Nifty | Bank Nifty Prediction for Tomorrow, 6 July 2021
Nifty & Bank Nifty prediction for tomorrow, 6 July 2021: Indian stock market opened higher on Monday amid positive cues from global markets. The benchmark indices traded above their neutral lines, throughout the day. In the end, markets extended their early gains and closed positive today.
The market sentiments were positive with Commerce and Industry Minister Piyush Goyal’s statement that India has set a target of $400 billion in merchandise exports for FY22. He mentioned ‘in collaboration with private industry, MSME sectors, engineering, agriculture, automobile, steel sector, we have set an export target of $400 billion. We will work together to achieve this target.’ Further, he said the economy is growing and exports are also growing.
However, the upside in the markets remained capped as the private survey showed that India’s service sector contracted sharply in June due to restrictions imposed to curb the second wave of coronavirus cases. IHS Markit’s Services Purchasing Managers Index plunged to 41.2 last month from an already depressed 46.4 in May.
Today’s market updates: Sensex, Nifty, and Bank Nifty on spot levels
At the close, Nifty gained 112.15 points or 72 percent and closed at 15834.35 levels while Sensex was up by 395.33 points or 0.76 percent and finished at 52880 levels. The Bank Nifty spot price jumped 402.10 points or 1.16 percent and ended at 35212 levels.
The broader markets also closed higher at par with their larger peers. The nifty midcap index gained 142.90 points or 0.53 percent and closed at 27163 levels. The nifty smallcap index climbed 78.05 points or 0.79 percent and ended at 9981.15 levels.
The top five gainers in the Nifty 50 index were Hindalco, ONGC, SBI, Tata Steel, and Coal India. The top five losers in the Nifty 50 index were HDFC life, Tech Mahindra, Dr. Reddy’s Lab, BPCL, and Britannia. The most active stocks in the Nifty 50 index were Reliance, Tata Steel, and Adani Ports.
On a sectoral basis, Banking, Finance, Metals, Oil & Gas, Automobiles and FMCG sectors closed higher. On the losing side, the Insurance, Power, and Industrial Gas sectors closed lower.
Nifty and Nifty Bank futures price movement for 5 July ( July Expiry)
The Nifty futures price opened at 15757 and made a positive opening of 15.45 points. It has touched an intraday high at 15868 ( as per chart) and a day’s low at 15757. Today’s high of Nifty future is showing at 16546.50 , but the rate was not available for trading and not visible on the chart.
The Nifty futures price has given a movement of 111 points today. In the end, it gained 126.45 points or 0.80 percent and ended at 15868 levels.
The Bank Nifty futures opened at 35080 It made a positive opening of 128.35 points today. It has touched an intraday high at 35366 and a day’s low at 35055
During the day, the Bank Nifty in futures has given a movement of 311 points. In the end, it closed higher by 412.35 points or 1.18 percent and closed at 35364 levels.
Nifty & Bank Nifty Prediction for Tomorrow 6 July, (July Expiry)
Nifty Futures Prediction for Tomorrow, 6 July
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 15950 whereas All Down Moves Initiates Short Covering (Buy) @ 15800
If the Nifty futures share price Moves Above 15902 and sustain. Then you should Buy with 1st Target of 15926 during the day with a Stop Loss of 15830 FOR the Target of 15926-15948- 15988
If the Nifty futures share price Moves Below 15830 and sustained. Then you should Sell with the 1st Target of 15802 during the day with a Stop Loss of 15902. FOR the Target of 15802- 15778 -15755.
Bank Nifty Prediction for Tomorrow, 6 July
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 35700, whereas All Down Moves Initiates Short Covering (Buy) @ 35150
Suppose the Bank Nifty futures Moves Above 35470 and sustain, then you should Buy with the 1st Target of 35560 during the day with a Stop Loss of 35240. FOR the Target of 35560 – 35720 – 35890
If the Bank Nifty futures Moves Below 35240 and sustained, then you should Sell with the 1st Target of 35155 during the day with a Stop Loss of 35470. FOR the Target of 35155 – 35055 – 34950
Global markets today
On the global front, Asian markets closed mostly in the green today, after the U.S monthly employment data showed robust hiring in the month of June. On the other hand, investors took note of fresh data released in China, which showed a marked slow down in the growth of the services sector. European markets are trading mixed as the investors are worried about the spread of the delta variant of Covid-19 infection and its impact on the global economy. The US market future indexes are trading almost flat at this moment at 4.45 pm IST.
Conclusions
Indian stock markets closed higher for the second consecutive day today. The benchmark indices traded with a positive bias and closed near the intraday high today with the support of banking, metals, and financial stocks. However, traders have ignored the private report that showed a sharp contraction in the country’s service sectors.
You can also follow our Daily Morning Report and Nifty and Bank Nifty prediction for tomorrow 6 July.
Also read, Stock Market Direction for Next Week (5 – 9 July)
Best Stocks to Buy in India for Short Term in July 2021
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