Indian market closed negative today, Nifty and Bank Nifty share price target for 30th July

 

Nifty and Bank Nifty share price target for 30th July: The Indian stock market opened in a flat note today amid mixed global cues in the morning. Profit booking was seen in the market at higher levels today. Nifty and Bank Nifty share price was trading volatile in the second half and later closed in the red.

The market sentiments were positive in the morning with Industry body CIIs statement that high-frequency indicators are showing a material improvement as compared to multi-year low seen in April, and pointing towards a V-shaped recovery after the Indian economy suffered due on account of lockdown due to coronavirus pandemic.

However, traders turned cautious after global forecasting firm Oxford Economics made a statement that it expects India’s GDP growth to lose momentum from the late third quarter (Oct-Dec) of the current fiscal as the push from the initial reopening fades. Traders are also concern about the rising coronavirus cases in the country.

On the global front, all most all Asian markets were traded in the red following the negative cues overnight from the US market. Investors were cautious ahead of the Fed’s policy decision expected later in the evening. The European markets are trading marginally higher today. The US Dow and Nasdaq futures are trading marginally higher at this time.

 

Sensex, Nifty, and Bank Nifty share price today on spot levels

 

At close, the Nifty share price was down by 97.70 points or 0.86% and at 11202.85 while Sensex was declined 421.82 points or 1.09% and closed at 38071.13. The Bank Nifty share price erased all morning gains in the last hour and closed in the red. It fell 28.60 points or 0.12% and closed at 22076.60 levels

The Nifty midcap and smallcap 100 indices closed in the mixed today. The midcap index was up by 74.95 points or 0.48% and at 15535.05 while the smallcap index was down by 4.50 points or 0.09% and closed at 5022.65 levels.

The top five gainers in the Nifty50 index for the day are Dr. Reddy’s Lab, IndusInd Bank, Tata Steel, Grasim, and Bharti Infratel. On the losing side, the top five losers in the Nifty50 index for the day are Reliance, Nestle, HCL Tech, M&M, and Hero Motor Corp. The most active stocks in the Nifty index during the day are Reliance, Bajaj Finance, and Dr. Reddy’s Lab.

On a sectoral basis, Healthcare, Metals & Minings, Power, Telecom, and Capital goods closed in the green today. The sectors that closed in red are OIL & Gas, IT & Software, Automobiles, Manufacturing, and Insurance.

 

Nifty and Bank Nifty share price in futures today

 

The Nifty share price in futures opened at 11291.70, it made a negative opening of 14.45 points today. It has touched an intraday high at 11343.40 and a day’s low at 11170

The Nifty share price in futures has given a movement of 173.4 points. In the end, it declined by 94.6 points or 0.84% and closed at 11211.55 levels

The Bank Nifty share price in futures opened at 22086.95 it was made a negative opening of 89.55 points today. It has touched an intraday high at 22440 and a day’s low at 21964.15

During the day the Bank Nifty share price in futures has given a movement of 475.85 points. In the end, it declined by 73.2 points or 0.33% and closed at 22103.30 levels.

 

Nifty & Bank Nifty share price target in futures for 30th July (July Expiry)

 

Nifty share price target in futures for 30th July 2020

Primary Nifty Trend in futures: Range-Bound

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 11300 whereas All Down Moves Initiates Short Covering (Buy) @ 11130

If Nifty share price in futures Moves Above 11255 and sustain. Then you should Buy with 1st Target of 11274 during the day with a Stop Loss of 11170. FOR the Target of 11274- 11292- 11314

If Nifty share price in futures Moves Below 11170 and sustain. Then you should Sell with 1st Target of 11138 during the day with a Stop Loss of 11255. FOR the Target of 11138- 11108- 11080

 

 

Bank Nifty share price in futures, 30th July  2020

Primary Trend of Bank Nifty Futures: Mild Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 22500, whereas All Down Moves Initiates Short  Covering (Buy) @ 21700

If the Bank Nifty share price in futures  Moves Above 22180 and sustain. Then you should Buy with 1st Target of 22270 during the day with a Stop Loss of  22010. FOR the Target of 22270 – 22375- 22540

If the Bank Nifty share price in futures Moves Below 22010 and sustained. Then you should Sell with 1st Target of 21930 during the day with a Stop Loss of 22180. FOR the Target of 21930 – 21798- 21690

 

Conclusions:

Indian stock market closed in the negative today. Traders booked profit at the higher levels ahead of the Fed policy outcome later in the evening and monthly derivative expiry. Some pessimism also exists in the market due to rising coronavirus cases in India. Traders are advised to trade with strict stop loss tomorrow due to the derivative expiry. 

Traders can also track these factors closely before taking any position in the market. You may be interested to check out the latest charting platform for your own strategy here. Traders can also follow our Daily Stock/Share Market live and Nifty and Bank Nifty share price target in futures for 30th July.

 

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