Nifty 50 again hits its new lifetime high, with major indices witnessed a continued small upward momentum. Diagnostic & Healthcare stocks like Metropolis, Thyrocare & Lalpath Labs were among the Top outperformers, closing the day with the addition of a fresh long position. 35000—36000 is the range for the Bank Nifty. The overall action still remains outside this basket.
Domestic indices closed with modest gains on Monday as declining COVID-19 cases and positive global stocks boosted sentiment. Nifty50 managed to close above the 15,750 level after hitting a fresh record high of 15,807.85 in mid-afternoon trade.
Sensex and Nifty extend gains. Strong buying interest seen in utility, media, and power stocks. Selling pressure witnessed in select financial stocks. The barometer index, S&P BSE Sensex, added 228.46 points or 0.44% at 52,328.37, Nifty 50 index gained 81.40 points or 0.52% to 15,751.65 and Bank Nifty rose with 152 points or 0.43% to 35443.65.
Most of the sectors are closed in green except Nifty Pharma, Nifty Metal and Nifty Realty closed in the red. S&P BSE Utilities biggest sectoral gainer, up 3.33%
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.8% while the S&P BSE Small-Cap index added 1.43%.
Coal India:- Coal India’s (CIL) e-auction sales are beginning to look up as the company posted 52.5 % growth. In The first two months of the ongoing fiscal.
Above 158 stock looks positive the targets will be 162++. with the stop loss of 154.
NTPC:- NTPC signs up for UN Global Compacts save water mandate.
The stock gave a fresh breakout, a day before yesterday, and today’s stock showed a good bullish movement for entire day. Buy at CPM or at 117.20 for the target of 123 with the stop loss of 112.
Technical View of Indices
Nifty 50 moved in sideways trend again on Monday, firmly planted in wait-and-watch mode. The index was up almost 0.50% and the only thing notable about that was that it was enough to set new record highs. From the last few days’ a kind of price action we have seen on the charts, that every 100 points upside level should be treated as an immediate resistance, now the level comes at 15900. After that, the next major hurdles came at 16000. On the flipside 15600—15525—-15450 are to be seen as key support levels.
Looking at the options data, Nifty Open Interest Put Call Ratio is at 1.40 levels, maximum call open interest is seen around 16000 followed by 15900 levels whereas maximum Put open interest was seen in the region of 15600 levels indicates a range of trading in the upcoming session.
Nifty Futures strategy for the day
Resistance comes at 15550 and support lays down at 15650.
Strategy – Fresh buy above 15850 for the targets of 15900—160000 on the upside, or Else it could test its support level of 15650.
Financial Index started off the session almost flat and in line with the last couple of sessions the momentum was missing. In the initial hour of trade, the index inched towards 35750 levels but failed to sustain at higher levels and we have witnessed selling pressure at those levels. PNB emerged as the top laggard of the day after the Q4 result. As far as the Bank Nifty levels are concerned, around 35000 mark is the immediate demand zone; whereas, on the higher side 35800—36000 shall be looked at as a resistance area.
Nifty Bank Futures strategy for the day
Resistance at 36000 and Support at 35000.
Strategy – Either buy above 36000 for the targets of 36800—37500 or Sell below 35000 for the downside target of 34000.
Top Stocks Recommendations (08th June 2021)
The stock has given a breakout of a strong consolidation zone and ready to touch its previous highs. Traders are advised to do buying around 1130 levels for the upside target of 1160 and then to 1190 levels in the days to come.
Support and stop-loss remains at 1050 levels on a closing basis.
The stock has given breakout to its previous resistance level and ready for a fresh move towards upside. Traders are advised to do buying above 2100 levels for the upside target of 2150 and then to 2200 levels in the days to come.
Support and stop-loss remain at 2055 levels on a closing basis.
Traders can trade safely in above mentioned indices and stock recommendations with levels only. More will update to our WhatsApp followers during the market hours. To join our FREE WhatsApp broadcast list, click on the image given below.
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