Market Updates Today: Nifty50 and Bank Nifty futures prediction for 24th July

 

Nifty50 & Bank Nifty Futures prediction for 24th July: Indian stock market opened in flat to positive zone in the morning and later extended its gains. The Bank Nifty opened in the red but immediately recovered its losses. In the end, the market closed in the positive zone and Nifty50 closed above 11200 levels.

Healthy buying was seen in Nifty50 stocks like Asian paints, SBI, and Kotak Mahindra Bank. The market sentiment got boosted with Chief Economic Adviser (CEA) K V Subramanian statement that the government may announce more fiscal measures to boost the demand. This would be done once the uncertainty related to Coronavirus disease wanes.

On the global front, Asian markets are closed in mixed. The traders are cautious and looking for a direction with the mounting tension between the US and China. This is because the US asked Beijing to close its diplomatic consulate in Houston within the next 72 hours.

The European markets are trading in the positive zone. The US Dow future and Nasdaq futures are also trading higher at 5 pm IST.

 

Market Today: Sensex, Nifty50, and Bank Nifty on spot level

 

At close, Nifty50 gained 82.85 points or 0.75% and at 11215.45 while Sensex was up by 268.95 points or 0.72% and at 38140.47. The Bank Nifty was opened in the negative but recovered immediately, it gained 201.30 points or 0.88% and closed at 23083.90 levels.

The Nifty midcap and smallcap 100 indices also gained today. The midcap index gained 148.35 points or 0.96% and at 15571.60. The smallcap index was up by 50.90 points or 1.03% and closed at 4978.55 levels.

The gainers in the Nifty50 index for the day are Eicher Motors, SBI, ICICI Bank, Reliance, and IOC. The losers in the Nifty50 index are Axis Bank, Shree Cements, HUL, Infosys, and TCS. Reliance, Bajaj Finance, and Axis Bank are the most active today in the market.

On a sectoral basis, Ol & Gas, Healthcare, Metals & Minings, Automobiles, and Insurance are top gaining sectors today. On the losing side, IT & Software, Logistic, Telecom, Construction Materials, and FMCG are closed in the red.

 

Nifty50 and Bank Nifty Index in futures today

 

The Nifty50 index today in futures opened at 11121.35, it made a positive opening of 16.15 points today. It has touched an intraday high at 11228 and a day’s low at 11097.30

The Nifty50 index in futures has given a movement of 130.7 points. In the end, it gained by 106.8 points or 0.96% and closed at 11217.35 levels

The Bank Nifty index in futures opened at 22765.35 it was made a negative opening of 38.45 points today. It has touched an intraday high at 23140 and a day’s low at 22703.50

During the day the Bank Nifty index in futures has given a movement of 436.50 points. In the end, it was gained by 306.2 points or 1.34% and closed at 23110 levels.

 

Nifty50 & Bank Nifty index in futures for 24th July (July Expiry)

 

 

Nifty50 index in futures for 24th July 2020

Primary Nifty50 Trend in futures: Range-Bound

Range-Bound Trend of Nifty50 Futures: All up Moves Initiates Profit Booking (Sale) @ 11280 whereas All Down Moves Initiates Short Covering (Buy) @ 11150

If Nifty50 index in futures Moves Above 11230 and sustain. Then you should Buy with 1st Target of 11254 during the day with a Stop Loss of 11175. FOR the Target of 11254- 11280- 11309

If Nifty50 index in futures Moves Below 11175 and sustain. Then you should Sell with 1st Target of 11155 during the day with a Stop Loss of 11230. FOR the Target of 11155- 11132- 11095

 

 

Bank Nifty index in futures, 24th July  2020

Primary Trend of Bank nifty Futures: Range-bound

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 23340, whereas All Down Moves Initiates Short  Covering (Buy) @ 22820

If the Bank Nifty index in futures  Moves Above 23180 and sustain. Then you should Buy with 1st Target of 23265 during the day with a Stop Loss of  22970. FOR the Target of 23265 – 23340- 23420

If the Bank Nifty index in futures Moves Below 22970 and sustained. Then you should Sell with 1st Target of 22910 during the day with a Stop Loss of 23180. FOR the Target of 22910 – 22830- 22700

 

Conclusions:

Indian market continued its upward journey after a pause. The market gains on the support of better than expected Q1FY21 earnings so far. The market has so far ignored the spike in coronavirus cases worldwide and the recent US and China tension. The Coronavirus Vaccine news has created positive sentiments in the global markets.

Nifty50 index is looking positive as FIIs are also buying in the cash market. 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 in futures for 24th July.

 

You can also read, Algo Trading Definition: Pros and Cons of Algorithmic trading                                                   

 

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Editor’s Desk

 

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