Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Wednesday’s session in green. The NSE Nifty 50 gained 40.15 points 0.21% to 18,856.85. The BSE Sensex after touching an all time high of 63,588.31, cut some gains and settled 195.45 points or 0.31% higher at 63,523.15. In sectoral indices, Bank Nifty rose 92.70 points or 0.21% to 43,859.20, Nifty PSU Bank was up 0.44% while Nifty FMCG fell 0.44% and Nifty Metal tanked 0.94%. The top gainers Nifty 50 were Power Grid, ONGC, Adani Ports, HDFC Bank and HDFC while the losers were JSW Steel, Hindalco, Divis Lab, Mahindra & Mahindra and ITC.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
“Nifty took support near 18650 and bounced back sharply. On intraday charts, the index has formed a double bottom formation which is indicating the continuation of an uptrend formation in the near future. For the day traders, 18750 would be the trend decider level. Above the same, the index could rally till 18900-18925. Below 18750, the selling pressure is likely to accelerate and the index could retest the level of 18650-18620,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
“Nifty’s low of 18660 shall be the crucial support to watch out for and until it holds on we can expect the Nifty to touch an all-time high of 18888 over the next few trading sessions. The daily and the hourly momentum indicator has a positive crossover which is a buy signal. Thus, both price and momentum indicators are suggesting that the positive momentum is likely to continue. Crucial support levels to keep handy are 18660–18610 and 18880–18900 is the crucial resistance level,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“After wobbling in the morning session, bulls regrouped at lower levels as the benchmark indices raced higher to end the session in green. Markets were in total control despite the cautious mood at Dalal Street, with IT and metal stocks ending as star performers. While Nifty has support at 18751 and 18553 levels, it could face resistance at the 18888-19150 zone. All eyes will be at Nifty’s all-time high at the 18888 mark and above the same, bulls will aim for the psychological 19000 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“Nifty trend appears positive as it closed above the 18800 level. The momentum indicator, Relative Strength Index (RSI), indicates a bullish crossover, suggesting increasing buying pressure. Looking ahead, resistance levels are expected around 18850-18900 on the higher end, indicating potential price barriers. On the lower end, support is placed at 18700, indicating a level where the stock may find buying interest,” said Rupak De, Senior Technical at LKP Securities.
“Nifty may touch new highs in the upcoming morning session, and then potentially head towards the psychological level of 19000. Traders are hence advised to remain upbeat and continue the recent strategy of buying during intra-day dips. In terms of support levels, 18550 – 18600 are crucial levels, with Tuesday’s low around 18660 also serving as a pivotal point,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Choppiness continues as markets are bouncing back on alternate days. The more we sustain above 18800, the more chances of hitting a new all-time high. First support at 18780 and 18710 while resistance at 18881 and then 19000, according to Rahul Sharma, JM Financial.
The National Stock Exchange has Hindustan Aeronautics (HAL), Hindustan Copper, Bharat Heavy Electricals (BHEL), L&T Finance Holdings, Indiabulls Housing Finance, Delta Corp and India Cements securities on its F&O ban list for 21 June. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
Foreign institutional investors (FII) sold shares worth a net Rs 1,942.62 crore, while domestic institutional investors (DII) bought shares worth a net Rs 1,972.51 crore on June 20, according to the provisional data available on the NSE.
Oil prices weakened on Wednesday, extending falls to a third straight day, as the dollar strengthened on a US housing market recovery while fears persisted that monetary stimulus may not be enough to revive growth in China. Brent futures fell 21 cents, or 0.3 per cent, to $75.69 a barrel and US West Texas Intermediate (WTI) crude futures were down 14 cents, or 0.2 per cent, at $71.06 at 0043 GMT.
The SGX Nifty recorded a loss of 0.05% during Wednesday’s early trading session, with a value of 18,872 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex recovered all the intraday losses and ended Tuesday’s session broadly in green. The NSE Nifty 50 surged 61.25 points to 18,816.70 and BSE Sensex rose 0.25% to 63,327.70.
The US market ended the overnight session in red – Dow Jones Industrial Average (DJIA) fell 0.72%, S&P 500 dropped 0.47% and the tech-heavy Nasdaq dipped 0.16%.
Asian markets were trading mostly in red – Hong Kong’s Hang Seng tanked 1.62%, China’s Shanghai Composite Index tumbled 0.57%, South Korea’s KOSPI sank 0.45%, Asia Dow dipped 0.37% while Japan’s Nikkei 225 rose 0.28%.
The Nifty futures on Singapore Exchanges (SGX) were trading 18 points or 0.10% lower at 18,863 in the early morning trade.