Nifty & Bank Nifty Prediction for Tomorrow, 2 July 2021
Nifty and Bank Nifty Prediction for Tomorrow, 2 July 2021: Indian stock markets opened in the green on Thursday amid mixed global cues but erased all gains after few minutes of trading. The key benchmark indices traded below their neutral lines most of the day. In the end, the benchmark indices Sensex and Nifty closed below their crucial levels 52400 and 15700 respectively.
The market sentiments were negative as India’s manufacturing sector activities contracted for the first time in 11 months in June due to the second wave of coronavirus and its restrictions. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers Index (PMI) declined to 48.1 in June from 50.8 in May.
Some concerns also came in as India’s external debt surged by $11.5 billion YoY to $570 billion as of March-end 2021, according to RBI data. The external debt to GDP ratio rose to 21.1 percent as of March-end 2021 from 20.6 percent in the previous year. However, the downside of the market was capped as the country’s foreign exchange reserves in nominal terms, including the valuation effects, increased by $99.2 billion during the FY 2020-21, compared to $64.9 billion in the previous year, according to RBI data showed.
Today’s market updates: Sensex, Nifty, and Bank Nifty on the spot price levels
At the close, Nifty fell 41.50 points or 0.26 percent and closed at 15680 while Sensex was down by 164.11 points or 0.31 percent and finished at 52318.60 levels. The Bank Nifty declined 88.20 points or 0.25 percent and ended at 34684 levels.
The broader markets closed in the mixed state today. The Nifty midcap index was down by 88.15 points or 0.33 percent and closed at 26882.60 levels. The Nifty smallcap index gained by 64.65 points or 0.66 percent and finished at 9798.40 levels.
The top five gainers in the Nifty 50 index were Dr. Reddy’s Lab, Hindalco, Bajaj Auto, Tata Motors, and Sun Pharma. The top five losers in the Nifty 50 index were Baja Finserve, Britannia, Infosys, Wipro, and Shree Cement. The most active stocks in the Nifty 50 index were HDFC Bank, Reliance, and Tata Motors.
On a sectoral basis, Automobiles, FMCG, Healthcare, Capital Goods sectors closed in the green. On the losing side, Telecom, Financial, It & Software, Oil & Gas, and Banking sectors closed in the red today.
Nifty and Nifty Bank futures price movement for 1 July ( July Expiry)
The Nifty futures price opened at 15765.10 and made a positive opening of 12.95 points. It has touched an intraday high at 15775.05 and a day’s low at 15696
The Nifty futures price has given a movement of 79.05 points today. In the end, it fell 25.15 points or 0.16 percent and ended at 15727 levels.
The Bank Nifty futures opened at 34975.75 It made a positive opening of 38.2 points today. It has touched an intraday high at 35086.35 and a day’s low at 34810.85
During the day, the Bank Nifty in futures has given a movement of 275.5 points. In the end, it closed lower by 52.55 points or 0.15 percent and closed at 34885 levels.
Nifty & Bank Nifty Prediction for Tomorrow, 2 July (July Expiry )
Nifty Futures Prediction for Tomorrow, 2 July 2021
Primary Nifty Trend in futures: Mild Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 15760 whereas All Down Moves Initiates Short Covering (Buy) @ 15670
If the Nifty futures share price Moves Above 15770 and sustain. Then you should Buy with 1st Target of 15792 during the day with a Stop Loss of 15697 FOR the Target of 15792-15812- 15848
If the Nifty futures share price Moves Below 15697 and sustained. Then you should Sell with the 1st Target of 15672 during the day with a Stop Loss of 15770. FOR the Target of 15672- 15650 -15614
Bank Nifty Prediction for Tomorrow, 2 July 2021
Primary Trend of Bank Nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35100, whereas All Down Moves Initiates Short Covering (Buy) @ 34700
Suppose the Bank Nifty futures Moves Above 34985 and sustain, then you should Buy with the 1st Target of 35050 during the day with a Stop Loss of 34758. FOR the Target of 35050 – 35130 – 35225
If the Bank Nifty futures Moves Below 34758 and sustained, then you should Sell with the 1st Target of 34650 during the day with a Stop Loss of 34985. FOR the Target of 34650 – 34525 – 34430
Global markets today
On the global front, Asian markets closed mostly in the red today as traders were concerns over rising coronavirus cases in the region and weak economic data. European markets are trading higher due to positive PMI data and upbeat Greman’s retail sales data. The U.S futures indexes, Dow future is trading flat whereas Nasdaq futures in trading marginally lower. The US markets are expected to open in a mixed state today.
Conclusions
Indian stock markets closed in the red for the fourth consecutive day today. The markets traded in a tight range with negative bias today due to the contraction in manufacturing PMI data. Going ahead, markets will trade cautiously ahead of U.S employment data which is expected tomorrow.
Investors should take the opportunity to buy quality stocks on dips. You can also follow our Daily Morning Report and Nifty and Bank Nifty prediction for tomorrow 2 July.
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