Nifty closed near 10K, Bank Nifty share price closed above 20K

 

Indian share market opened in a positive note and extended its yesterdays rally. The Indian markets followed the track of the global markets in the morning. Private banking space and NBFC stocks continued to show their strong performance.

The market sentiments got a boost after Prime Minister Narendra Modi states that Coronavirus might have slowed down India’s speed but the country has now moved from lockdown to unlocking economy. 

Traders have ignored the global credit rating agency- Moody’s Investors Service new rating for India. Moody has downgraded India’s sovereign rating to Baa3 from Baa2. According to the rating agency, there will be a challenge in the implementation of policies to mitigate the risk of a sustained period of low growth and deteriorating fiscal position.

On the global front, the Asian markets were closed in the green today. The European markets are also trading in a strong note as investors weighed signs of a looming economic recovery from the coronavirus crisis.

 

Sensex, Nifty, and Bank Nifty share price on spot level.

Indian share market closed in the green for the fifth consecutive days today. Nifty closed near to 10,000 levels and looking strong. At close, Nifty was up by 152.95 points or 1.56% and at 9979.10 while Sensex gained 522.01 points or 1.57% and at 33825.53.

The Bank Nifty share price was looking sideways in the 1st hour of trading has got momentum in the second half. The Bank Nifty was up by 570.30 points or 2.86% and closed at 20530.20 levels. 

The Nifty midcap and smallcap 100 indices also closed in the green today. The Nifty midcap was up by 185.75 points or 1.36% and at 13870.40 levels. Whereas the Nifty smallcap 100 index gained 97.55 points or 2.36% and closed at 4228.65 levels.

The top five gainers in the Nifty50 stocks for the day are Bajaj Finserve, Bajaj Finance, Tata Motors, Kotak Mahindra, and Zee Entertainment. The losers in the Nifty 50 stocks for the day are Coal India, Maruti Suzuki, ITC, Dr. Reddy’s Lab, and BPCL

On the sectoral front, Banking & Finance, Electricals, Infrastructure, Real Estate, and Hospitality. On the losing side, the sectors that closed in red are Insurance, FMCG, Manufacturing, Aviation, and Alcohol.

 

Nifty and Bank Nifty share price in futures today

The Nifty futures share price opened today at 9830.85, it was made a positive opening of 39.85 points today morning. It has touched an intraday high at 9987.90 and a day’s low at 9780

During the day Nifty futures share price has given a movement of 207.9 points. In the end, it gained 196.90 or 2.01% and closed at 9987.90 level

Today the Bank Nifty share price in futures opened at 19880, it was opened at 14.10 points lower today. It has touched an intraday high at 20584 and a day’s low at 19750.

During the day the Bank Nifty share price in futures has given a movement of 834 points. In the end, it was up by 689.75 points and closed at 20583.95.

 

Nifty and Bank Nifty share price in futures target for 3rd June 2020

Nifty Futures share price target for 3rd June 2020

Primary Nifty Trend in futures: Positive 

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 10120 whereas All Down Moves Initiates Short Covering (Buy) @ 9910

If Nifty futures share price Moves Above 10010 and sustain. Then you should Buy with 1st Target of 10048 during the day with a Stop Loss of 9908 FOR the Target of 10048- 10090- 10125

If Nifty futures share price Moves Below 9908 and sustain. Then you should Sell with 1st Target of 9880 during the day with a Stop Loss of 10010. FOR the Target of 9880- 9850- 9780.

 

Bank Nifty share price in futures target for 3rd June  2020

Primary Trend of Bank nifty Futures:  Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 20980, whereas All Down Moves Initiates Short  Covering (Buy) @ 20300

If Bank Nifty share price in futures  Moves Above 20640 and sustain. Then you should Buy with 1st Target of 20860 during the day with a Stop Loss of  20305 FOR the Target of 20860 – 20980- 21140

If Bank Nifty share price in futures Moves Below 20305 and sustained. Then you should Sell with 1st Target of 20170 during the day with a Stop Loss of 20020 FOR the Target of 20170 – 20020- 19750.

 

Conclusions:

Indian share market continues its upward rally in spite of negative cues like GDP data and Moodys downgrade. The FIIs are buyers in the cash market, bought more than Rs 5000 crores in the last 3 days. As we already mentioned in our last three reports the market is still looking positive and will continue its upward journey.

Both Nifty and Bank Nifty share price in futures closed at day’s high today. Traders should also follow the SGX Nifty to track the market trend tomorrow. As the market is on top traders should trade with caution and with strict stop. Traders can also follow our Nifty and Bank Nifty share price  in futures target for 3rd June 2020

 

You can also read, Indian market last week: Nifty, Bank Nifty for next week

                                Coronavirus impact on various sectors & Indian economic growth

10 Best Stock Market books to read while in quarantine

 

If you like the post please share with your friends and others

Happy Investing!

Editor

 

Disclaimer-Nifty50Stocks.com has taken due care and caution to compile the data for its Website. The views and investment tips expressed by investment experts on Nifty50Stocks.com are their own and not that of the website or its management. Nifty50Stocks.com is not SEBI registered Advisors and advises its users to check with certified and SEBI registered experts before taking any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.