Bank Nifty tomorrow ahead of RBI policy meet outcome
Nifty & Bank Nifty futures tomorrow ahead of RBI policy meet outcome: Indian stock market opened higher on Thursday tracking positive cues from the global market peers. The key benchmark indices traded above their neutral lines as markets got support from all major sectors today. In the end, the market indices closed higher and Sensex and Nifty closed above their crucial levels.
The market sentiments remained positive after Credit rating firm Crisil indicated in its recent report that the extended Emergency Credit Line Guarantee Scheme (ECLGS) will assist industries such as hotels, civil aviation, and tour operator, which are hit the most in the second wave of Covid-19. However, as the data showed India’s Service Business Activity index contracts first time in eight months. The Service PMI data compiled by IHS Markit stood at 46.4 in May compared with 54 in April. The PMI data below 50 levels is contraction and above 50 it signifies growth.
Today’s market update- Sensex, Nifty, and Bank Nifty on the spot price
At the close, Nifty gained 114.15 points or 0.74 percent and closed at 15690 levels while Sensex was up 382.95 points or 0.74 percent and finished at 52232.43 levels. The Bank Nifty on the spot price gained 275.25 points or 0.78 percent and ended at 35649 levels.
The midcap and smallcap indices outperformed the benchmark indices today. The Nifty midcap index gained 244.55 points or 0.94 percent and closed at 26362.55 levels. The Nifty smallcap index was up by 112.60 points or 1.21 percent and finished at 9440.35 levels.
The top five gainers in the Nifty 50 index are Titan, ONGC, Eicher Motors, Larsen, and Axis Bank. the top five losers in the Nifty 50 index were IndusInd Bank, Wipro, Cipla, Dr. Reddy’s Lab, and Power Grid Corp. the most active stocks in the Nifty 50 index were Reliance, Adani Ports, and SBI.
On a sectoral front, all major sectors closed in the green today. The Consumer Durables, Real Estate, Finance, Capital Goods, and Infrastructure sectors closed as top gainers today.
Nifty and Nifty Bank futures price movement for June 03, ( June Expiry)
The Nifty futures price opened at 15689.90 made a positive opening of 73.15 points. It has touched an intraday high at 15719.95 and a day’s low at 15635.70
The Nifty futures price has given a movement of 84.25 points today. In the end, it gained 98.25 points or 0.63 percent and ended at 15715 levels.
The Bank Nifty futures opened at 35662.20 It made a positive opening of 137.95 points today. It has touched an intraday high at 35890 and a day’s low at 35553
During the day, the Bank Nifty in futures has given a movement of 337 points. In the end, it closed higher by 250.75 points or 0.71 percent and closed at 35775 levels.
Nifty & Bank Nifty tomorrow ahead of RBI policy meet outcome, 4 June, (June Expiry )
Nifty Futures Tomorrow, 4 June
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 15670 whereas All Down Moves Initiates Short Covering (Buy) @ 15580
If the Nifty futures share price Moves Above 15728 and sustain. Then you should Buy with 1st Target of 15760 during the day with a Stop Loss of 15684 FOR the Target of 15760-15785- 15817
If the Nifty futures share price Moves Below 15684 and sustains. Then you should Sell with the 1st Target of 15660 during the day with a Stop Loss of 15728. FOR the Target of 15660- 15633 -15605
Bank Nifty Tomorrow in Futures, 4 June
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 36000, whereas All Down Moves Initiates Short Covering (Buy) @ 35650
Suppose the Bank Nifty futures Moves Above 35840 and sustain, then you should Buy with the 1st Target of 35930 during the day with a Stop Loss of 35570. FOR the Target of 35930 – 36030 – 36240
If the Bank Nifty futures Moves Below 35570 and sustained, then you should Sell with the 1st Target of 35490 during the day with a Stop Loss of 35690. FOR the Target of 35490 – 35402 – 35230
Global markets today
On the global front, Asian markets closed mixed as service sectors’ growth slow down in China as per the latest data. European stock market indices are trading lower as investors are cautious ahead of U.S job data going to release on Friday to gauge the future path of monetary policy. The US futures indices, Dow and Nasdaq futures are trading lower, indicating a negative opening for the U.S markets.
Conclusions
Indian equity markets opened strong today and extended their gains in the end. Nifty close at new high today at 15690 levels. Heavy buying witnessed in Consumer Durables, Real Estate, and Capital goods sectors. The midcap and smallcap outperformed the benchmark indices. Going ahead, the global market will remain cautious tomorrow as U.S economic data is expected on Friday evening. The Indian market will remain volatile tomorrow due to RBI monetary policy outcome on Friday.
You can also follow our Daily Morning Report and Nifty and Bank Nifty target for tomorrow June 4.
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