Nifty and Bank Nifty futures share price target for 4th June

 

Nifty & Bank Nifty Futures share price for 4th June: Indian equity benchmark indices opened in green and were trading positively during the day but trimmed most of the day’s gain in the last hour. The Indication from the global market was also positive in the morning. Heavy buying on Banking & Finance and Oil& Gas counters helped the Nifty to close above 10050 levels today.

Traders remained positive today even after the business activity across India’s service sector fell drastically during May. This is because of the unfavorable economic effects of the coronavirus pandemic impaired business operations, restricted consumer footfall, and led demand to collapse.

On the global front, Asian markets closed in the green as China’s service sector shows positive indication for the first time in four months in May amid an easing of various measures implemented to curb the spread of Coronavirus. The survey results from IHS Markit showed that the Service PMI advanced to 55.0 in May from 44.4 in April. A score above 50 indicates expansion.

Sensex, Nifty50, and Bank Nifty share price on the spot levels.

At close, the Nifty50 gained 82.45 points or 0.83% and at 10061.55 while Sensex was up by 284.01 points or 0.84% and closed at 34109.54 levels. The Bank Nifty erased most of its early gains in the last hour, it gained 410.50 points or 2% and closed at 20940.70 levels.

The Nifty midcap and smallcap 100  indices closed in the green today. The Nifty midcap 100 gained by 53.90 points or 0.39% and at 13924.30. The smallcap index was up by 49.50 points or 1.17% and closed at 4278.15 levels.

The top five gainers in the Nifty50 stocks for the day are M&M, Kotak Mahindra, Bajaj Finance, SBI, and ICICI Bank. The losers in the Nifty50 stocks for the day are NTPC, Wipro, Bharti Infratel, Zee Entertainment, and UPL

On a sectoral front, the top gaining sectors for the day are Banking & Finance, Real Estate, Aviation, Manufacturing, and  Oil & Gas. On the Losing side the Power, Media, Telecom,  IT & Software, and Alcohol were closed in red today.

 

Nifty and Bank Nifty share price in futures today

The Nifty futures share price opened today at 10080.85, it was made a positive opening of 117.90 points today morning. It has touched an intraday high at 10193.15 and a day’s low at 10036.30

During the day Nifty futures share price has given a movement of 156.85 points. In the end, it gained 122.05 or 1.23% and closed at 10085 level

Today the Bank Nifty share price in futures opened at 20935, it was a gap up opening of 468.65 points today. It has touched an intraday high at 21611.55 and a day’s low at 20739.20.

During the day the Bank Nifty share price in futures has given a movement of 872.35 points. In the end, it was up by 407.55 points 0r 1.99% and closed at 20873.90

 

Nifty and Bank Nifty share price in futures target for 4th June 2020

Nifty Futures share price target for 4th June 2020

Primary Nifty Trend in futures: Mild positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 10200 whereas All Down Moves Initiates Short Covering (Buy) @ 9980

If Nifty futures share price Moves Above 10115 and sustain. Then you should Buy with 1st Target of 10140 during the day with a Stop Loss of 10010 FOR the Target of 10140- 10170- 10212

If Nifty futures share price Moves Below 10010 and sustain. Then you should Sell with 1st Target of 9980 during the day with a Stop Loss of 10115. FOR the Target of 9980- 9950- 9880.

 

Bank Nifty futures share price target for 4th June  2020

Primary Trend of Bank nifty Futures: Mild Positive

Range-Bound Trend of Bank Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 21700, whereas All Down Moves Initiates Short  Covering (Buy) @ 20550

If Bank Nifty futures share price Moves Above 21080 and sustain. Then you should Buy with 1st Target of 21230 during the day with a Stop Loss of  20720 FOR the Target of 21230 – 21400- 21670

If Bank Nifty futures share price Moves Below 20720 and sustained. Then you should Sell with 1st Target of 20540 during the day with a Stop Loss of 20020 FOR the Target of 20540 – 20350- 20195

 

Conclusions:

Indian benchmark equity indices continue its upward rally for the 6th consecutive day. As expected today the Nifty50 closed above the psychological 10000 levels. Heavy buying was seen in private banking and financial counter in the last four days. The FIIs continue its buying spree in the cash market. 

Though profit booking was seen in the last hour at higher levels still market is looking positive in the near term. Traders should also follow the SGX Nifty to track the market trend tomorrow.  It is advised to trade with caution and strict stop tomorrow. Traders can also follow our Nifty and Bank Nifty futures share price target for 4th June 2020

 

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Editor’s Desk

 

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