Market Updates: Nifty above 10300 levels and Bank Nifty share price gained 370 pts

 

Nifty & Bank Nifty share price prediction for 23rd June: Indian stock market opened in the positive zone and later in the last hour, some profit booking at a higher level was seen. The market sentiments were positive with the Finance Ministry’s statement that PSBs have disbursed Rs 21028.55 crore under the Rs 3 Lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sectors.

Some positive support also came from Finance Minister Nirmal Sitharaman’s statement that the government closely monitoring the situation in consultation with banks regarding relief measures announced by the government in the last month. The government effectively percolated at ground levels especially the transmission of repo rate cuts to corporate and consumers in order to stimulate the economy.

Banking stocks were in focus today with the latest data released from the RBI showing that bank credit and deposit grew. It grew by 6.24% and 11.28% to Rs 102.54 lakh crore and Rs 139.55 lakh crore respectively on a fortnight basis ended on 5th June.

Asian markets are closed marginally lower while Europen markets are also trading flat today. Traders are worried about the resurgence of coronavirus cases in the US and China.

 

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

At close, Nifty gained 66.80 points or 0.66% and at 10311.20 while Sensex was up 179.59 points or 0.52% and at 34911.32. The banking stocks were in focus, in the end, it erased some morning gains and closed at 370.25 points up or 1.74% and at 21708.35 levels. 

The Nifty midcap and smallcap 100 indices are closed in a positive zone. The midcap index gained 231.50 points or 1.59% and at 14797.35. Whereas the Nifty smallcap was up by 2.31% or 105.75 points and closed at 4682.50 levels.

The top gainers in the Nifty50 index are Bajaj Auto, Bajaj Finance, Bajaj Finserve, Coal India, and Vedanta. The losers in the Nifty50 index are Wipro, GAIL, ONGC, HDFC, and TCS.

On a sectoral basis, Metals & Mining, Power, Banking & Finance, Healthcare, and Automobiles are top gaining sectors. The sectors that closed in the red are Industrial gas, IT & Software, Manufacturing, Oil & Gas, and Plastic products.

 

Nifty50 and Bank Nifty share price in futures today

The Nifty50 share price in futures opened today at 10248. It was made a positive opening of 12.45 points today morning. It has touched an intraday high at 10374.75 and a day’s low at 10236

During the day Nifty50 share price in futures has given a movement of 138.75 points. In the end, it added 69.5 or 0.68% and closed at 10305 levels

Today the Bank Nifty share price in futures opened in 21450. It was made a positive opening of 141.15 points today. It has touched an intraday high at 22126.85 and a day’s low at 21351.25

During the day the Bank Nifty share price in futures has given a movement of 775.6 points. In the end, it was up by 440.85 points or 2.07% and closed at 21749.70

 

You may like to read from Amazon, Flirting with Stocks: Stock Market Investing for Beginners

 

Nifty and Bank Nifty share price in futures prediction for 23rd June 2020

 

Nifty50 share price prediction in Futures for 23rd June 2020

Primary Nifty Trend in futures: Positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 10440 whereas All Down Moves Initiates Short Covering (Buy) @ 10200

If Nifty50 share price in futures Moves Above 10349 and sustain. Then you should Buy with 1st Target of 10376 during the day with a Stop Loss of 10260 FOR the Target of 10376- 10405- 10438

If Nifty50 share price in futures Moves Below 10260 and sustain. Then you should Sell with 1st Target of 10235 during the day with a Stop Loss of 10349. FOR the Target of 10235- 10204- 10178

 

Bank Nifty futures share price prediction for 23rd June  2020

Primary Trend of Bank nifty Futures: Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 22550, whereas All Down Moves Initiates Short  Covering (Buy) @ 21650

If Bank Nifty share price in futures  Moves Above 21955 and sustain. Then you should Buy with 1st Target of 22130 during the day with a Stop Loss of  21550. FOR the Target of 22130 – 22320- 22540

If Bank Nifty share price in futures Moves Below 21550 and sustained. Then you should Sell with 1st Target of 21350 during the day with a Stop Loss of 21955. FOR the Target of 21350 – 21160- 20950

 

Conclusions:

Indian stock market was trading in a positive zone without much support from the global market. In spite of concern over the second wave of coronavirus in the US and China, Indian markets rallied today.

Other than banking, the pharma sector was also in focus on regulatory approvals to domestic pharma company Glenmark to manufacture Covid-19 treatment drugs. The sector gained with the expectation that this could lead to faster recoveries of coronavirus patients.

Nifty and Bank Nifty are looking positive in the absence of any major negative news. Traders are advised to follow global cues and SGX Nifty to get the market opening indication. Traders can also follow our Nifty50 and Bank Nifty futures share price target for 23rd June 2020

 

You can also read, Weekly market: Technical analysis, Nifty trend

                             Coronavirus impact on various sectors & Indian economic growth                              

 

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Editor’s Desk

 

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