Will Nifty cross 16,000 this week? 5 things to know before today’s opening bell

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Updated: June 28, 2021 7:58 AM

Ahead of the first trading session of the week, SGX Nifty was trading in the green, hinting at some positive momentum for domestic equities.

stock market today, SGX NiftyNifty faced resistance at 15,900 levels during the previous week. (Image: REUTERS)

Domestic benchmark equity indices sit near all-time highs, after gaining more than 1% each during the previous week. S&P BSE Sensex is at 52,925 while the 50-stock NSE Nifty is at 15,860. Ahead of the first trading session of the week, SGX Nifty was trading in the green, hinting at some positive momentum for domestic equities. On the charts, analysts believe Nifty is still in an uptrend and could shart fresh highs in the coming sessions. “A long bull candle was formed on the weekly chart, after the consolidation movement of the previous two weeks. This is a positive indication as per larger timeframe chart,” said Nagaraj Shetti, Technical Research  Analyst, HDFC Securities.

Global cues: On Wall Street, NASDAQ ended in the red on Friday while Dow Jones and S&P 500 gained. Among Asian stock markets, Shanghai Composite, Nikkei 225, and KOSPI were in the red while Hang Seng, TOPIX, and KOSDAQ jumped higher.

Technical take: “Nifty 50 index has been trading sideways for almost three weeks now. It seems to be facing a temporary halt after a period of outperformance. Overall market sentiments in global indices look positive and eventually Nifty is also likely to catch up,” said Nirali Shah, Head of Equity Research, Samco Securities.

Levels to watch out for: Nifty faced resistance at 15,900 levels during the previous week. “The market is now placed to show upside momentum above the hurdle of 15900 levels in the coming few sessions. A sustainable move above this area could open further upside towards 16200 in the near term. Immediate support is placed at 15770,” said Nagaraj Shetti.

Stock market debut: Today, Dodla Dairy and Krishna Institute of Medical Sciences’ shares will start trading on the stock exchanges. While the IPO of Dodla Dairy was subscribed more than 45 times by investors, the KIMS IPO was subscribed a little over 3 times. 

FII and DII trades: On Friday, foreign institutional investors (FII) were net sellers of Rs 678 crore worth of stocks. Meanwhile, Domestic Institutional Investors (DII) were net buyers of Rs 1,832 crore worth of securities.

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