SENSEX RECORDED LIFETIME NEW HIGHS; NIFTY IS ON THE VERGE OF HITTING LIFETIME HIGHS

NIFTY:

The NIFTY opened at 18849.40 with a gap up of 330 points. The index saw a sharp decline from its opening tick but soon bounced up and saw an up move towards 18900However, prices faced resistance before reaching there and again moved down. This time the index fell sharply. These alternate bouts of buying and selling continued for the rest of the day. The index first recorded its intraday high at 18875.90 then its intraday low at 18794.85 and finally closed at 18856.85 near its opening tick with a gain of 40.15 points or 0.21% up. FINANCIAL, MEDIA OIL GAS, and IT led the bulls today and closed with gains followed by BANK. METAL, FMCG, and REALTY underperformed and closed with a loss. Support is visible around 18650 while resistance may emerge around the lifetime high. We can round it off to 18900.

BANK NIFTY:

The BANK NIFTY opened at 43894.40 with a gap up of 98 points. The index could not sustain at the higher levels and moved down but quickly turned around. Prices have continued these alternate bouts of buying and selling for the whole day. In this process, the index first recorded its intraday high at 43946.70 and then its intraday low at 43698.95 and finally closed at 43863.80 near the opening tick with a gain of just 67 points. PSU BANK outperformed today, saw a mild up move and closed higher by 0.44%. PVT BANK also moved up today and ended with a gain of just 0.07%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while AXIS BANK contributed the lowest. It was a volatile day in the BANK index where prices have moved inside a very narrow range of just 248 points. The short-term trend is sideways.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• The Indian equity benchmarks ended at record closing levels in volatile session on June 21 supported by power, oil & gas and information technology stocks. At close, the Sensex was up 195.45 points or 0.31 percent at 63,523.15, and the Nifty was up 40.10 points or 0.21 percent at 18,856.80.

• Nifty may hit 19,300 by July, Bank Nifty looks attractive: Pankaj Pandey of ICICI Direct, ICICI Direct’s Pankaj Pandey believes the pharma sector hasn’t performed well although the numbers have incrementally improved.

• Tesla chief executive Elon Musk said on Tuesday that the electric carmaker is looking to invest in India “as soon as humanly possible.

• The UNWTO supports Prime Minister Narendra Modi’s efforts to promote tourism in India, a country rich in culture with a “huge potential” to attract more investment in the sector, a top official of the global organisation said in Goa.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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