Nifty above 10400 levels and Bank Nifty share price gained 607 pts

 

Nifty & Bank Nifty share price target for 2nd July: Indian stock market opened in a positive note and later extended its early gain. Healthy buying was seen in the front line stocks. In the Banking index, both Private and PSU banks have participated in today’s rally.

The market sentiment got boosted after the news of the World Bank’s approval of a $ 750 million loan to support MSME sectors. Some positive sentiment was also added in the market after the announcement of PMI manufacturing data. It stood at 47.2 in June compared with 30.8 in May.

Goods and Service Tax (GST) collection was jumped to Rs 90,917 cr in June as compared to Rs 62,009 cr in May and Rs 32,294 cr in April. The GST collection in the month of June was lower by 9% as compared to the same period last year. However, April and May’s collection was lower due to the lockdown.

On the global front, Asian markets closed in mixed as traders were concern about surging coronavirus infections in the US and on the other hand better than expected factory activity in China. European markets today opened in flat and are trading marginally lower. In the US Dow and Nasdaq features are also trading marginally lower at 5 pm IST.

 

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

 

At close, Nifty gained 127.95 points or 1.25% and at 10430.05 while Sensex was up by 498.65 points or 1.43% and at 35414.45. The Bank Nifty also gained 607.45 points or 2.85% today and closed at 21977.60 levels.

The Nifty midcap and smallcap 100 indices closed above 0.50% today. The midcap index gained 73.70 points and closed at 14777.70 levels. The Nifty smallcap index was up by 39.15 points and closed at 4654.10 

The top five gainers in the Nifty50 index are Axis Bank, Bajaj Finserv, UPL, HDFC, and Bajaj Finance. The losers in the Nifty50 index are M&M, NTPC, Nestle, Cipla, and Larsen & Toubro. Bajaj Finance, Axis Bank, and Reliance were the most active stocks during the day.

 

Nifty and Bank Nifty share price in futures today.

 

The Nifty share in futures opened today at 10266.35, it was made a positive opening of 26.1 points today. It has touched an intraday high at 10430.55 and a day’s low at 10244.10

During the day Nifty share price in futures has given a movement of 186.45 points. In the end, it was up by 156.3 points or 1.53% and closed at 10395.55 levels

The Bank Nifty share price in futures opened in 21190, it was made a gap down opening of 23.85 points today. It has touched an intraday high at 22014 and a day’s low at 21155

During the day the Bank Nifty share price in futures has given a movement of 859 points. In the end, it gained 642.15 points and closed at 21856

 

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Nifty & Bank Nifty Futures Technical analysis for 2nd July (July Expiry)

 

Nifty Futures technical analysis for 2nd July 2020

Primary Nifty Trend in futures: Mild Positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 10510 whereas All Down Moves Initiates Short Covering (Buy) @ 10350

If Nifty share price in futures Moves Above 10432 and sustain. Then you should Buy with 1st Target of 10465 during the day with a Stop Loss of 10350. FOR the Target of 10470- 10504- 10543

If Nifty share price in futures Moves Below 10350 and sustain. Then you should Sell with 1st Target of 10318 during the day with a Stop Loss of 10432. FOR the Target of 10318- 10280- 10240

 

Bank Nifty share price technical analysis in futures for 2nd July  2020

Primary Trend of Bank nifty Futures: Mild Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 22500, whereas All Down Moves Initiates Short  Covering (Buy) @ 21650

If Bank Nifty share price in futures  Moves Above 21980 and sustain. Then you should Buy with 1st Target of 22190 during the day with a Stop Loss of  21640. FOR the Target of 22190 – 22340- 22510

If Bank Nifty share price in futures Moves Below 21640 and sustained. Then you should Sell with 1st Target of 21505 during the day with a Stop Loss of 21980. FOR the Target of 21505 – 21340- 21150

 

Conclusions:

Indian stock market gained today due to improved PMI data, World Bank’s loan approval, and higher GST collections. Markets gained strength on the back of data showing that the economy is back on track. Traders cheer the improved data and positive news in the market today.

However, an increase in coronavirus infection in India and extended lockdown in a few places is a concern for the market. Nifty today closed above 10,400 levels, the market is looking positive for the near term. Traders can follow our Daily Stock Market Live in the morning and Nifty and Bank Nifty share price target in futures for the 2nd July report.

You can also read, Nifty50 Stocks list | Index | Share price  

                             Weekly Market Update: Nifty & Bank Nifty share price                         

 

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