Nifty 50 index today closed above 11K and Bank Nifty Index gained 1.62%

 

Nifty 50 & Bank Nifty Index: The Indian stock market opened on a positive note today. The global cues were mixed in the morning and SGX Nifty was indicating a negative opening for Indian markets. In the second half, the market extended its morning gains and closed in the positive note. The Nifty 50 index closed above 11000 levels in the end  

The Bank Nifty index erased some of its early gains in the second half today. The HDFC bank was the top gainers in the morning as its Q1FY21 results beat the street estimates. 

Besides the Nifty 50 index, the broader indices were also closed in the green today supporting their larger peers. The investors got some comfort with the World Federation of Direct Selling Associations (WFDSA) ‘The Global Direct Selling -2019 Retail Sales report’ stating that the Indian direct selling industry has recorded sales of $2.47 billion in 2019 reporting a growth of 12.1%. This has helped the direct selling industry improve its ranking to the 15th from the earlier 19th a year before.

On the global front, mostly all Asian markets were closed in the red today and the European markets are trading in the mixed. The investors are cautiously eyed the summit of Europen leaders discussing the pandemic crisis as coronavirus cases surged in the US. The US index Dow futures and Nasdaq futures are currently trading in a flat notes.

 

Market Index on spot level today: Sensex, Nifty 50, Bank Nifty

 

At close, The Nifty 50 index gained 120.50 points or 1.11% and at 11022.20 while Sensex was up by 398.85 points or 1.08% and at 37418.99. The Bank Nifty index also gained 355.05 points or 1.62% and closed at 22321.85 levels.

The Nifty midcap and smallcap 100 indices are also closed in the green today. The Nifty midcap gained 146.25 points or 0.96% and at 15388.55 levels. The smallcap index was up by 56 points or 1.15% and closed at 4907.95 levels.

The top gainers in the Nifty 50 index are Britannia, Bajaj Finance, HCL Tech, Bajaj Finserv, and UPL. The losers in the Nifty 50 index are Sun Pharma, Cipla, Zee Entertainment, BPCL, and NTPC. HDFC Bank, Bajaj Finance, and Reliance are the most active stock in the Nifty 50 index today.

On a sectoral basis, IT & Software, Banking & Finance, Telecom, Chemicals, and Electricals have supported the market. On the other hand, sectors like Healthcare, Manufacturing, Power, Aviation, and Textiles are closed in the red today.

 

Nifty 50 and Bank Nifty Index in futures today

 

The Nifty index today in futures opened at 10955, it made a positive opening of 49.95 points today. It has touched an intraday high at 11022.65 and a day’s low at 10921

The Nifty index in futures has given a movement of 101.65 points. In the end, it gained 105.2 points or 0.96% and closed at 11010.25 levels

The Bank Nifty index in futures opened in 22230.95, it was made a gap up opening of 259.85 points today. It has touched an intraday high at 22474 and a day’s low at 22122.35

During the day the Bank Nifty index in futures has given a movement of 351.65 points. In the end, it was gained by 291.9 points or 1.33% and closed at 22263 levels.

 

Nifty & Bank Nifty index in futures for 21st July (July Expiry)

 

 

The nifty index in futures for 21st  July 2020

Primary Nifty Trend in futures: Mild Positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11080 whereas All Down Moves Initiates Short Covering (Buy) @ 10940

If Nifty index in futures Moves Above 11052 and sustain. Then you should Buy with 1st Target of 11084 during the day with a Stop Loss of 10980. FOR the Target of 11084- 11127- 11180

If Nifty index in futures Moves Below 10980 and sustain. Then you should Sell with 1st Target of 10962 during the day with a Stop Loss of 11052. FOR the Target of 10962- 10946- 10918

 

 

Bank Nifty index in futures, 21st July  2020

Primary Trend of Bank nifty Futures: Mild Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 22650, whereas All Down Moves Initiates Short  Covering (Buy) @ 22100

If the Bank Nifty index in futures  Moves Above 22380 and sustain. Then you should Buy with 1st Target of 22455 during the day with a Stop Loss of  22180. FOR the Target of 22455 – 22540- 22650

If the Bank Nifty index in futures Moves Below 22180 and sustained. Then you should Sell with 1st Target of 22090 during the day with a Stop Loss of 22380. FOR the Target of 22090 – 22010- 21925

 

Conclusions:

The market momentum continued towards northward direction for the fourth consecutive days. The positive Q1 results of the Nifty 50 index stock and global support have lifted the market so far. In the short term, the domestic market is looking positive but traders should be cautious now, we may see a profit booking at higher levels.

Traders should partially book profit at higher levels and should have a stock-specific approach in the current market situation. You can 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 index in futures for 21st July.

 

You can also read, Coronavirus impact on various sectors & Indian economic growth   

                              10 Best Stock Market books to read while in lockdown                                       

 

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Editor’s Desk

 

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