Indian Stock Market witnessed a negative day of trade as broad profit booking weighed in. Financials stocks were under stress resulting in Bank Nifty underperformed the Nifty 50 index. Nifty Midcap index closed ~0.6% lower. Large cap stocks saw some unwinding of long positions. 15600 followed by 15500 are the significant support levels of Nifty in the near term.
Stock Market Overview
Benchmark stock indices traded sideways with modest losses in mid-afternoon trade. S&P BSE Sensex, slipped 333.93 points or 0.64% at 51941.64. Nifty 50 index lost 104.75 points or 0.67% at 15,635.35; Nifty index hit a record high of 15,800.45 in early afternoon trade and Bank Nifty decline 284.8 points or 0.81% to 34800.50.
A sharp round of profit selling in afternoon trade dragged the benchmarks indices lower.
Sensex and Nifty erase all gains. All the sectoral indices on the NSE were in the red. Selling pressure seen in energy, Autos, and Banking stocks. Negative global stocks triggered profit selling in domestic shares.
Among Individual stocks a volume spike of more than 300%was seen in Granules, REC and Petronet LNG. Selling was broad-based. The BSE Mid-Cap index fell 0.71% and the BSE Small-Cap index lost 0.95%.
RECLTD:- By analyzing the weekly and monthly technical chart we can see that from the last couple of days bulls are playing at the front foot and started to dominate the bears. Today bulls made a high of 168.50 the level which is near to resistance level of 170 lines and a horizontal line.
Buy above 170 for the upside target of 180 with the Stop Loss of 160.
PETRONET:- Sustained move below Ticker averages is likely to keep outlook negative, sustenance below 227.50 could unlock further downside potential.
Sell below 227.50 for the Target of 210 with the stop loss of 245.50
Technical View of Stock Market for today
Nifty started the session on a positive note, but it has faced resistance at the higher levels which ended up giving the gains and leading to profit booking in the index. However, the short-term trend of the index continues to remain positive. Immediate support is around 15600 and then to 15500 levels. Nifty will gain momentum at its support levels. Any sustained weakness below support levels would negate our positive bias. Looking at the technical perspective, the recent strong positive momentum stalled near the resistance of 15870—15900. The mentioned hurdle would now act as a pivotal point and help investors to determine the next leg of a directional move.
Nifty Futures strategy for the day
Resistance comes at 15750 and support lays down at 15550.
Strategy – Fresh buy above 15750 for the targets of 15800—15900 on the upside, or Else it could test its support level of 15550.
Bank Nifty broke its key support level of 35000. Looking at the intraday charts, the index faced resistance around 35400 levels, a lower high lower low kind of pattern was seen and sharp selling pressure from there has taken the index below 35000 levels, currently, an index is trading below its all key moving average. The relevant support to the downside is pegged near the 34200 marks. Any subsequent move towards this level can be seen as a buying opportunity. Bank Nifty’s open interest PCR is at 0.55. Maximum call open interest is seen around 35000 levels.
Nifty Bank Futures strategy for the day
Resistance at 35400 and Support at 34400
Strategy – Either Buy above 35400 for the targets of 35800–36200 or Sell below 34400 for the downside target of 33800.
Top Stocks Recommendations (09th June 2021)
The stock has bounced back from its support levels. Traders are advised to do buying around 80 levels for the upside target of 90 and then to 97 levels in the days to come.
Support and stop-loss remain at 71 levels on a closing basis.
After a sharp fall, we have seen a sharp recovery in the late hours. Catch it above 4725 for the upside move till 4780-4820 levels in days to come.
Support and stop loss below 4650.
Traders can trade safely with given levels only. More will update during market hours.
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