Nifty, Bank Nifty share price prediction for 17th July
Market Today: Nifty, Bank Nifty share price prediction for 17th July
Market Today- Nifty, Bank Nifty share price prediction for 17th July: It was a positive start for the Indian markets despite negative cues from the Asian markets. The IT stocks were in focus today as Q1FY21 results of Infosys beats the street estimates. Buying witnessed in the banking stocks in the last hour of trade. In the end, the Indian market extended its morning gains and closed in the positive zone.
The market sentiment was positive as Indian recorded a trade surplus in June for the first time in more than 18 years. The sentiment got boosted after former RBI governor Raghuram Rajan said that the government should focus on spending on profitable firms, which have been incurring costs but have not earned revenues in the last four months.
The global rating firm S&P Global applauded the decision of Indian banks to raise fresh capital. It said that the move will provide solidity to the organizations during the current situation and help them to withstand the economic slump amid the coronavirus pandemic. India has recorded a biggest single-day spike in coronavirus case with a total number now close to 10L
On the global front, most of the Asian markets were closed in the red today. The investors remained cautious due to the increasing number of coronavirus infections worldwide and the US and China tension. The European markets are currently at 5 pm IST are trading marginally lower. The Dow futures and Nasdaq futures are also trading in the red today.
Market Today: Nifty, Sensex, and Bank Nifty share price on the spot level
At close, the Nifty gained 121.75 points or 1.15% and at 10739.95 while Sensex was up by 256.40 points or 1.17% and at 36471.68. The Bank Nifty was trading volatile in the morning gained 256.40 points or 1.21% and closed at 21597.15.
The Nifty midcap and smallcap 100 closed in the mixed today. The midcap index gained 81.80 points or 0.55% and closed at 15033.75 levels. The smallcap index was down by 5.60 points or 0.12% and closed at 4788.80 levels.
The top five gainers in the Nifty50 index are Infosys, BPCL, Cipla, M&M, and Britannia. The top losers in the Nifty50 index for the day are Bharti Infratel, Tech Mahindra, ITC, Zee Entertainment, and IOC. Infosys share price closed above 9% today after the Q1FYI result was announced after the market yesterday. The most active stocks for the are Infosys, Reliance, and Bajaj Finance.
On a sectoral basis, IT & Software, Banking & Finance, Healthcare, Metals & Mining, and Automobiles are closed in the green. On the other side, Retails, Manufacturing, Electricals, Media, and Telecom are closed in the red today.
Nifty and Bank Nifty share price in futures today
The Nifty share price today in futures opened at 10,652.90, it made a positive opening of 24.65 points today. It has touched an intraday high at 10738 and a day’s low at 10580.90
The Nifty share price in futures has given a movement of 157.1 points. In the end, it gained 69.65 points or 0.66% and closed at 10697.90 levels
The Bank Nifty share price in futures opened in 21400, it made a gap up opening of 79.05 points today. It has touched an intraday high at 21647.50 and a day’s low at 21025.05
During the day the Bank Nifty share price in futures has given a movement of 621.95 points. In the end, it gained by 179.05 points or 0.84% and closed at 21500 levels.
Nifty, Bank Nifty share price prediction in futures for 17th July (July Expiry)
Nifty share price prediction in futures for 17th July 2020
Primary Nifty Trend in futures: Mild Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 10780 whereas All Down Moves Initiates Short Covering (Buy) @ 10550
If Nifty share price in futures Moves Above 10730 and sustain. Then you should Buy with 1st Target of 10754 during the day with a Stop Loss of 10640. FOR the Target of 10754- 10784- 10812
If Nifty share price in futures Moves Below 10640 and sustain. Then you should Sell with 1st Target of 10606 during the day with a Stop Loss of 10730. FOR the Target of 10606- 10580- 10550
Bank Nifty share price prediction in futures, 17th July 2020
Primary Trend of Bank nifty Futures: Mild Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 21800, whereas All Down Moves Initiates Short Covering (Buy) @ 21100
If Bank Nifty share price in futures Moves Above 21580 and sustain. Then you should Buy with 1st Target of 21670 during the day with a Stop Loss of 21370. FOR the Target of 21670 – 21740- 21825
If Bank Nifty share price in futures Moves Below 21370 and sustained. Then you should Sell with 1st Target of 21250 during the day with a Stop Loss of 21580. FOR the Target of 21250 – 21130- 20020
Conclusions:
The Indian market opened in positive and was trading in a range-bound in the morning session. Some buying was seen in the second half and Nifty managed to close 1% higher. The Indian market was dominated by Q1FY21 results for the last two days. Traders overlooked the increasing coronavirus cases even after the biggest single-day spike yesterday.
Indian markets will remain range-bound in the absence of any major trigger. Traders need to be cautious 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 prediction for 17th July.
You can also read, Coronavirus impact on various sectors & Indian economic growth
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