

 


Indian benchmark indices Nifty 50 likely to open in green after Prime Minister Narendra Modi announced an economic package worth Rs 20 lakh crore on May 12.

 

On May 12, Prime Minister Narendra Modi announced a higher than expected package of 20 Lakh crore, which raised sentiment in the Indian stock market. It was already indicated in FII buying of more than 17000 in the last four days.

Now amid of mix global cues and national positive sentiment we are going to see a strong opening. The market is expected to witness a highly volatile move today. 

The following Key Events may contribute to volatility for upcoming trading sessions.

*Details of 2000000 crore package expected by FM

*Lockdown 4 terms.

*Nifty 50 large giant result today- Maruti and Kotak Bank

*Concern over Reopening in the US

 

Market Summary

NSE Nifty ended lower for second consecutive days after recovered from the day lows to close Nifty just below 9200. The BSE Sensex index ended 0.6 percent lower to close at 31,371 while the NSE Nifty 50 failed to hold the 9,200 marks and ending 0.5 percent lower to close at 9,196.

The market breadth was in favor of sellers. Around 889 shares have advanced, 1351 shares declined, and 172 shares are unchanged. On the sectoral front buying witnessed in the auto, IT, metal and FMCG sectors, while Bank, Energy, Infra and Pharma ended lower on the Tuesday trading session.

 

Indian Benchmark Indices Technical View For Today

 

Nifty

On the hope of fiscal package market rallied in the second half, helped the Nifty Index to close off day’s low. The hope of the announcement of the fiscal package raised market sentiments.

Indian benchmark indices Nifty has trend support at 8900 and interim support is seen at 9030.

On the higher side, we expect 9550/9750 to be tested in the next few weeks.

According to Open Interest Data, Maximum Call open interest stand at 9500 followed by 10000, and Put at 9000 followed by 8500 suggests a broad trading range for the index.

Valuation wise maximum Call stand at 9200 and maximum Put stand 9050 indicates a crucial range for the index. PCR stands at 9000 validate it as a strong support level.

The buildup in Call & writing in Put option indicates green move ahead.

Nifty future strategy for the day

Indian Benchmark Indices Nifty
Technical Chart of Nifty

 

Nifty 50 has strong support at 9000 levels while upside resistance comes at 9650.

Trading above 9450 may extend its upside move 9550—9650, else may test 9250—9050 on the downside again.

Catch It, above 9450… for the target of 9550—9650

 

Bank Nifty

 

On the other hand, Nifty Bank tested its immediate support of 18200 and witnessed a rebounding from the bottom for 18900 targets in the last trading hours.

Technically below 19000, we will be in the bear zone and every high is considered as a selling opportunity in it.

Nifty Bank Future strategy for the day

Indian Benchmark Indices Bank Nifty
Technical Chart of Bank Nifty

 

Support at 18000 and Resistance at 20500

Following positive sentiments, if Nifty Bank gives a breakout above 20500 may see an extension of move for 21500—22500, else it may test 19000—18500 on the downside.

 

Open Interest Data
Open Interest Data

 

 

Top Stock Recommendations For Today (13th May 2020)

 

LAURASLABS (Cash)

Indian Benchmark Indices

Lauras Labs Technical chart
Lauras Labs Technical chart 

 

Catch Lauras Labs above 450 for the upside move till 480 and then to 500 levels in days to come. Support and stop loss below 420 on a closing basis.

 

APLLTD (Cash)

APLLTD

APLLTD Technical chart
APLLTD Technical chart

 

Grab APLLTD above 815. Hurdle around 815, break above 815 will see non stop rally till 870 and then to 900 levels in days to come. Support and stop loss below 760.

 

UBL (Future)

Indian Benchmark Indices

UBL Technical chart
UBL Technical chart

 

The stock looks attractive on the chart. Grab it above 910 levels.
Traders can buy above 910 with a stop loss below 880 on a closing basis for an upside target of 940 +++ levels in days to come.

 

UPL (Future)

UPL

UPL Technical chart
UPL Technical chart

 

Catch this stock above 385 levels as the stock has taken a sharp reversal after a small correction.
Traders can buy above 385 with a stop loss below 370 on a closing basis for an upside rally of 400 +++ levels in the coming days.|

 


Traders can trade safely with levels only. More will update during market hours

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