Nifty futures share price closed above 10100 levels, Bank Nifty gained 607 pts

 

Nifty & Bank Nifty futures share price target for 11th June: The Indian equity market has made a positive start in the morning after tracking gains in Asian peers. The market was trading volatile in a narrow range today. Some buying in PSU Banking stocks were seen today.

The market sentiment was positive as the Department of Promotion of Industry and Internal Trade (DPIIT) data showing that Cayman Island has emerged as the fifth largest investor in India. The foreign direct investment (FDI) from the nation increased over three fields to $3.7 billion in 2019-20. 

The sentiments become more positive after the Ministery of Corporate Affairs(MCA) amended the Companies (Share Capital & debenture) Rules, 2014, to allow startups to issue sweat equity shares not exceedings 50% of its paid-up capital up for a decade after the registration of the firm.

On the global front, most of the Asian markets closed in the green, except, Shanghai, Hang Seng, and Jakarta. The major European markets are also trading in the red today. Yesterday the US markets closed in mixed as investors cautious ahead of the US Federal Reserve’s monetary policy announcement due later today. While there is a high chance of a status quo policy today.

 

Sensex, Nifty and Bank Nifty share price in the spot levels

At close, the Nifty gained 69.50 points or 0.70% and at 10116.15 while Sensex was up by 290.36 points or 0.86% and at 34274.05. The Bank Nifty, let by PSU banking sectors gained 375.20 points or 1.82% and closed at 21100.10.

The Nifty midcap and smallcap 100 indices are also closed in the green today. The Nifty midcap index gained173.35 points or 1.22% whereas the smallcap index was up by 22.65 points or 0.51% today.

The top five gainers in the Nifty50 stocks for the day are IndusInd Bank, Hindalco, Shree Cement, Reliance, and Kotak Mahindra Bank. On the losing side, Hero Motor Corp, GAIL, Bajaj Auto, Coal India, and Tata Steel are closed in the red in Nifty50 stocks.

On the sectoral front, Banking & Fiance, Oil& Gas, Real Estate, Health Care, and Construction Materials are closed in positive. Whereas the Metals & Mining, Industrial gas, Automobiles, Aviation, and Insurance are closed in the negative zone today.

 

Bank Nifty & Nifty futures share price today

The Nifty futures share price opened today at 10076.55, it was made a positive opening of 42.55 points today morning. It has touched an intraday high at 10153.75 and a day’s low at 10037.45

During the day Nifty futures share price has given a movement of 116.3 points. In the end, it gained 108.4 or 1.08% and closed at 10142.40 level

Today the Bank Nifty share price in futures opened at 20685, it was a positive opening of 7.15 points today. It has touched an intraday high at 21300 and a day’s low at 20640.

During the day the Bank Nifty share price in futures has given a movement of 660 points. In the end, it was up by 607.15 points 0r 2.94% and closed at 21285

 

Nifty and Bank Nifty futures share price target for 11th June 2020

Nifty Futures share price target for 11th June 2020

Primary Nifty Trend in futures: Mild positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 10230 whereas All Down Moves Initiates Short Covering (Buy) @ 10020

If Nifty futures share price Moves Above 10158 and sustain. Then you should Buy with 1st Target of 10184 during the day with a Stop Loss of 10080 FOR the Target of 10184- 10208- 10230

If Nifty futures share price Moves Below 10080 and sustain. Then you should Sell with 1st Target of 10050 during the day with a Stop Loss of 10158. FOR the Target of 10050- 10020- 9970.

 

 Bank Nifty futures share price target for 11th June  2020

Primary Trend of Bank nifty Futures: Mild Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 21740, whereas All Down Moves Initiates Short  Covering (Buy) @ 20630

If Bank Nifty share price in futures  Moves Above 21350 and sustain. Then you should Buy with 1st Target of 21510 during the day with a Stop Loss of  21075 FOR the Target of 21510 – 21620- 21735

If Bank Nifty share price in futures Moves Below 21075 and sustained. Then you should Sell with 1st Target of 20960 during the day with a Stop Loss of 21350 FOR the Target of 20960 – 20850- 20630.

 

Conclusions:

Indian stock market was volatile today, Nifty managed to close above 10100 levels. Indian market is looking for a trigger either from the domestic market or from the global. The Bank Nifty got some support from the PSU banking index. The Nifty PSU banking index was up by 3.5% today

The market is looking good and if global cues support than Nifty may close above 10200 levels tomorrow. Traders should also follow the SGX Nifty to track the market trend tomorrow. You can also follow our Nifty and Bank Nifty futures share price target for 11th June 2020

 

You can also read, Indian Share Market Weekly Updates: Nifty50, Global Market, Q4 Results

                            Hedging: Meaning, Risk, Strategies, and types of Hedge 

                            Coronavirus impact on various sectors & Indian economic growth                              

 

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

Happy Investing!

Editor’s Desk

 

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.