THE NIFTY, NIFTY BANK RALLIED SHARPLY IN THE SECOND HALF; CLOSED WITH GAINS

NIFTY:

The NIFTY opened at 18752.35 almost at yesterday’s closing price without any gap. The index continued its previous day’s momentum and started moving lower. A decline of almost 100 points found support around 18650 and then prices formed a base there. The range broke on the upside after recording the intraday low at 18660.65.A rally started which lasted till the end. The momentum became strong towards the end, prices recorded its intraday high at 18839.70 and finally closed at 18816.70 with a gain of 61.25 points or 0.33% up. AUTO, IT, and METAL outperformed and closed with gains of nearly 1% followed by REALTY and FINANCIAL MEDIA underperformed today and closed with a loss of over 1% followed by PHARMA. Support is visible around 18650, Resistance may emerge around the lifetime high. We should look for buying only as far as the index is trading above the support levels.

BANK NIFTY:

The BANK NIFTY opened at 43597.55 with a gap down of just 47 points. The index continued moving lower but soon found support around 43400 and bounced up after recording its intraday low at 43345.95. A sharp rally came and the index came into positive territory. The rally continued with increased momentum and the index recorded its intraday high at 43823.95. Prices have finally closed at 43796.50 with a gain of 152 points. PSU and PVT BANK, both indices have performed almost the same today, saw a mild up move, and closed higher by 0.25% &0.38% respectively. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. NIFTY BANK continued moving inside a range. We have been tracking a trading range with support around 43400 and resistance around 44500.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended on a positive note in a highly volatile session on June 20 with Nifty above 18,800. At close, the Sensex was up 159.40 points or 0.25percentat 63,327.70, and the Nifty was up 61.20 points or 0.33percentat 18,816.70. About 1,885 shares advanced, 1,527 shares declined, and 118 shares were unchanged.

• Mazagon Dock Shipbuilders maintained its upward trajectory for the fourth consecutive session on June 20, rising more than 7 percent to end at a record closing high of Rs 1,307 on the National Stock Exchange.

• Google seeks suppliers to move some Pixel production to India, Global tech giants are eyeing India as a manufacturing hub, shifting away from China after strict COVID-related restrictions hindered production in the country.

• HMA Agro Industries’ Rs 480-crore initial public offering (IPO), which opened for bidding on June 20, has had a slow start, with only 8 percent of the issue subscribed by the afternoon.

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

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