Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Wednesday’s session broadly in green. The NSE Nifty 50 gained 127.40 points or 0.68% to 18,726.40 and BSE Sensex skyrocketed 350.08 points or 0.56% to 63,142.96. In sectoral indices, Bank Nifty soared 110.75 points or 0.25% to 44,275.30, Nifty FMCG surged 571 points or 1.12% to 51,609.40, Nifty Metal jumped 90.30 points or 1.51% to 6,057.75 and Nifty Realty zoomed 7.90 points or 1.59% to 506.30. The top gainers on Nifty 50 were Britannia, Tata Consumer, BPCL, Nestle India and HDFC Life while the losers were Kotak Bank, Cipla, Maruti Suzuki, Bajaj Finance and Adani Ports.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
“On the daily chart, Bank Nifty formed a doji candle, signalling market indecision. This suggests that the overall trend is expected to remain sideways, without a clear direction in the index’s movement. A support level is identified at 44,000, and if the index falls below this level, it might correct down towards 43,700. On the other hand, resistance levels are observed at 44,300 and 44,500, acting as barriers to further upward movement,” said Rupak De, Senior Technical at LKP Securities.
“Bank Nifty weekly expiry option chain data reflects on 44000PE holding more than 1.6 lakh OI contracts, followed by 43500PE. CE writers witness aggressive positions at various immediate strikes adding more than a lakh OI contracts, which hints at the limited downside play now for the index, with upside Targets inching North. Buy Bank Nifty on declines till 44000/43800 for the target of 45000+ and set stop loss at 43500,” said Shilpa Rout – Derivatives Lead Analyst, Prabhudas Lilladher Pvt Ltd.
“Bank Nifty has held on to the support of the 20-day moving average (43800) and the 61.82% Fibonacci retracement level (43800) of the previous rise(43390 – 44448) is witnessing buying interest. The daily momentum indicator has a negative crossover which can lead to a consolidation in the short term however the overall trend still continues to remain positive. On the upside we expect it to target levels of 44500,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty first support at 44197 and then 44073 while resistance at 44397 and 44473, according to Rahul Sharma, JM Financial.
“Nifty garnered modest buying strength in the zone of 18,530-560 and witnessed a sharp technical pullback in the closing 30 minutes on Tuesday. Going forward, the index is anticipated to resume its upside move on a decisive close above 18,600. Support placed at 18,550, 18,500 and 18,460 while resistance is seen at 18,600, 18,660 and 18,700,” Riches Vanara, Technical and Derivatives Analyst, Stoxbox.
“Our perspective for today’s trading session suggests that judging by yesterday’s consolidation, the key level to monitor for Nifty’s support is positioned at the 18417 mark. Conversely, Nifty may encounter significant obstacles at the 18664 level. Should Nifty surpass 18664, anticipate a substantial recovery towards Nifty’s record-breaking peak at the 18888 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“On the daily chart, Nifty formed a doji candle, indicating indecision in the market. As a result, the overall trend is expected to remain sideways, with the index not showing a clear direction in its movement. In terms of levels, there is a support level at 18,500, which suggests a potential floor for the index, while a resistance level is identified at 18,665, indicating a barrier to further upward movement,” said Rupak De, Senior Technical at LKP Securities.
“Nifty is trading in a range for the past few trading sessions and we expect a break out on the upside. The daily momentum indicator has a negative crossover which indicates that there could be a consolidation however the overall uptrend is still intact and hence we continue to maintain our positive outlook on the index for a target of 18800 from a short-term perspective. In terms of levels, 18540 – 18500 shall act as the crucial support zone while the hurdle zone is placed at 18660 – 18700,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“On the daily chart, a clear range between 18450 and 18700 is visible. Currently, prices are leaning towards the higher end of this range, and considering the momentum seen towards the end of the session, it is likely that the upper range will be tested in the early hours of the coming session. We might witness a swift move towards all-time high levels in the next few sessions. In case of an immediate dip, the support levels to watch are 18530 – 18500 – 18450,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
“Nifty is consistently holding a higher bottom formation. For traders, 18550 would be the trend decider level. Above the same, the index could move up to 18700-18750. On the flip side, below 18550, the uptrend would be vulnerable. Below the same, the market could retest the level of 18480. Any further correction could drag the index till 18440,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
“Nifty weekly expiry option chain witnesses maximum overall exposures at 18500PE and 18600CE – each with over 2 lakh OI contracts. 18700CE and 18800CE also add overall more than 1.5 lakh OI contracts, which hints at the immediate potential upside for the index. PCR OI at 18500 is almost 2 and 18600 is just below 1, is crucial to watch out now in order to understand the direction going ahead. Buy Nifty on declines till 18550/18500 zones for the target of 18800+ and set a stop loss at 18450,” said Shilpa Rout – Derivatives Lead Analyst, Prabhudas Lilladher Pvt Ltd.
Nifty first support at 18625 and then 18568 while resistance at 18720 and 18758, according to Rahul Sharma, JM Financial.
Indiabulls Housing Finance, India Cements and Manappuram Finance are on NSE's F&O ban list for June 7. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
Foreign institutional investors (FIIs) bought shares worth a net Rs 385.71 crore, whereas domestic institutional investors (DIIs) sold shares worth a net Rs 489.02 crore on June 6, provisional data from the National Stock Exchange shows.
The US market ended the overnight session in green – Dow Jones Industrial Average (DJIA) rose 0.03%, S&P 500 gained 0.24% and the tech-heavy Nasdaq increased 0.36%.
Asian markets were trading in mostly green – Hong Kong’s Hang Seng jumped 1.25%, China’s Shanghai Composite index surged 0.46%, South Korea’s KOSPI rose 0.30% while Japan’s Nikkei 225 tanked 1.49%.
The Nifty futures on the Singapore Exchange (SGX) were trading 24 points or 0.13% higher at 18,703 in today’s early morning trade.