Market Closing: Nifty holds 10700, Bank Nifty share price closed marginally down

 

Nifty & Bank Nifty Share Price Today: It was a positive start for the Indian Stock Market as indicated by the SGX Nifty in the morning. The Nifty erased all early gains after a few minutes of trading in the morning and was trading flat. In the last hour, Nifty extended its losses and closed in the red. 

In the banking sector, PSU banks were in the focus today. The Bank Nifty share price was trading 2% higher in the morning erased all gains and closed in the negative today in the last hour.

The market sentiments remained cautious after a private report says that India’s economy is likely to show a double-digit contraction in the April-June end quarter. The contraction is mainly due to the restriction on economic activities on account of coronavirus pandemic.

However, traders took some support with Niti Aayog CEO Amitabh Kant’s statement that the Indian economy which has been hit hard by the Coronavirus pandemic will bounce back soon with green shoots in the economy already being visible. He has also added that the Indian economic activities are reviving after the gradual unlocking in the country.

On the global front, Asian markets closed in the green despite the concern of renewed coronavirus. The  World Health Organisation (WHO) officials have warned that the death toll from the pandemic may start to climb again.

The recent rise in the coronavirus cases in the US and other parts of the globe have shattered the hopes of quick economic recovery. The European markets are also trading in the red while the US future index Dow futures and Nasdaq futures are trading in the flat note today.

 

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

 

At close, Nifty was down by 93.90 points or 0.87% and at 10705.80 while Sensex was declined by 345.51 points or 0.94% and at 36329.01. The Bank Nifty share price was trading positive in the morning erased all gains in the last hour and closed in the red. In the end, the Bank Nifty share price declined by 43.30 points or 0.19% and closed at 22584.70.

The Nifty midcap and smallcap 100 indices are closed in the red today. The midcap index was declined by 59.65 points or 0.39% and at 15304.45. The Nifty smallcap index was closed down by 11.80 points or 0.24% and at 4827.80 levels.

The top five gainers in the Nifty50 index are IndusInd Bank, Vedanta, JSW Steel, Hindalco, and SBI. The losers in the Nifty50 index are Zee Entertainment, Bajaj Finance, Asian Paints, Tata Motor and Maruti Suzuki.

Bajaj Finance, IndusInd Bank, and SBI were the most active stocks in the Nifty50 index.

On a sectoral basis, Electricals, FMCG, Healthcare, Metals & Minings, and Paper are closed in the green. On the losing side today, IT & Software, Real Estate, Oil & Gas, Automobiles and Banking and Finance are closed in the red today.

 

Nifty and Bank Nifty share price in futures today:

 

The Nifty share price today in futures opened at 10,799.65, it was made a positive opening of 33 points today. It has touched an intraday high at 10828.70 and a day’s low at 10675.

The Nifty share price today in futures has given a movement of 153.70 points. In the end, it was down by 84.45 points or 0.78% and closed at 10682.20 levels

The Bank Nifty share price in futures opened in 22618, it was made a positive opening of 14.7 points today. It has touched an intraday high at 23118.25 and a day’s low at 22532.85

During the day the Bank Nifty share price in futures has given a movement of 585.4 points. In the end, it declined by 34.6 points and closed at 22568.70 levels.

 

Nifty & Bank Nifty share price in futures for 9th July (July Expiry)

 

 

Nifty share price in futures for 9th  July 2020

Primary Nifty Trend in futures: Mild Negative

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 10755 whereas All Down Moves Initiates Short Covering (Buy) @ 10570

If Nifty share price in futures Moves Above 10729 and sustain. Then you should Buy with 1st Target of 10755 during the day with a Stop Loss of 10627. FOR the Target of 10755- 10784- 10816

If Nifty share price in futures Moves Below 10627 and sustain. Then you should Sell with 1st Target of 10602 during the day with a Stop Loss of 10729. FOR the Target of 10602- 10574- 10509

 

 

Bank Nifty share price in futures, 9th July  2020

Primary Trend of Bank nifty Futures: Mild Positive and Volatile

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 23150, whereas All Down Moves Initiates Short  Covering (Buy) @ 22350

If Bank Nifty share price in futures  Moves Above 22760 and sustain. Then you should Buy with 1st Target of 22840 during the day with a Stop Loss of  22350. FOR the Target of 22840 – 22950- 23150

If Bank Nifty share price in futures Moves Below 22350 and sustained. Then you should Sell with 1st Target of 22258 during the day with a Stop Loss of 22760. FOR the Target of 22258 – 22150- 21880.

 

Conclusions:

IT and Auto stocks dragged down the Indian stock market today after five consecutive days gain. The market was trading volatile in the second half today. Profit booking was seen in the last hour of trading particularly in the banking sector. 

The volatility in the market increased and it is due to the spike in coronavirus cases in the US and other parts of the world. Market volatility will continue in the coming days. The volatility index, India VIX is at 26.10 gained 4% today.

We may see some correction in the market in the coming days. Traders need to be cautious and track these factors closely before taking any position in the market. Traders can also follow our Daily Stock/Share Market live and Nifty and Bank Nifty share price prediction for 9th July.

 

You can also read, Hedging: Meaning, Risk, Strategies, and types of Hedge 

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Editor’s Desk

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