Sensex down129 pts, Nifty share price closed above 10K today

 

Sensex, Nifty share price today:  Indian stock market opened in negative ever after positive global cues and later extended its losses. After 6 consecutive days of robust rally, the Indian market paused today. In line with the larger peers, the broader indices were also underperformed today.

Traders were worried as former chief economic adviser Arvind Subramanian said the Fiscal responsibility and Budget Management (FRBM) Act need to be revised by year-end. This is because India will witness a sharp decline in GDP growth due to the coronavirus crisis.

On the global front, almost all Asian markets closed in the green today, except Jakarta and Shanghai. Malaysia’s export has shown the biggest decline since the global financial crisis in 2009, its export fell 23.8% YoY. The European markets are trading in the red zone today.

 

Sensex, Nifty, and Bank Nifty share price on the spot levels.

At close, the Nifty share price was down by 32.45 points or 0.32% and at 10029.10 while the Sensex share price was declined by 128.84 points or 0.37% and at 33980.70 levels. Profit booking in private banks and finance stocks were seen today, the Bank Nifty was down by 550.25 points or 2.62% and closed at 20390.45.

The Nifty midcap and smallcap 100 indices closed almost flat today. The Nifty midcap closed at 11.50 points down whereas the Nifty smallcap index was up by 0.40 points.

The top gainers in the Nifty 50 stocks for the day are Vedanta, Tech Mahindra, Zee Entertainment, Sun Pharma, and Bharti Airtel. The top five losers in the Nifty50 stocks for the day are Asian Paints, Bajaj Finance, IndusInd Bank, HDFC, and Kotak Mahindra.

On the sectoral front, Aviation, It & Software, Media, Oil & Gas, and Healthcare are closed in the green. Whereas on the losing front, Banking & Finance, Real Estate, Infrastructure, Chemicals, and Hospitality.

 

Nifty and Bank Nifty share price in futures today

The Nifty futures share price opened today at 10060.20, it was made a negative opening of 11.6 points today morning. It has touched an intraday high at 10110 and a day’s low at 9932.30

During the day Nifty futures share price has given a movement of 177.7 points. In the end, it was down 56.80 points  or 0.56% and closed at 10015 level

Today the Bank Nifty share price in futures opened at 20862.65, it was a gap down opening of 19.75 points today. It has touched an intraday high at 21080 and a day’s low at 20233.30.

During the day the Bank Nifty share price in futures has given a movement of 846.7 points. In the end, it was down by 532.40 points 0r 2.55% and closed at 20350

 

Nifty and Bank Nifty share price in futures target for 5th June 2020

Nifty Futures share price target for 5th June 2020

Primary Nifty Trend in futures: Rangebound

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 10200 whereas All Down Moves Initiates Short Covering (Buy) @ 9900

If Nifty futures share price Moves Above 10074 and sustain. Then you should Buy with 1st Target of 10110 during the day with a Stop Loss of 9970 FOR the Target of 10110- 10148- 10194

If Nifty futures share price Moves Below 9970 and sustain. Then you should Sell with 1st Target of 9938 during the day with a Stop Loss of 10074. FOR the Target of 9938- 9895- 9846.

 

Bank Nifty futures share price target for 5th June  2020

Primary Trend of Bank nifty Futures: Rangebound

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 20750, whereas All Down Moves Initiates Short  Covering (Buy) @ 20000

If Bank Nifty share price in futures  Moves Above 20560 and sustain. Then you should Buy with 1st Target of 20720 during the day with a Stop Loss of  20290. FOR the Target of 20720 – 20875- 21140

If Bank Nifty share price in futures Moves Below 20290 and sustained. Then you should Sell with 1st Target of 20020 during the day with a Stop Loss of 20560. FOR the Target of 20020 – 19870- 19710.

 

Conclusions:

Profit booking has dragged down the Indian stock market today. Sensex and Nifty share prices closed in the red, Nifty holds 10000 levels in the end. The Bank Nifty corrected the most today, profit booking in private sector banks was seen at a higher level. The market may trade in range-bound in the absence of any major trigger. 

Traders should also follow the SGX Nifty to track the market trend tomorrow and to trade with caution and strict stop. Traders can also follow our Nifty and Bank Nifty futures share price target for 5th June 2020

 

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Editor’s Desk

 

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