NSE Nifty 50 and Sensex closed in red, Metal sector dragged down the market

 

The benchmark indices NSE Nifty 50 and BSE Sensex started in the green today after getting positive cues from the Asian markets. Traders were cautious after the reports of firing on the Line of Actual Control in the Eastern Ladakh sector where troops of Inda and China have been engaged in a standoff for over three months.

Traders got some support with the Reserve Bank of India’s announcement that a special round of simultaneous sale and purchase of government securities (G-Sec) for Rs 10, 000 cr each on September 10, 2020. The RBI has also released the details of the sale and purchase of securities which will be done using the multiple price auction method.

The upside remained capped as traders were concerned with India’s highest daily deaths from the coronavirus in more than a month on Tuesday. The health minister said 1133 people have died in the last 24 hrs and the number is highest since July.

On the global front, almost all major Asian markets closed in the green. The European market opened in the green but erased its early gains and are trading in the red. The US markets Dow and Nasdaq futures are trading mixed, Dow future is trading marginally higher while Nasdaq future is trading more than 2% lower.

 

NSE Nifty 50 and BSE Sensex today

 

At the close, NSE Nifty 50 declined 37.60 points or 0.33% and at 11317.40 while BSE Sensex was down by 51.88 points or 0.14% and at 38365.35 levels. The NSE Bank Nifty on spot was down by 200.65 points or 0.87% and closed at 22744.40 levels.

The Nifty midcap and smallcap 100 indices were closed in the red. The midcap index was down by 240.35 points or 1.43% and at 16539.90 levels. The smallcap index was declined by 54.30 points or 0.96% and closed at 5631.15 levels.

The top NSE Nifty 50 gainers for the day are BPCL, HCL Tech, Infosys, Wipro, and Reliance. The top losers in the NSE Nifty 50 during the day are Bharti Infratel, Tata Motors, Zee Entertainment, Tata Steel, and Hindalco. The most active stocks for the day in NSE today were Reliance, TCS, and Bharti Airtel.

On a sectoral basis, the sectors that gained today are IT & Software, Oil & Gas, and Paper. On the losing side, the sectors like Metals and Mining, Telecom, Infrastructure, Healthcare, Automobiles, and Banking & Finance were closed in the red

 

NSE Nifty and Bank Nifty share price in futures today

 

The NSE Nifty futures opened at 11348, and it made a positive opening of 17.9 points today. It has touched an intraday high at 11447.25 and a day’s low at 11301

The NSE Nifty futures has given a movement of 146.25 points. In the end, it declined 63.90 points or 0.56% and closed at 11302 levels.

The NSE banking index Bank Nifty futures opened at 22900. It was made a negative opening of 63.45 points today. It has touched an intraday high at 23092.95 and a day’s low at 22655

During the day, the Bank Nifty futures has given a movement of 437.95 points. In the end, it declined by 306 points and closed flat at 22657.45 levels

 

NSE Nifty & Bank Nifty share price target in futures for 9th Sept ( Sept Expiry)

 

Nifty share price target in futures for 9th Sept 2020

Primary Nifty Trend in futures: Negative

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11400 whereas All Down Moves Initiates Short Covering (Buy) @ 11250

If Nifty share price in futures Moves Above 11352 and sustain. Then you should Buy with 1st Target of 11374 during the day with a Stop Loss of 11250. FOR the Target of 11374- 11397- 11423

If Nifty share price in futures Moves Below 11250 and sustain. Then you should Sell with 1st Target of 11228 during the day with a Stop Loss of 11352. FOR the Target of 11228- 11202- 11150

 

NSE Bank Nifty Futures

NSE Bank Nifty share price target in futures, 9th Sept  2020

Primary Trend of Bank Nifty Futures: Negative

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 22950, whereas All Down Moves Initiates Short  Covering (Buy) @ 22200

If the Bank Nifty share price in futures  Moves Above 22820 and sustain. Then you should Buy with 1st Target of 22875 during the day with a Stop Loss of  22500. FOR the Target of 22875 – 22944- 23094

If the Bank Nifty share price in futures Moves Below 22500 and sustained. Then you should Sell with 1st Target of 22440 during the day with a Stop Loss of 22820. FOR the Target of 22440 – 22360- 22150

 

Conclusions:

Indian market erased all intraday gains in the last hour selling and closed in the red today. Nifty managed to hold 11300 levels in the end. The selling pressure in Metals, Infrastructure, Healthcare dragged down the markets. There was uncertainty in the market today. The direction of the market is still not clear, the US futures are trading in the red. 

The US market sentiments may set the direction for Asian markets tomorrow. You may be interested to check out the latest charting platform for your strategy here. Traders can also follow our Daily Stock/Share Market live and NSE Nifty and Bank Nifty share price target in futures for 9th Sept.

 

You can also read, Best Stock Market Books to Make Money

                               Indian Equity Market Next week: Nifty and Bank Nifty trend

 

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 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.