Indian Market today: Nifty holds 11100 levels, Bank Nifty share price tanks 430 pts

 

Nifty and Bank Nifty Share Price Target for 31st July: Indian markets opened in the green after getting a positive signal from the global markets. The Bank Nifty opened in the red and was trading volatile on the expiry day. The Nifty erased all morning gains and later both the NSE indices closed in the red today. There were 13 shares in advance and 37 in declines in the Nifty50 index today. 

However, Moody’s Investors Services said that the RBI’s recent financial stability report and results of banking system stress tests showed that banks’ gross NPA will rise meaningfully under all four stress test scenarios with their common equity tier one ratio declining by one to two percentage points.

On the global front, all major Asian markets are closed in the red today. In the morning the Asian market sentiments were positive as the latest survey from the Bank of Korea showed that a manufacturing index has improved in South Korea from 51.0 in June to 57 in July.

The European markets are trading more than 1% down today. The US Dow futures and Nasdaq futures index are also trading lower today.

 

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

 

At close, the Nifty share price declined by 100.70 points or 0.90% and at 11102.20 while Sensex declined by 335.06 points or 0.88% and at 37736.07 levels. The Bank Nifty share price was trading negatively from the beginning of the day. It fell 429.80 points or 1.95% and closed at 21646.80.

The Nifty midcap and smallcap 100 both indices closed in the red today. The midcap index was down by 129.35 points or 0.83% and at 15405.70 levels. The Nifty smallcap index has declined by 53.50 points or 1.07% and closed at 4969.15 levels.

The top gainers in the Nifty50 index for the day are Dr. Reddy’s Lab, Sun Pharma, Wipro, Maruti Suzuki, and Infosys. The losers in the Nifty50 index for the day are BPCL, IndusInd Bank, IOC, HDFC and Axis Bank. Reliance, Dr. Reddy’s Lab, and Bharti Airtel were the most active stocks in the Nifty50 Index today.

On a sectoral front, Banking & Finance, Infrastructure, FMCG, Metals & Minings, and Automobiles closed in the red. The sectors that closed in the green today are Healthcare, IT & software, Insurance, Aviation, and textiles.

Nifty and Bank Nifty share price in futures today

 

The Nifty share price in futures opened at 11253.65, it made a positive opening of 31.2 points today. It has touched an intraday high at 11290.95 and a day’s low at 11078.20

The Nifty share price in futures has given a movement of 212.75 points. In the end, it declined by 121.1 points or 1.08% and closed at 11101.35 levels

The Bank Nifty share price in futures opened at 22090 it was made a negative opening of 39.6 points today. It has touched an intraday high at 22259.80 and a day’s low at 21562.20

During the day the Bank Nifty share price in futures has given a movement of 697.6 points. In the end, it declined by 478.6 points or 2.16% and closed at 21651 levels.

 

Nifty & Bank Nifty share price target in futures for 31st July (Aug Expiry)

 

 

Nifty share price target in futures for 31st July 2020

Primary Nifty Trend in futures: Range-Bound

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11180 whereas All Down Moves Initiates Short Covering (Buy) @ 11030

If Nifty share price in futures Moves Above 11128 and sustain. Then you should Buy with 1st Target of 11148 during the day with a Stop Loss of 11000. FOR the Target of 11148- 11185- 11225

If Nifty share price in futures Moves Below 11000 and sustain. Then you should Sell with 1st Target of 10970 during the day with a Stop Loss of 11128. FOR the Target of 10970- 10942- 10918

 

 

Bank Nifty share price in futures, 31st July  2020

Primary Trend of Bank Nifty Futures: Mild Negative

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 21750, whereas All Down Moves Initiates Short  Covering (Buy) @ 21250

If the Bank Nifty share price in futures  Moves Above 21760 and sustain. Then you should Buy with 1st Target of 21810 during the day with a Stop Loss of  21500. FOR the Target of 21810 – 21927- 22050

If the Bank Nifty share price in futures Moves Below 21500 and sustained. Then you should Sell with 1st Target of 21375 during the day with a Stop Loss of 21760. FOR the Target of 21375 – 21252- 21130.

 

Conclusions:

Indian markets closed in the negative for the second consecutive day. Today the market was trading volatile and a profit booking in the banking and financial stocks was seen on the expiry day. Tomorrow the market trend will be decided by the global cues as well as the Reliance quarterly results. Nifty has got strong support at 11050-11000 levels traders should keep a close eye at this level. Breaking of this level can further correct Nifty at 10900-10840 levels. 

You may be interested to check out the latest charting platform for your strategy here. Traders can also follow our Daily Stock/Share Market live and NSE Nifty50 and Banknifty share price target in futures for 31st July.

 

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