Nifty 50 share price closed above 10,800 levels, Nifty and Bank Nifty target for 10th July

 

Bank Nifty and Nifty 50 share price target for 10th July: Indian stock market extended its morning gains on the weekly expiry day. The market has also got support from global peers. In the end, the Nifty 50 share price has closed above 10,800 levels.

Market sentiments got positive in the morning as the Cabinet approved the development of affordable rental housing complexes (ARHCs) for urban migrants and poor. This is a sub-scheme under the Pradhan Mantri Awas Yojana. This initiative was first announced by Finance Minister Nirmala Sitharaman as a part of the Atmanirbhar Bharat Package in May.

The market sentiments got boosted in the second half after the news of Prime Minister’s speech to the India Global Week 2020, through video conferencing. PM Modi said “ Indians have the spirit to achieve what is believed to be impossible. No wonder that in India, we are already seeing green -shoots when it comes to economic recovery”

PM has invited foreign investors to start investing in India and praised the IT and Pharma Industry. PM Modi has also pointed out investment opportunities in various sectors in  India like Agriculture, Defence, Storage, Logistic, Space sectors, etc. 

On the global front, Asian markets are closed in the green today. The European markets are trading in mixed, CAC and DAX are trading higher whereas FTSE is marginally down at 5 pm IST. In the US market, Dow’s future is trading marginally down and Nasdaq’s future is trading up.

 

Sensex Nifty 50 and Bank Nifty share price on the spot level

 

At close, Nifty 50 share price gained 107.70 points or 1.01% and at 10813.45 while Sensex was up by 408.68 points or 1.13% and at 36737.69. The Bank Nifty share price was volatile today ahead of weekly expiry. It gained 322.55 points or 1.43% and closed at 22907.20 levels.

The Nifty midcap 100 index closed marginally higher whereas the smallcap index closed above 1% today. Jindal Steel up 5%, is the top gainer in the Nifty midcap index and Granule India gained 8% in smallcap index today.

The top five gainers in the Nifty 50 index are Hindalco, Bajaj Finance, SBI, Tata Steel, and HDFC. The losers in the index are Bharti Infratel, Coal India, ONGC, Tech Mahindra, and Hero Motor Corp. Bajaj Finance, Reliance, and SBI are the most active stocks for the day.

On a sectoral basis, Banking & Finance, Metals & Minings, Oil & Gas, Healthcare, and Infrastructures sectors supported the market today. The sectors that closed in the negative are Hospitality, Manufacturing, Aviation, FMCG, and Capital Goods.

 

Nifty 50 and Bank Nifty share price in futures today

 

The Nifty 50 share price today in futures opened at 10,725.95. It was made a positive opening of 29.65 points today. It has touched an intraday high at 10844.95 and a day’s low at 10712.80

The Nifty 50 share price today in futures has given a movement of 132.15 points. In the end, it gained 146.85 points or 1.37% and closed at 10843.15 levels

The Bank Nifty share price in futures opened in 22719.25, it was made a positive opening of 108.5 points today. It has touched an intraday high at 22980 and a day’s low at 22650

During the day the Bank Nifty share price in futures has given a movement of 330 points. In the end, it gained by 364.25 points and closed at 22975levels.

 

Nifty 50 & Bank Nifty share price in futures for 10th July (July Expiry)

 

Nifty 50 share price in futures for 10th  July 2020

Primary Nifty Trend in futures: Positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 10930 whereas All Down Moves Initiates Short Covering (Buy) @ 10800

If Nifty 50 share price in futures Moves Above 10852 and sustain. Then you should Buy with 1st Target of 10880 during the day with a Stop Loss of 10794. FOR the Target of 10880- 10910- 10932

If Nifty 50 share price in futures Moves Below 10794 and sustain. Then you should Sell with 1st Target of 10775 during the day with a Stop Loss of 10852. FOR the Target of 10775- 10756- 10716

 

 

Bank Nifty share price in futures, 10th July  2020

Primary Trend of Bank nifty Futures: Positive 

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 23350, whereas All Down Moves Initiates Short  Covering (Buy) @ 22700

If Bank Nifty share price in futures  Moves Above 23088 and sustain. Then you should Buy with 1st Target of 23140 during the day with a Stop Loss of  22810. FOR the Target of 23140 – 23204- 23360

If Bank Nifty share price in futures Moves Below 22810 and sustained. Then you should Sell with 1st Target of 22720 during the day with a Stop Loss of 23088. FOR the Target of 22720 – 22645- 22538.

 

Conclusions:

Indian market bounced back after yesterday’s pause. The market was trading range-bound in the first half, some buying was seen in the last hour. Metals sectors performed well today followed by Banking and Finance. Indian market is looking positive for the near term.

Indian market will trade higher if there is global market support 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 prediction for 10th July.

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

 

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Editor’s Desk

 

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