Stock Market News: Nifty closed below 10300, Bank Nifty share price gained 79 pts

 

Market News: The Indian stock market was trading volatile throughout the day. The market opened in a negative note after tracking global peers. Traders were concerns due to surges in coronavirus infections globally. In the end, the Indian equity markets closed almost flat.

Traders were worried after the International Monetary Fund (IMF) said that the GDP growth in India will contract sharply by 4.5% in the FY20-21 due to long lockdown period and slower recovery as expected in April. Some support came in the market as Union Minister Nitin Gadkari has rolled out the Credit Guarantee Scheme for subordinate debt to provide Rs 20000 crores of guarantee cover to two lakh micro, small and medium enterprises (MSMEs)

 

Global Market News

On a global front, the news from the IMF that it has lower its earlier global growth forecast for this year has created a negative sentiment in the global market. According to the IMF, the global economic damage is far more severe than it was estimated two months back. 

Today, the Asian markets were closed in the red. European markets opened in the red but now trading flat. The US markets Dow and Nasdaq futures are also trading flat to negative today.

 

Stock market Indices news on the spot levels

At close, Nifty declined 16.40 points or 0.15% and at 10288.90 while Sensex was down by 26.88 points or 0.07% and closed at 34842.10. The Bank Nifty was highly volatile due to the derivative expiry and later it closed in green today. The Bank Nifty gained 79.35 points or 0.38% and closed at 21506.15 levels.

The Nifty midcap and smallcap 100 indices are closed in the green today. The midcap index gained 131.45 points or 0.89% while the Nifty smallcap index was up by 23.95 points or 0.51% today.

The top five gainers in the Nifty50 index are ITC, Kotak Mahindra Bank, Hero Motor Corp, Bajaj Finance, and HUL. The losers in the Nifty5o index are Asian Paints, Hindalco, IOC, Adani Ports, and BPCL.

Today some buying was seen in the FMCG and Healthcare sectors, Industrial Gas, Capital goods, and Banking & Finance sectors were also closed in the positive today. On the losing side, Infrastructure, Real Estate, Oil & Gas, IT & Software, and Construction Materials are closed in the red.

 

Derivative market news today: June Expiry 

The Nifty futures opened today at 10196, it was made a negative opening of 99.65 points today. It has touched an intraday high at 10362.75 and a day’s low at 10181

During the day Nifty share price in futures has given a movement of 181.75 points. In the end, it was down by 5.25 points and closed flat at 10290.40 levels

The Bank Nifty share price in futures opened in 21174.90, it was made a negative opening of 225.70 points today. It has touched an intraday high at 21717.70 and a day’s low at 20906.40

During the day the Bank Nifty share price in futures has given a movement of 811.30 points. In the end, it gained by 104.80 points or 0.49% and closed at 21505.40

 

Nifty & Bank Nifty Futures Technical Levels for 26th June (July Expiry)

Let us check out the technical levels of Nifty and Bank Nifty futures for the July Expiry

Nifty share price in Futures for 26th June 2020

Primary Nifty Trend in futures: Mild Positive

Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 10350 whereas All Down Moves Initiates Short Covering (Buy) @ 10110

If Nifty share price in futures Moves Above 10285 and sustain. Then you should Buy with 1st Target of 10316 during the day with a Stop Loss of 10190. FOR the Target of 10316- 10348- 10390

If Nifty share price in futures Moves Below 10190 and sustain. Then you should Sell with 1st Target of 10152 during the day with a Stop Loss of 10285. FOR the Target of 10152- 10112- 10075

 

Bank Nifty futures share price target for 26th June  2020

Primary Trend of Bank nifty Futures: Mild Positive

Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 21700, whereas All Down Moves Initiates Short  Covering (Buy) @ 20850

If Bank Nifty share price in futures  Moves Above 21550 and sustain. Then you should Buy with 1st Target of 21710 during the day with a Stop Loss of  21270. FOR the Target of 21710 – 21856- 22020

If Bank Nifty share price in futures Moves Below 21270 and sustained. Then you should Sell with 1st Target of 21160 during the day with a Stop Loss of 21550. FOR the Target of 21160 – 21020- 20840

 

Conclusions:

Indian stock markets closed flat to negative after a volatile trading session today. The global market was not supported today, traders were worried about the surge of coronavirus infection globally. The market sentiments got subdued after the news from the IMF that the global economy may shrink 4.9% this year.

Technically, the market is looking mild positive and range-bound. Continuous buying by the FIIs/FPIs has supported the market in the June series.

Traders are advised to follow SGX Nifty to get the market opening indication. Traders can also follow our Nifty50 and Bank Nifty futures share price target for 26th June 2020

 

You can also read, Share market news updates: Market next week

                           Market Live: Nifty & Bank Nifty indices target for 25th June

              Coronavirus impact on various sectors & Indian economic growth                              

 

If you like the post please share with your friends and others

Happy Investing!

Editor’s Desk

 

Disclaimer-Nifty50Stocks.com has taken due care and caution to compile the data for its Website. The views and investment tips expressed by investment experts on Nifty50Stocks.com are their own and not that of the website or its management. Nifty50Stocks.com is not SEBI registered Advisors and advises its users to check with certified and SEBI registered experts before taking any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability