Nifty above 11450, Telecom & Metals top gainers today, Nifty, Bank Nifty futures prediction
Indian share market opened in a positive note as indicated by the SGX Nifty today. The market was trading volatile during the day due to yesterday’s GDP data, PMI data, and the Supreme Courts’ judgment on the AGR dues for Telecom sectors today. In the end, markets closed higher today.
The market sentiments got boosted as India’s Manufacturing Purchasing Managers’ Index (PMI) for August stood at 52 as against 46 in July. The reopening of industries and an increase in production was seen during the period. The data has settled above 50 levels for the first time since March.
The market got volatile after the Supreme Court ordered Telecom companies to pay their AGR dues in 10 years. The market was expecting 15-20 years of staggered payments. Telecom companies have to pay 10% of the total dues by 31st March and balance in a 10-year timeline for payment of AGR dues. After the SC verdicts Bharti, Reliance (Jio), Rcom rallied while Vodafone Idea tanks 15% today.
On the global front, most of the major Asain markets closed in the green except Nikkei. The Chinese Markit Manufacturing Purchasing Index (PMI) has increased for the fourth successive month in August.
The European markets are trading mixed, FTSE is trading lower while CAC and DAX are trading higher today. The US market Dow future is trading flat while Nasdaq future is trading higher
Indian Market Today: Sensex, Nifty, and Bank Nifty
At the close, the Nifty gained 82.75 points or 0.73% and closed at 11470.25 while Sensex was up by 272.51 points or 0.71% and closed at 38900.80. The Bank Nifty also added 57.65 points in the end and closed at 23812 on the spot levels.
The Nifty midcap and smallcap 100 indices also closed in the green today. The Nifty midcap gained 136.75 points or 0.82% and closed at 16819.40 levels. The smallcap index was up by 20.75 points and closed at 5609.35 levels.
The top five gainers in the Nifty index for the day are Bharti Airtel, JSW Steel, Hindalco, Bajaj Finance, and Asian Paints. The top losers in the Nifty Index for the day are Bharti Infratel, ONGC, Axis Bank, Adani Ports, and Tech Mahindra. Bharti Airtel, Reliance, and IndusInd Bank were the most active stocks for the day in the Nifty Index.
On a sectoral basis, Telecom, Metals, Banking & Finance, FMCG, and Healthcare sectors have gained the most. On the losing side IT & Software, Retail, Manufacturing, Aviation sectors are closed in the red.
Nifty and Bank Nifty futures today
The Nifty futures opened at 11449.65, and it made a positive opening of 47.70 points today. It has touched an intraday high at 11589.70 and a day’s low at 11373
The Nifty futures has given a movement of 216.7 points. In the end, it gained 125.6 points or 1.10% and closed at 11527.55 levels.
The Bank Nifty futures opened at 23850. It was made a gap up opening of 107 points today. It has touched an intraday high at 24200 and a day’s low at 23508
During the day, the Bank Nifty futures has given a movement of 692 points. In the end, it gained 202 points or 0.85% and closed at 23945 levels
Nifty & Bank Nifty prediction in futures for 2nd Sept ( Sept Expiry)
Nifty share price prediction in futures for 2nd Sept 2020
Primary Nifty Trend in futures: Mild Positive & Volatile
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11640 whereas All Down Moves Initiates Short Covering (Buy) @ 11450
If Nifty share price in futures Moves Above 11559 and sustain. Then you should Buy with 1st Target of 11618 during the day with a Stop Loss of 11480. FOR the Target of 11618- 11646- 11698
If Nifty share price in futures Moves Below 11480 and sustain. Then you should Sell with 1st Target of 11450 during the day with a Stop Loss of 11559. FOR the Target of 11450- 11415- 11370
Bank Nifty share price prediction in futures, 2nd Sept 2020
Primary Trend of Bank Nifty Futures: Mild Positive and Volatile
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 24420, whereas All Down Moves Initiates Short Covering (Buy) @ 23700
If the Bank Nifty share price in futures Moves Above 24080 and sustain. Then you should Buy with 1st Target of 24260 during the day with a Stop Loss of 23880. FOR the Target of 24260 – 24415- 24575
If the Bank Nifty share price in futures Moves Below 23880 and sustained. Then you should Sell with 1st Target of 23720 during the day with a Stop Loss of 24080. FOR the Target of 23720 – 23570- 23380.
Conclusions:
Indian markets traded volatile today and closed in the green. The positive Asian market cues have supported the market to open higher. The market erased its opening gains after a few minutes of tradings but the PMI data and Supreme Courts AGR verdicts helped the market to close higher. Bharti Airtel closed as the top gainer in the Nifty50 index and the Telecom sector gained 2.8% today.
Tomorrow also market will remain volatile traders should trade with strict stop loss. 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 prediction in futures for 2nd Sept.
You can also read, Best Stock Market Books to Make Money
Trade Setup for Next Week: Nifty & Bank Nifty Trading view
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.