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| The Share Price of Nifty & Bank Nifty Target |
The share price of Nifty and Bank Nifty ended in the green today. The market opened in red today morning after getting the negative cues from Asian Market. At close Nifty and Sensex gained around 0.20% and closed at 11687.50 and 39215.64 respectively. Bank Nifty gained 0.54% and closed 30735.50.
It was a range-bound market today, the share price of Nifty futures traded in a narrow range of 50.30 points today. Nifty Midcaps and Smallcap indexes have underperformed today. Nifty Midcap and smallcap indices declined 56.55 and 13.35 points and closed at 17080.10 and 6025.30 respectively today.
Movement of Nifty stocks
The top five gainers in Nifty 50 stocks for the day are Indiabulls Housing, UPL, SBI, Kotak Mahendra Bank and Tech Mahindra. Top five losers in Nifty 50 stocks for the day are Yes Bank, Eicher Motors, Gail, ONGC, and NTPC. Yes Bank fell almost 9% from day’s high ahead of its Q1 Earnings.
The top gainer in Nifty Midcap 100 was DHFL gained around 11% today whereas Edelweiss Finance fell the most 7.52% today. Shares of Edelweiss fell today after the report flashed that the company is planning to offload some stake in its wealth business.
Today, the sector like Auto, Oil & Gas, Manufacturing & Capital goods were closed in negative whereas IT, Banking, Consumer nondurable, chemical closed in a positive note. FIIs are still net seller and DIIs are net buyers so far in July series.
Q1 Earnings of Nifty 50 stocks and its share price
Yes Bank posted its 1st quarter earnings today after market hours. The Bank has reported a net profit of Rs 113.76 crore for the June quarter compared to Rs 1,260.36 crore in the year-ago period. Yes Bank profit has declined almost 91% YoY and so the Yes Bank share price which fell more than 75% in one year.
Net Interest Income of Yes Bank (NII) during the quarter grew 2.8 percent YoY to Rs 2,281 crore with a muted loan growth of 10.1 percent. Though Yes Bank result is not as per the street estimates we need to wait for the commentary from the MD & CEO for more clarification. The share price of Yes Bank closed at Rs 98.45 per share which 5.25% down from the previous close.
Yes Bank reported gross slippages at Rs 6232 crore during June quarter. Net slippages were entirely from the accounts mentioned in Q4FY19. Bank has recovered to Rs 1678 crore during the June end quarter.
Wipro has announced its Q1 earnings today after the market. The company reported a 12.85 YoY rise in profit at Rs 2,387.60 crore compared with Rs 2,120.80 crore in the same quarter last year.
Wipro reported a growth in its BFSI sectors, contribution from the banking, financial services, and insurance business to IT services is 32%. The share price of Wipro fell 0.15% and closed at Rs 259.60 per share.
The share price of both the Nifty 50 stocks Yes Bank and Wipro closed in red today. Tomorrow investors should remain cautious in Yes Bank, the stock may open gap down and later some recovery can be seen.
Nifty and Bank Nifty share price target for tomorrow
Primary Trend of Nifty Future: Volatile (Bias Sideways)
Nifty Future Range-Bound Trend: All up moves Initiates Profit Booking (Sale) @ 11747, whereas all Down moves Initiate Short Covering (Buy) @ 11621
If Nifty Future moves above 11687 then you should Buy with 1st Target of 11712 during the day with a Stop Loss of 11671 FOR the Target of 11712- 11747- 11772
If Nifty Future moves below 11671 then you should Sell with 1st Target of 11649 during the day with a Stop Loss of 11687 FOR the Target of 11649- 11621- 11596
Primary Trend of Bank Nifty Future: Volatile (Bias Sideways )
Bank Nifty Future Range-Bound Trend: All up moves Initiates Profit Booking (Sale) @ 30930, whereas all Down moves Initiate Short Covering (Buy) @ 30605
If Bank Nifty Future moves above 30770 then you should Buy with 1st Target of 30844 during the day with a Stop Loss of 30690 FOR the Target of 30844- 30888- 30930
If Bank Nifty Future moves below 30690 then you should Sell with 1st Target of 30646 during the day with a Stop Loss of 30770 FOR the Target of 30646- 30605-30538
Conclusions:
Nifty and Bank Nifty share price targets are mentioned above for tomorrow’s trading session. The Indian share market is expected to open as per global cues tomorrow. Both the indices would remain volatile during the day due to the weekly options expiry. Traders are advised to put stop loss for every trade.
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Finogyan Team
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