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| Indian Stock Market: Nifty and Banknifty trend for tomorrow |
Indian stock market ended in red today consecutively for the fourth straight trading session. Nifty and Sensex down 57 and 173.78 points respectively and Banknifty fell 47.05 points at the end of the day. Nifty could not hold 11,500 psychological level and closed below the level. Nifty Midcap and Smallcap 100 also fell 1.02% and 0.67 % during the day.
Indian stock market today
Today, almost all sectoral Index closed in the red. Heavy selling pressure was seen on Auto, Metal, Realty and PSU Banking space after the Budget. Since the budget, Nifty almost corrected 450 points in 4 trading session. In individual shares, the shares of SpiceJet jumped 9 percent today on intraday to Rs 128 with heavy volume. TCS declared its 1st quarter results yesterday, it missed the street estimate and the share closed at 1.12% down at the end.
The top five Nifty50 gainers of the day are Yes Bank, Coal India, Sun Pharma, Kotak Mahindra Bank, and ICICI Bank. The top five Nifty 50 loser of the day are Bajaj Fin, Indiabulls Housing, BPCL, Tata Steel and JSW Steel. In Nifty Midcap 100, space Dish TV is the top loser, tanked more than 6 percent whereas Edelweiss Finance gained 5.65 percent during the day.
There is a sharp rise in crude oil price today, Brent crude is trading above $65 per barrel price is above 2 % today. Indian rupee got marginally depreciated due to raise crude oil price.
So far FIIs are net sellers and DIIs are net buyers during the month of July. Tomorrow is Nifty and Banknifty weekly options expiry, the market may see some short covering in Nifty and Bank nifty future Index
Nifty and Banknifty trend tomorrow
Primary Trend of Nifty Future: Volatile (Bias Sideways)
Nifty Future Range Bound Trend: All up moves Initiates Profit Booking (Sale) @ 11604, whereas all Down moves Initiate Short Covering (Buy) @ 11442
If Nifty Future moves above 11520 then you should Buy with 1st Target of 11544 during the day with a Stop Loss of 11478 FOR the Target of 11544- 11568- 11604
If Nifty Future moves below 11478 then you should Sell with 1st Target of 11442 during the day with a Stop Loss of 11520 FOR the Target of 11442- 11418- 11390
Primary Trend of Banknifty Future: Volatile (Bias Sideways )
Banknifty Future Range Bound Trend: All up moves Initiates Profit Booking (Sale) @ 30740, whereas all Down moves Initiate Short Covering (Buy) @ 30350
If Banknifty Future moves above 30575 then you should Buy with 1st Target of 30657 during the day with a Stop Loss of 30472 FOR the Target of 30657- 30740- 30848
If Banknifty Future moves below 30472 then you should Sell with 1st Target of 30350 during the day with a Stop Loss of 30575 FOR the Target of 30350-30275-30190
Conclusions:
Nifty and Banknifty trends on weekly options expiry day mentioned above is a volatile to sideways market. As the Indian Stock Market is down for a straight four trading session, we may see short covering tomorrow. Traders are advised to put strict stop loss tomorrow and remain cautious. The market would open as per global market cues in the morning.
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Finogyan Team
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