The nifty share price is closed above 11100 levels, Bank Nifty gained 101 pts

 

Nifty and Bank Nifty share price prediction for 23rd July: Indian benchmark indices opened in the positive zone as per SGX Nifty’s indication. But immediately after a few minutes of trading, the market erased all its gains. Bank Nifty share price was trading volatile and in the end, closed in the green.

Some profit booking was expected at 11200 levels and we have also mentioned this in our last report. Today in the market, traders took some support as Finance Minister Nirmala Sitharaman assured the industry that the government is open to taking more actions in the future to boost economic recovery.

On the Global front, the rise in coronavirus cases worldwide is a major concern for the traders now. Most of the Asian markets are closed in the red today. European markets are also trading lower. In the US market, Dow’s future is trading marginally lower whereas Nasdaq’s future is almost flat.

 

Market Today: Sensex, Nifty, and Bank Nifty share price on spot level.

 

At close, Nifty share price has declined by 29.70 points or 0.27% and at 11132.60 whereas the Sensex was down by 58.21 points or 0.16% and at 37871.52. The Bank Nifty was trading volatile and later gained 100.60 points or 0.44% and closed at 22882.60.

The Nifty midcap index closed in the green today whereas the smallcap 100 index closed flat. The Nifty midcap index gained 20.90 points or 0.14% and at 15423.25. The smallcap index was closed flat to negative today.

The top gainers in the Nifty50 index for the day are Axis Bank, Titan Company, Power Grid Corp, NTPC, and ITC. On the other hand, Hero Motor Corp, Tata Motors, HUL, BPCL, and Tata Steel are closed as top losers today. Bajaj Finance, Reliance, and Axis Bank were the most active stocks in the market today.

On a sectoral front, Metals & Mining, Oil & Gas, Power, Retails, and Telecom are closed in the green. On the losing side, Automobile, IT & Software, FMCG, Infrastructure, and Insurance are closed in the red today.

 

Nifty and Bank Nifty in futures today

 

The Nifty share price in futures opened at 11186.70, it made a positive opening of 16.15 points today. It has touched an intraday high at 11203.20 and a day’s low at 10805.20

The Nifty share price in futures has given a movement of 398 points. In the end, it declined by 44.55 points or 0.40% and closed at 11126 levels

The Bank Nifty share price in futures opened at 23,124.95 it was made a gap up opening of 309.2 points today. It has touched an intraday high at 23148.55 and a day’s low at 22573.70

During the day the Bank Nifty share price in futures has given a movement of 574.85 points. In the end, it was gained by 16.25 points or 0.07% and closed at 22832 levels.

 

Nifty & Bank Nifty share price prediction in futures for 23rd July (July Expiry)

 

 

Nifty share price prediction in futures for 23rd July 2020

Primary Nifty Trend in futures: Range-Bound

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11200 whereas All Down Moves Initiates Short Covering (Buy) @ 11000

If Nifty index in futures Moves Above 11164 and sustain. Then you should Buy with 1st Target of 11184 during the day with a Stop Loss of 11040. FOR the Target of 11184- 11206- 11232

If Nifty index in futures Moves Below 11040 and sustain. Then you should Sell with 1st Target of 11006 during the day with a Stop Loss of 11052. FOR the Target of 11006- 10970- 10895

 

 

Bank Nifty prediction in futures, 23rd July  2020

Primary Trend of Bank nifty Futures: Range-bound

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 23130, whereas All Down Moves Initiates Short  Covering (Buy) @ 22275

If the Bank Nifty index in futures  Moves Above 22970 and sustain. Then you should Buy with 1st Target of 23130 during the day with a Stop Loss of  22680. FOR the Target of 23130 – 23275- 23425

If the Bank Nifty index in futures Moves Below 22680 and sustained. Then you should Sell with 1st Target of 22555 during the day with a Stop Loss of 22970. FOR the Target of 22555 – 22415- 22275

 

Conclusions:

Indian stock market took a pause after five days of the rally. The benchmark indices closed marginally lower after a positive start today. The spike in coronavirus cases worldwide, US-China and India-China geopolitical tension worried traders today.

The make may trade range-bound in the absence of any major trigger. Traders can also 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 in futures for 23rd July.

 

You can also read, Coronavirus impact on various sectors & Indian economic growth

                                                   

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Editor’s Desk

 

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