Broader markets outperformed benchmark indices with midcap and small cap indices soaring over 1.5% each. Gains were seen across sectors led by PSU Banks, Metals, Pharma, IT, and Realty indices. Selling pressure seen in the select auto stocks. Nifty 50 formed a small bullish candle on the daily chart. It seems we may see some consolidation going forward in the 15,600–15,800 zones, which is the immediate support and resistance respectively. A breakout on either side will decide the final trend of the market.
Stock Market Overview
Sensex and Nifty rebound sharply after two days of losses. Financial, media, realty, and real estate stocks in high demand. Equity indices ended with strong gains on Thursday amid positive global cues. Nifty50 closed near the 15,750 level. All sectoral indices on the NSE ended in the green.
S&P BSE Sensex rose 358.83 points or 0.69% at 52,300.79, Nifty 50 index gained 102.40 points or 0.65% at 15,737.45 and Bank Nifty earned 330.70 points or 0.95% at 35131.20.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 1.26% while the S&P BSE Small-Cap index added 1.73%.
Cipla – Nifty Pharma is the witness of the bull side at the end of the market. Cipla gained 1.62% and showing a fresh breakout from its consolidated range.
Buy near 975 or at CMP for the target of 985 with the stop loss of 966.
SBIN – Nifty PSU index closed in green where SBIN gained 2.05 and stock takes a pullback from the previous close. Bull overtake bear n continue the bullish trend in the stock.
Buy above 434 for the target 440 with the stop loss of 428.
Technical View of Index
Nifty formed a green candle after a bearish move in the previous session. Now Nifty has near support around 15650 and next resistance at around 15780. Break and sustain above 15780 will see fresh momentum till 15830-18870 levels in days to come.
Fresh weakness may expect on an hourly close below 15650 levels till 15580-15520 levels.
Nifty Futures strategy for the day
Strategy – Traders can buy Nifty above 15780 for the upside till 15830-15860 levels. Support and stop loss below 15710.
We have seen a short-covering from lower levels in Bank Nifty. It has formed a green candle in yesterday’s trading session. Bank Nifty has now near support around 34800 and next major resistance at around 35400–35500.
Fresh weakness may expect on the break below 34800 levels till 34600–34400 levels in days to come. Buy-on dips around support will be the best trading strategy for the upcoming session.
Nifty Bank Futures strategy for the day
Strategy – Buy Bank Nifty on dips around 35100 for the target of 34350-35500 levels. Support and stop loss below 34800.
Top Stocks Recommendations (11th June 2021)
The stock formed a bullish pattern on the daily chart. Catch it above 74 for the upside move till 78 and then to 80 levels.
Support and stop loss below 70.
SBI LIFE (FUTURES)
The stock formed a bullish pattern on the daily chart and ready for the fresh breakout. Buy above 1010 for the upside move till 1030 and then to 1040 levels in days to come.
Support and stop loss below 990.
Traders can trade safely in Nifty, Bank Nifty and given stock with given levels only. More will update during market hours to our WhatsApp and Telegram followers.
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