| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 85,102.69 | -609.68 | -0.71% |
| Nifty 50 | 25,960.55 | -225.90 | -0.86% |
| Nifty Bank | 59,238.55 | -538.65 | -0.90% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Tech Mahindra | 1,591.80 | 21.00 | +1.34% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Interglobe Avi | 4,923.50 | -447.00 | -8.32% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 38590.70 | -113.00 | -0.29% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 8146.10 | -235.65 | -2.81% |
Technically, with the Nifty correcting further and making a lower top, the short term trend remains down. Further downsides are likely once the immediate support of 9726 is broken. Any rallies could find resistance at 9943.
Considering the recent run up in benchmark indices, some consolidation cannot be ruled out in the near term as markets would await more data on how demand panning up post gradual re-opening of the economy. Going forward, due to lack of any major trigger except on-going earnings season, the markets would continue to take cues from global markets. Traders should prefer hedged bets and avoid overleveraging.
Indian markets opened the week on a negative note, in sync with the global markets, following a risk off attitude amongst investors due to concerns regarding the spread of the virus in India and globally. The infections are still high in India while there seems to be a resurgence of virus cases in China and the US. FII net inflows into equity were also negative over the previous 2 trading sessions, which could be a signal of reduced risk appetite. Our advice to investors remains to be cautious and stock specific.
Indian markets closed lower on the back of growing pandemic concerns in the US and Beijing in China. Reliance Industries, HCL Tech and Sun Pharma helped the Nifty recover from lower levels. Bank Nifty remained in a depressed mood and closed at day's lowest levels. However, we feel that the market was trading with cautious due to steep weakness in US stock futures.
In case, Nifty crosses 9970 then it would result in short covering. On the other hand, if the index breaks 9700 level then it would result in a quick decline. The resistance exists at 10070 and 10150, while supports are at 9700 and at 9550.
The near term uptrend status of Nifty remains intact. Present weakness is expected to end in the next 1-2 sessions and we are likely to see an upside bounce from the lows. Immediate support is placed around 9700 levels.
For coming session support for Nifty is coming near 9730-9675 zone and resistance for index is coming near 9930-10000 zone. Index is in consolidation mood and the overall range would be 9500-10000 zone and final direction will be clear only when we see an either side breakout from the given range in index.
Nifty Bank closed a day at 19913 with huge loss of nearly 4 percent, immediate support for Nifty Bank is coming near 19740-19400 zone and resistance is coming near 20200-20500 zone.
Benchmark indices ended 1.5 percent lower on June 15 on the back of weak global cues with Nifty below 9850 level.
At close, the Sensex was down 552.09 points or 1.63% at 33228.80, and the Nifty was down 159.20 points or 1.60% at 9813.70. About 1308 shares have advanced, 1223 shares declined, and 170 shares are unchanged.
GAIL, Wipro, HCL Technologies, Reliance Industries and Sun Pharma were among major gainers on the Nifty, while losers included IndusInd Bank, Axis Bank, Tata Motors,Bajaj Finance and NTPC.
Except pharma and PSU Bank index, other indices ended in the red. BSE Midcap index fell 1 percent.
Gold prices dropped on Monday, as the dollar hovered close to a more than one-week high, despite fears of a second wave of coronavirus infections in Beijing denting risk appetite.
The company posted 26 percent fall in its Q4 net profit at Rs 57 crore versus Rs 77.1 crore and revenue was down 6.7% at Rs 520.4 crore versus Rs 558 crore, reported CNBC-TV18.
We managed to respect the support of 9700 by bouncing from the intra day low of 9725. The Nifty has gone sideways now and will trade in a range between 9700 and 9950. If it goes past 9950, we should target 10200 and if we break 9700, we should fall to 9550.
The company's net profit declined 5.9% YoY to Rs 103 crore against Rs 109.5 crore and revenue was down 6.3% Rs 502 crore versus Rs 535.7 crore, reported CNBC-TV18.
