Market updates -Technical levels of Nifty & Bank Nifty futures share price for 9th June

 

Nifty & Bank Nifty futures share price target for 9th June: Indian stock market opened in a strong note but profit booking at higher levels erased some morning gains. The market sentiments were positive as  Hotels, Restaurant, Malls, and Worship places are reopening after two and a half months.

Some support also came after the RBI’s reports that there is a surged of $3.43 billion in the country’s Foreign exchange reserve. It has touched a fresh all-time high of $493.48 billion for the week ended May 29 on a handsome accretion of the core currency assets.

On the global front, the Asian markets closed in the green today. The European market today opened red are now trading in flat. The DOW future was trading up by 0.64% at this moment.

 

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

The Nifty share price gained 25.30 points or 0.25 % and at 10167.50 levels while Sensex gained 83.34 points or 24% and at 34370.58 levels. The Bank Nifty gained 152.80 points or 0.73% and closed at 21187.30 levels.

The Nifty midcap and smallcap 100 indices also closed in the positive today. The midcap index was up by 64.60 points or 0.46% and the smallcap index gained 54.60 points or 1.23%.

The top five Nifty50 gainers for the day are GAIL, IndusInd Bank, BPCL, Axis Bank, and Bajaj Finance. On the losing side in Nifty50 are Zee Entertainment, Shree Cements, Eicher Motors, M&M, and Bharti Infratel.

On a sectoral basis, IT& Software, Logistics, Insurance, Industrial Gass, and Banking & Finance. Sectors that closed in the red today are Aviation, Media, Footwear, Construction materials, and Retail.

 

Nifty and Bank Nifty share price in futures today

The Nifty futures share price opened today at 10293.90, it was made a gap up opening of 148.40 points today morning. It has touched an intraday high at 10318.70 and a day’s low at 10113

During the day Nifty future share price has given a movement of 205.7 points. In the end, it gained 19.55 or 0.19% and closed at 10165.05 level

Today the Bank Nifty share price in futures opened at 21685.35, it was a gap up opening of 668.95 points today. It has touched an intraday high at 21775 and a day’s low at 20870.40.

During the day the Bank Nifty share price in futures has given a movement of 904.6 points. In the end, it was up by 153.85 points 0r 0.73% and closed at 21170.20

 

You may also like to read: Market Live: Nifty50 and Bank Nifty target for today

 

Nifty and Bank Nifty share price in futures target for 9th June 2020

Nifty Futures share price target for 9th June 2020

Primary Nifty Trend in futures: Range-bound

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 10280 whereas All Down Moves Initiates Short Covering (Buy) @ 10080

If Nifty futures share price Moves Above 10210 and sustain. Then you should Buy with 1st Target of 10240 during the day with a Stop Loss of 10130 FOR the Target of 10240- 10285- 10340

If Nifty futures share price Moves Below 10130 and sustain. Then you should Sell with 1st Target of 10080 during the day with a Stop Loss of 10210. FOR the Target of 10080- 10020- 9980.

 

Bank Nifty futures share price target for 9th June  2020

Primary Trend of Bank nifty Futures: Range-Bound

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 21650, whereas All Down Moves Initiates Short  Covering (Buy) @ 20780

If Bank Nifty share price in futures  Moves Above 21280 and sustain. Then you should Buy with 1st Target of 21470 during the day with a Stop Loss of  21020 FOR the Target of 21470 – 21650- 21740

If Bank Nifty share price in futures Moves Below 21020 and sustained. Then you should Sell with 1st Target of 20780 during the day with a Stop Loss of 21020 FOR the Target of 20780 – 20560- 20370.

 

Conclusions:

Indian stock market dragged down from a higher level due to profit booking. Though the news of the reopening of Hotels, Restaurant, Malls are cheers the market but still there is a concern about the increasing number of coronavirus cases.

We may see a range-bound session in the market in the absence of any trigger. Tomorrow, if the global cues are positive we may see a positive opening in the Indian stock market. Traders are advised to follow the trend of SGX Nifty in the morning. Traders can also follow our Nifty and Bank Nifty futures share price target for 9th June 2020.

 

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