On June 20, the Indian stock market ended in the green amid a volatile trading session. Benchmark indices opened flat but witnessed profit-booking as the day advanced, influenced by weak global cues. However, during the second half of the trading session, buying activity reversed the earlier losses, resulting in a positive close for the day.
NIFTY: The index opened flat at 18,752 and made a high of 18,839 before closing at 18,816. Nifty has formed a bullish candle on the daily chart with a long lower shadow, which indicates a near-term uptrend. Its immediate resistance level is now placed at 18,900 while support is at 18,690.
BANK NIFTY: The index opened 36 points lower at 43,597 and closed at 43,766. Bank Nifty has formed a bullish candlestick pattern after taking support at the recent low of around 43,400. Its immediate resistance level is now placed at 44,000 while support is at 43,250.
Stocks in Spotlight
▪ Thyrocare Technologies: Stock jumped nearly 7% after 29.11 lakh shares, representing 5.5% equity, changed hands on the BSE at an average price of Rs 488/share.
▪ Dynacons Systems & Solutions: Stock gained 5% after the company received a Rs 79.47-crore order from Union Bank of India.
▪ Zee Entertainment Enterprises: Stock fell over 6%, a day after the Securities Appellate Tribunal (SAT) adjourned the Zee plea against a Sebi order till June 26, delaying the entertainment major's merger with Sony Pictures Networks India.
▪ People's Bank of China cut key policy rates for the first time in 10 months.
▪ Investors exhibited caution on Tuesday, leading to a decline in European stock markets, amid concerns about the global economic outlook. Recent data from China has heightened apprehensions, further contributing to the cautious sentiment among investors.
▪ All eyes now on UK's upcoming inflation data and monetary policy announcement.
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