Stock market today: Nifty above 9800 & Bank Nifty gained 663 pts 

The Indian stock markets today opened in a strong note and continued their upward rally till the end. The rally was seen broad-based with both midcaps and smallcap indices were also trading in the green zone. The NBFC and Banking stocks gained the most in today’s rally.

The market sentiments remain positive as Commerce Minister Piyush Goyal’s stated that most startups will be eligible for additional liquidity and funding. This would be under the credit and funding support announced for MSMEs under the Atmanirbhar Bharat Abhiyan package. The easing of lockdown in India has also added positive sentiments in the stock market today.

On the global front, Asian stock markets today were closed in the green. This is because as investors feel that the US response to China’s national security law on Hong Kong was not as bad as feared. The European markets are trading in mixed, DAX is trading red whereas CAC and FTSE are trading in the green on the hopes of a post coronavirus global recovery.

 

Stock market today: Sensex, Nifty and Bank Nifty on spot levels

At close, Indian stock markets today trimmed some afternoon gains but closed in a very strong note. The Nifty gained 245.85 points or 2.57% and at 9826.15 while Sensex was up by 879.42 points or 2.72% and closed at 33303.52. The Bank Nifty was up by 662.65 points or 3.44% and at 19959.90 levels.

The Nifty midcap and smallcap indices gained more than 3% today. The Nifty midcap 100 index was up by 411.65 points or 3.10% and at 13684.65 whereas the smallcap index was gained by 128.30 points or 3.21% and at 4131.10 levels.

The top gainers in the Nifty50 stocks for the day are Bajaj Finance, Bajaj Finserve, Titan Company, Tata Steel, and M&M. The losers in the Nifty50 stocks for the day are Dr. Reddy’s lab, Bharti Infratel, Ultratech Cement, Nestle, and Sun Pharma.

On a sectoral basis, the gainers for the day are Banking & Finance, Automobiles, Capital goods, Consumer durables, and Metals and Minings. On the losing side Insurance, Aviation, Industrial gas, Construction Materials, and Manufacturing are closed marginally lower today.

 

Nifty and Bank Nifty futures share price today

The Nifty futures share price opened today at 9660.15, it was made a gap up opening of 166.05 points today morning. It has touched an intraday high at 9911.65 and a day’s low at 9640.50

During the day Nifty futures share price has given a movement of 271.15 points. In the end, it gained 282.40 or 2.97% and closed at 9776.50 level

The Bank Nifty futures share price today opened at 19490.35, it was made a gap up opening of 391.15 points. It has touched an intraday high at 20179.80 and a day’s low at 19450.

During the day the Bank Nifty future share price has given a movement of 729.80 points. In the end, it was up by 729.80 points and closed at 19857.25.

 

Nifty and Bank Nifty futures share price target for 2nd June 2020

Nifty Futures share price target for 2nd June 2020

Primary Nifty Trend in futures: Mild positive 

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 9970 whereas All Down Moves Initiates Short Covering (Buy) @ 9700

If Nifty futures share price Moves Above 9845 and sustain. Then you should Buy with 1st Target of 9910 during the day with a Stop Loss of 9700 FOR the Target of 9910- 9970- 10046

If Nifty futures share price Moves Below 9700 and sustain. Then you should Sell with 1st Target of 9640 during the day with a Stop Loss of 9845. FOR the Target of 9640- 9570- 9505

 

Bank Nifty futures share price target for 2nd June 2020

Primary Trend of Bank nifty Futures: Mild Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 20380, whereas All Down Moves Initiates Short  Covering (Buy) @ 19650

If Bank Nifty future share price Moves Above 20020 and sustain. Then you should Buy with 1st Target of 20210 during the day with a Stop Loss of  19775 FOR the Target of 20210 – 20380- 20540

If Bank Nifty future share price Moves Below 19775 and sustained. Then you should Sell with 1st Target of 19650 during the day with a Stop Loss of 20020 FOR the Target of 19650 – 19470- 19290.

 

Conclusions:

Indian stock market today made a strong rally and ignored the weak GDP numbers which came on a Friday evening. The positive global cues, normal monsoon, and ease of lockdown have created a positive market sentiment today. The hope of the situation getting normalcy and further stimulus measures to boost the demand has also added fuel in the stock market sentiments today.

Traders should trade with caution and trade with strict stop loss. Traders can also follow our Nifty and Bank Nifty futures share price target for 13th May

 

You can also read, Your Stock Broker will never say these Hidden Charges.

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Editor’s Desk

 

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