3 minutes ago
- Copy link
On Monday, June 17, the stock market was closed on the occasion of Bakri Eid. On Friday, the stock market ended on a bullish note. Once again, Sensex and Nifty hit all-time highs. Bank Nifty also touched record highs. BSE Sensex crossed the 77000 level during the day’s trading while the Nifty future saw a surge of 23489 points close to crossing the 23500 level. Despite the US Fed Reserve’s hawkish stance on interest rates, the equity market has seen a rally. However, the release of retail inflation data yesterday supported the stock market. Retail inflation recorded 4.75% in May. which is a marginal improvement against 4.80% in April. All sectoral indices except Nifty’s IT index closed higher amid good stock market performance.
With the Nifty creating a new record high of 23490 in the Indian stock markets, the investor’s wealth i.e. the aggregate market capitalization of the companies listed in the BSE has also surpassed Hong Kong and crossed the mark of 5.20 lakh crore to the fourth place in the world. In which Rs.3.21 lakh crore increased to Rs. 434.88 lakh crore reached a new record high. While Hong Kong’s market cap. 5.17 lakh crore dollars. Among the top countries in the market capitalization in the world, America is in the first place with 56.49 lakh crore dollars, followed by China with 8.86 lakh crore dollars, Japan is in the third place with 6.30 lakh crore dollars. It is worth mentioning that, on January 23, Indian stock markets rose with a market cap. Hong Kong was overtaken, although Hong Kong regained fourth place shortly thereafter.
Stocks closed higher on Friday with JK Adani Ports, 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. Shares of Bata India, Larsen, Rail Vikas Nigam Ltd, Coal India, Indian Railway Finance Corporation, Container Corporation and NTPC closed on weakness.
Out of total 3980 scrips traded on BSE, decliners were 1625 and gainers 2238, 117 scrips were unchanged. While in 03 stocks there was an upper circuit of only buyer bullishness in 06 stocks against the bearish lower circuit of only sellers.
Nifty Future Technical Levels
Nifty Future Close :- ( 23457 ) :- The next move is likely to see the Nifty future touch the all-important level of 23505 points to 23570 points, 23606 points with respect to the first of 23230 points and the all-important strong stoploss of 23188 points. Cautious positioning around 23230 points.
Bank Nifty Future Technical Levels
Bank Nifty Future Closed :- ( 50035 ) :- The next fluctuation is likely to touch the crucial level of 50188 points to 50303 points, 50373 points with respect to the first of 49808 points and the very important strong stoploss trading of 48676 points. Positioning cautiously around 48676 points.
Specific technical level regarding future stock
Reliance Industries (2955) :- The share price of this leading Reliance Group company is currently trading around Rs.2909. Buyable with a stop loss of Rs.2880, this stock is likely to register a price of Rs.2970 to Rs.2993 in a short period of time. Bullish focus on Rs.3003.
ACC Limited (2660):- Positive breakout around Rs.2626 as per technical chart…!! Buyable from the support of Rs.2606, this stock is likely to register a price of Rs.2693 to Rs.2707.
TVS Motor ( 2502 ) :- According to the technical chart, this stock from the 2/3 wheelers sector has the possibility of a target price of Rs.2488 to Rs.2470 with a profitable sell around Rs.2544. Consider a trading stoploss of Rs.2560.
Lupine Limited (1605) :- The stock is sellable with a stoploss of Rs.1660 registering an overbought position around Rs.1644. It is likely to show the price of Rs.1588 to Rs.1570 in phases…!! Above Rs.1670 take a bullish view..
Future direction of the market…
Friends, As the third innings of the BJP-NDA government led by Prime Minister Narendra Modi begins, the Sensex, Nifty hit new all-time highs on the back of net investment by Foreign Portfolio Investors (FPIs) in the Indian stock markets in the past week. Infrastructural stocks have seen a bullish rally in stocks, particularly in capital goods stocks, which have been rampant. In the third inning, the funds that will boost growth by investing heavily in the sectors including NDA government roads, infrastructure including railways, green NG, funds, investors have witnessed a universal boom in the stocks. This confidence of foreign funds in the stocks of FPIs at the end of the week saw a net purchase of Rs. has reached a new record high of Sensex has made a new high of 77145 during the week, Monsoon has started well.
The forecast for better than normal rains this year may boost economic growth as strong growth in the agricultural sector helps curb food inflation in the event of a successful monsoon. In the coming days, the market will watch for manufacturing, services PMI, China’s industrial data, Bank of England’s interest rate decision. will be
The author is a SEBI registered research analyst and proprietor of Investment Point.
