Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices closed in the red, after opening in the positive territory on Friday. The market gave up its gains in early trade and ended near the day’s low. The NSE Nifty 50 tanked 66 points to 18,568 and BSE Sensex slipped 0.33% to 62,641. The broader indices closed in with cuts, Nifty Midcap 100 and Nifty Smallcap 100 settled 0.14% and 0.12% lower respectively. The sole winner was Nifty Microcap 250 that saw gains of 0.13%. Sectorally, Bank Nifty closed flat, down 0.01%, Nifty PSU Bank, Nifty FMCG, Nifty Media, Nifty Auto crashed up at 1.21%. The only sectoral gainers were Nifty Private Bank and Nifty Realty.
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“The market is expected to open slightly higher on June 9, as indicated by the SGX Nifty, suggesting a positive start for the overall index. The market's overall outlook remains positive, with the Nifty gradually approaching its previous all-time high. The Positive trend is supported by lower volatility and consistent buying by foreign institutional investors (FIIs). It is crucial for the bullish momentum to maintain the key level of 18,500-18,450. The next expected resistance levels are at 18,850 to 18,900. As for the Bank Nifty, it has support at the 43,600 level, while resistance is observed in the 44,450 to 44,600 range,” said Ameya Ranadive, Equity Research Analyst at Choice Broking.
Benchmark indices ended the pre-opening session mixed. The NSE Nifty 50 rose 21.35 points or 0.11% to 18,655.90 and BSE Sensex dipped 37.96 points or 0.06% to 62,810.68.
“Bank Nifty is seen to be making a bearish candle on the daily timeframe. If Bank Nifty closes above the range of 44350-44400 it will start moving towards 45000 in the coming weeks. The resistance is at around 44350-44450 and the support is at around 43900-44000, till the time it breaks this range the index is expected to remain sideways. Technical indicator RSI is at around 56 and is showing strength by sustaining above 50 levels,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.
“Bank Nifty has a support level positioned at 43700. A breach below this support level might indicate a further downside potential and could attract additional selling interest from traders and investors,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
“Bank Nifty faced selling pressure from around 44500 levels and has now reached the crucial support level of 44000 which coincides with the 20-day moving average. Thus, it will be crucial for Bank Nifty to hold on to these levels for the upside momentum to continue. Overall, the uptrend is still intact and we expect it to target levels of 44500,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty’s make-or-break level is 43700. Fresh shorts if this level gets broken. First support at 43971 and then 43783 while resistance at 44447 and 44734, according to Rahul Sharma, JM Financial.
“If the Nifty manages to stay above the 18600 level, the trend is likely to remain sideways to positive. However, there is resistance observed at the 18800-18900 levels on the higher end,” said Rupak De, Senior Technical at LKP Securities.
“Nifty has formed a long bearish candle on daily charts, which indicates further weakness from the current levels. However, the medium-term formation of the index is still on the bullish side. For traders, as long as the index is trading below 18725, the technical correction is likely to continue. Below this, the market could slip till 18600-18550. Contra traders can take a long bet near 18550 with a strict stop loss at 18520,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
“Nifty was unable to carry on the positive momentum from the previous trading session which is a signal of caution from a short-term perspective. The crucial support zone is placed at 18530 – 18500 and until this is held on the uptrend is intact. On the upside, yesterday’s high of 18778 – 18800 shall act as an immediate hurdle zone for the Nifty,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Currently, prices are hovering around a key support level, and it will be important to observe if there is further profit booking in the early hours of the coming session. If so, NSE Nifty 50 may decline towards the 18500 zone, which could present a re-entry opportunity for the bulls. On the other hand, if there is no further weakness, prices may rebound from these levels and retest the levels of 18750 – 18800 before potentially reaching new all-time highs,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Buy Nifty around 18600 for a bounce back up to 18700 and a stop loss of 18530. First support at 18600 and then 18530 while resistance at 18777 and 18888, according to Rahul Sharma, JM Financial.
“Amid buying action in overnight US markets and Asian equities in the morning, local shares are likely to trade higher in early Friday trades. However, intra-day volatility could persist as investors fear the Federal Reserve could remain hawkish at its June 14 meeting after a surprise interest rate hike by the Bank of Canada. But the positive take away from Governor Shaktikanta Das’s statement was that the Indian economy and financial sector remained resilient despite global challenges, while the Southwest monsoon rains arriving over Kerala will be a sentiment booster. Technically, bears are likely to be at bay as long as Nifty is above the 18463 support, while there is a bright chance that bulls will be able to reclaim Nifty’s all-time-high at 18888 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
The National Stock Exchange has Manappuram Finance and Indiabulls Housing Finance securities on its F&O ban list for 9 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) purchased shares worth net Rs 212.40 crore, while domestic institutional investors (DII) sold shares worth net Rs 405.01 crore on June 8, according to the provisional data available on the NSE.
The equity indices snapped a four-day winning streak to settle in the red, with Nifty sliding 0.49% to 18,753 while Sensex was down almost 300 points to 62,848.
The US market ended the overnight session in positive territory – Dow Jones Industrial Average (DJIA) rose 0.5%, S&P 500 gained 0.62% and the tech-heavy Nasdaq jumped 1.02%.
Asian markets were trading in green – Hong Kong’s Hang Seng rose 0.08%, China’s Shanghai Composite index was up 0.01%, South Korea’s KOSPI gained 0.9% and Japan’s Nikkei 225 jumped 1.73%.
The Nifty futures on the Singapore Exchange (SGX) were trading 38 points or 0.20% higher at 18,758.5 in today’s early morning trade.