Market Updates: NSE Nifty50 down 62 pts, Banknifty share price plunged 813 pts today

 

NSE Nifty50 & Banknifty target for tomorrow- Indian stock market opened in a positive note and immediately after a few minutes of trading erased all opening gains. NSE Banknifty extended its morning losses and closed more than 3.5% down. In the NSE Nifty 50 index, 19 stocks closed in the green whereas 31 stocks closed in the red today.

The industrial body FICCI said that Indian and foreign carriers should now be allowed to operate and the country should allow foreigners to travel to India on a reciprocal basis. While there has been a substantial easing of lockdown conditions in line with phase one and two. The unlock phase three remains a crucial decision for the country where there is an increasing case of coronavirus patients.

Meanwhile, RBI has expressed its cautiousness over the economic growth of the country. According to RBI’s half-yearly Financial Stability Report (FSR), it is uncertain till how long the coronavirus pandemic will last. So the downside risk of economic growth will remain there in FY20-21

On the global front, Asian markets closed in the mix. China’s industrial profits grew by 11.5% on a yearly basis in June, following a 6% rise in May

The European markets are trading in the flat zone today. Whereas the US Dow future and Nasdaq futures index are trading in the positive today.

 

BSE Sensex, NSE Nifty50 and Banknifty today on spot level

 

At close, NSE Nifty50 was down by 62.35 points or 0.55% and at 11131.80 while BSE Sensex has declined 194.17 points or 0.50% and at 37934.73 levels. The NSE Banknifty has plunged 813.30 points or 3.58% and closed at 21848.75 levels.

The Nifty midcap and smallcap 100 indices also closed in the red today. The midcap index was down by 204.75 points or 1.32% and at 15323.80. The smallcap index has declined by 29.90 points or 0.60% and closed at 4959.90 levels.

The top gainers in the NSE Nifty50 index are Asian Paints, HCL Tech, Infosys, TCS, and BPCL. On the losing side in the NSE Nifty50 index are ICICI Bank, Zee Entertainment, HDFC Bank, Axis Bank, and Indusind Bank. The most active stocks in the NSE Nifty50 index were Reliance, ICICI Bank, and Bajaj Finance.

On a sectoral basis in NSE, Banking & Finance, Capital goods, Healthcare, Power, and Automobiles are closed in the red. IT & Software, Oil & Gas, Chemical, Metals & Minings, and Insurance are closed in the green today. 

NSE Nifty50 and Banknifty Index in futures today

 

The NSE Nifty50 index today in futures opened at 11201.65, it made a positive opening of 31.4 points today. It has touched an intraday high at 11225 and a day’s low at 11070.10

The NSE Nifty50 index in futures has given a movement of 154.9 points. In the end, it declined by 55.45 points or 0.50% and closed at 11114.80 levels

The NSE Banknifty index in futures opened at 22620.20 it was made a positive opening of 8.9 points today. It has touched an intraday high at 22647.55 and a day’s low at 21818.80

During the day the NSE Banknifty index in futures has given a movement of 828.75 points. In the end, it was down by 766.3 points or 3.39% and closed at 21845 levels.

 

NSE Nifty50 & Banknifty index in futures for 28th July (July Expiry)

 

 

NSE Nifty50 index in futures for 28th July 2020

Primary Nifty50 Trend in futures: Range-Bound

Range-Bound Trend of Nifty50 Futures: All up Moves Initiates Profit Booking (Sale) @ 11225 whereas All Down Moves Initiates Short Covering (Buy) @ 10970

If Nifty50 index in futures Moves Above 11148 and sustain. Then you should Buy with 1st Target of 11180 during the day with a Stop Loss of 11080. FOR the Target of 11180- 11203- 11228

If Nifty50 index in futures Moves Below 11080 and sustain. Then you should Sell with 1st Target of 11050 during the day with a Stop Loss of 11148. FOR the Target of 11050- 11006- 10970

 

 

NSE Banknifty index in futures, 28th July  2020

Primary Trend of Bank nifty Futures: Mild Negative

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 22100, whereas All Down Moves Initiates Short  Covering (Buy) @ 21420

If the Bank Nifty index in futures  Moves Above 22120 and sustain. Then you should Buy with 1st Target of 22232 during the day with a Stop Loss of  21700. FOR the Target of 22232 – 22380- 22570

If the Bank Nifty index in futures Moves Below 21700 and sustained. Then you should Sell with 1st Target of 21560 during the day with a Stop Loss of 22120. FOR the Target of 21560 – 21418- 21220.

 

Conclusions:

Indian markets closed in a negative note today. Nifty tried to recover but dragged down by the banking and financial sector. A profit booking was seen in the private banking sectors after RBI’s statement that the downside risk of economic growth is still there because of the uncertainty of coronavirus pandemic. RBI also stated that there may be an increase in bad loans this year due to the coronavirus disease.

Globally, the traders are worried about increasing coronavirus cases and fresh tension between the US and China. The market will trade volatile and even correction is also expected in the F&O expiry week. Traders should remain cautious in the coming days and trade with strict stop loss.

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 strategy here. Traders can also follow our Daily Stock/Share Market live and NSE Nifty50 and Banknifty share price in futures for 28th July.

 

You can also read, Best Stock Market Books to Make Money

 

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