Morning outlook 21st June 2024

Despite experiencing significant volatility, the domestic market concluded the day positively. In the near term, market attention is expected to centre around the upcoming Union budget and the progress of the monsoon. On the global front, the decline in US bond yields has facilitated robust FII inflows in recent days. The fertilizer stocks exhibited good momentum, driven by the proposed removal of GST & hike in MSP.

The Nifty 50 managed to hold on to the 23,500 mark, despite a range bound session on Thursday. The index traded within the previous day’s range but remained well above all key moving averages, with positive bias in momentum indicators (RSI and MACD) on all major timeframes. Hence, the trend is likely to favour bulls.

Among the sectors, Metal and Realty were the top performers, advancing over 1.80% while profit booking correction extended in the Auto space. The Pharma sector ended the day as a major laggard. Chemical and Fertilizer counters dominated today’s trade as most of them soared in the range of ~10-20%.

Nifty is facing Resistance at 23900/24000 and the support at 23,400/23200 levels, breaking this zone would trigger further momentum.

The Bank Nifty maintained its upward journey for the fourth consecutive session, hitting a new closing high of 51,783, up 385 points or 0.75 percent.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• FM meets capital market participants ahead of Budget 2024
• Religare : SEBI tells Burmans to seek approvals for open offer
• YES Bank board to consider fundraising via debt securities on June 25
• Aster DM Healthcare Block Deal: Olympus Capital Asia likely to sell 10.1% stake
• AccentureQ3FY24, Revenue at $16.5 billion, up 1.4% in local currency & down 1% in $ terms, revenue growth guidance revised to 1.5% to 2.5% from 1% to 3%
• US initial jobless claims for the week ended June 15 at 2.38 lakh vs 2.43 lakh in the previous week

Source: Moneycontrol, Economic Times,  Indian Express, Business Today, Livemint, Business Standard

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