2 hours agoAuthor: Nikhil Bhatt
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After a long weekend, the stock market has once again had a great opening, with the Bombay Stock Exchange Sensex opening 244 points higher at 77235. The stock market has reached new highs again. Sensex touched the level of 77366.77 during the trading. While the Nifty future has also crossed the all-time high of 23500. Nifty future has registered a historical high of 23610.00 with a surge of 160 points. The Bank Nifty future registered an all-time high of 50449.00 with a surge of 400 points.
It is worth mentioning that the market was closed for three days on Saturday-Sunday weekend and Monday as Bakri Eid holiday. Along with this, the market showed consolidation at upper levels and formed a range throughout the trading session. The market remained at higher levels throughout the day and buyers continued to come in despite slight fluctuations. The market rally was led by the IT and banking sectors. Wipro’s shares have seen a surge since the start of trading today. Apart from the IT sector, there was buying from the energy and infra sectors and the auto sector shares were weak in the market today.
The stock market closed higher on Tuesday with Balakrishna Industries up 3.10% and Voltas up 2.56%, Adani Ports, Shriram Finance, Power Grid, Wipro, Titan, Sun Pharma, Grasim, Vedanta Ltd, SBI Life, Ashok Leyland, HDFC Bank, Ashoka Buildcon, Asian Paints and Tata Steel, ICICI Bank, Infosys, ONGC, Larsen, Kotak Mahindra. Shares of companies like Bank, Wipro, TCS have registered a boom. On the other hand, shares of Devise Lab, Torrent Pharma, Jindal Steel, Bata India, Maruti Suzuki, Tata Steel, Ultratech Cement and Tata Motors closed on weakness.
Out of a total of 4150 scrips traded on BSE, decliners stood at 1836 and advancers at 2167, while 147 scrips were unchanged. While in 04 stocks there was an upper circuit of only buyer bullishness against the bearish lower circuit of only sellers in 08 stocks.
Nifty Future Technical Levels…
Nifty Future Close :- ( 23570 ) :- The next move is likely to see the Nifty future touch the all-important level of 23606 points to 23636 points, 23676 points with respect to the first of 23404 points and the all-important strong stoploss of 23303 points. Cautious positioning around 23606 points.
Bank Nifty Future Technical Levels
Bank Nifty Future Closed :- ( 50434 ) :- The next swings are likely to see the Bank Nifty Future touch the all-important levels of 50606 points to 50676 points, 50808 points with respect to the first of 50202 points and the all-important strong stoploss trading of 50000 points. Cautious positioning around the 50808 point.
Specific technical level regarding future stock
ACC Limited (2657) :- The share price of this leading company of Adani Group is currently trading around Rs.2606. Buyable with a stoploss of Rs.2580, this stock is likely to register a price of Rs.2673 to Rs.2680 in a short period of time…!! Bullish focus above Rs.2693.
Havells Limited (1831) :- Positive breakout around Rs.1808 as per technical chart…!! This buyable stock is likely to touch Rs.1848 to Rs.1860 with support of Rs.1787.
Hindustan Unilever (2485) :- According to the technical chart, this direcify FMCG sector stock has the possibility of a target price of Rs.2460 to Rs.2433 with a profitable sell around Rs.2533. Consider a trading stoploss of Rs.2570.
Bajaj Finserv (1598):– This stock is sellable with a stoploss of Rs.1640 registering an overbought position around Rs.1633..!! It is likely to show the price of Rs.1570 to Rs.1544 in phases…!! Consider bullish above Rs.1663.
Future direction of the market…
Friends, As the third innings of BJP-NDA government led by Prime Minister Narendra Modi begins, Sensex, Nifty hit new all-time highs on the back of net investment by Foreign Portfolio Investors (FPIs) in Indian stock markets. Manufacturing, Services PMI, China’s industrial data, Bank of England’s interest rate decision will be watched by the market.
Inspite of the NDA government at the centre, in the second innings of the Modi government, the BJP has indicated that it will continue with the mission decided by retaining the chief ministries. So, this time the central budget is also expected to bring encouraging provisions in the direction of development. In the coming days, there is a possibility that the bullishness in selected stocks will be aggressive in view of the foreign investors’ buying at high prices in a number of four-digit infra stocks in the past few days.
Of course, till the presentation of the budget, it will be imperative to be selective in the stocks and book profits at a higher level. In the next few days, the HSBC India Manufacturing, Services PMI figures for the month of June will be released on Friday, June 21, while the Bank of England’s decision on interest rates will be announced on Thursday, June 20.
The author is a SEBI registered research analyst and proprietor of Investment Point.
