Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices concluded the last trading session of the week in green. The NSE Nifty 50 advanced 46.35 points or 0.25% to 18,534.10 and the BSE Sensex increased 118.57 points or 0.19% to 62,547.11. In sectoral indices, Bank Nifty surged 147.65 points or 0.34% to 43,937.85, Nifty Auto gained 0.92%, Nifty Metal jumped 1.22% and Nifty Realty surged 1.42% while Nifty IT fell 0.40%. The top gainers on the Nifty 50 were Hindalco, HeroMotocorp, Apollo Hospitals, Tata Steel and Maruti Suzuki while the losers were Adani Enterprises, BPCL, HDFC Life, TCS and Wipro.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
“Bank Nifty observed selling pressure from the resistance zone around 44200, suggesting that sellers were active at that level. If the index sustains below the level of 44000, it could indicate further downside potential. In such a scenario, the index may witness a decline toward the support zone around 43500-43400,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
“After making an all-time high Bank Nifty witnessed a profit booking for two consecutive days, the index has closed below the window, where we can expect profit booking to continue in the coming days. Now, if it remains below the 43800 zone then it may witness a downside move towards the 43500 and 43200 zones while resistance exists at 44190 and 44400 levels on the upside,” said Kunal Kamble, Sr. Technical Analyst at Bonanza Portfolio Ltd.
“On Thursday, Bank Nifty was down by 0.77% and settled at 43790.20. Bank Nifty has support at 43400-43500 while resistance is placed at 44000,” said Deven Mehata, Equity Research Analyst at Choice Broking.
Bank Nifty first support 43797 and then 43615 and the resistance at 44226 and then 44473, according to Rahul Sharma, JM Financial.
“The positional view remains positive, and the market will continue to buy on dips until the critical support level of 18300 on the downside is not surpassed. The volume profile indicates index has strong support around the 18300-18400 zone. Coming to the OI Data, on the call side, the highest OI was observed at 18600 followed by 18500 strike prices while on the put side, the highest OI is at 18400 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.
“On daily charts, the Nifty has formed a bearish candle and has also formed a lower top formation on intraday charts which is broadly negative. For the traders, as long as the index is trading below 18575, the weak sentiment is likely to continue. Below the same, the Nifty could slip till 18400-18375. On the flip side, above 18575/the index could rally till 18625-18650,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
“The critical support level for the Nifty to watch is at 18281. If the index drops below this level, it could trigger significant selling pressure and potentially push the Nifty towards the psychological level of 18000. On the upside, the Nifty faces significant hurdles at the 18664 level,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“Nifty is testing the breakout it witnessed from the range of 18000–18400 during the previous week. The daily momentum indicator has a positive crossover and thus this dip should be used as a buying opportunity. Overall, we continue to maintain our positive outlook on the index for a target of 18800 from a short-term perspective. In terms of levels, 18460–18420 shall act as the crucial support zone while the hurdle zone is placed at 18600–18660,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty current prices are situated at crucial support levels around 18450-18400. If there is any improvement in the global situation, the market ideally should rebound from these levels and regain 18600-18700 and higher in the near term. However, breaching this support zone would shift the focus to the 20-day exponential moving average (20EMA), which previously served as strong support during the last correction, now acting as a critical level at 18300,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
“Nifty remains in an uptrend with trend support placed at 18150. As long as the index maintains this level we expect the uptrend to continue towards 18800-19000. For the short term, we are looking at 18400-18450 as a support zone. Select commodity stocks look interesting from value and risk perspective while frontline IT stocks are expected to underperform in the near term,” said Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities.
NSE Nifty 50 first support at 18527 and then 18484 while resistance at 18636 and then 18702, according to Rahul Sharma, JM Financial.
Brent crude futures rose 13 cents, or 0.18% to $74.41 a barrel, while U.S. West Texas Intermediate crude (WTI) rose 15 cents to $70.25 a barrel, following two consecutive days of sliding crude prices.
The National Stock Exchange has no securities on its F&O ban list for 2 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 71.07 crore, while domestic institutional investors (DII) bought shares worth a net Rs 488.93 crore on June 1, according to the provisional data available on the NSE.
The SGX Nifty gained 0.36% in trade on Friday morning, signaling that domestic indices NSE Nifty 50 and BSE Sensex would open on a positive basis. “Despite challenges in the global economies, the domestic market displayed better than estimated Q4 earnings growth, along with 7.2% GDP growth in FY23, adding buoyancy to the market during the week. However, today the market closed with a marginal negative bias in which banks witnessed heavy profit booking. Investors turned cautious in anticipation of inflationary pressure in the US after raising the US debt ceiling. The US 10-year bond yield inched higher; the market is looking ahead to the trajectory of US interest rates to get more visibility,” said Vinod Nair, Head of Research, Geojit Financial Services.
The SGX Nifty gained 0.36% in trade on Friday morning, signaling that domestic indices NSE Nifty 50 and BSE Sensex would open on a positive basis. Benchmark indices NSE Nifty 50 and BSE Sensex concluded the weekly F&O expiry session in the red. Nifty 50 slipped 47 points, settling at 18,488, and BSE Sensex tumbled 0.31% to 62,429.
The US market ended the overnight session in green – Dow Jones Industrial Average (DJIA) rose 0.47%, S&P 500 climbed 0.99% and the tech-heavy Nasdaq skyrocketed 1.28%.
Asian markets were trading in green – Hong Kong’s Hang Seng jumped 2.71%, China’s Shanghai Composite index rose 0.37%, Asia Dow soared 1.61%, South Korea’s KOSPI zoomed 0.94% and Japan’s Nikkei 225 surged 0.79%.
The Nifty futures on the Singapore Exchange (SGX) were trading 88 points or 0.48% higher at 18,652 in today’s early morning trade.