On June 21, the Nifty made a predictable move to reach its previous intraday all-time high, following a strong rebound in the previous session. Although it fell short of achieving that milestone, it concluded the day at a new record closing high. Today's positive momentum was mainly led by power, oil & gas, and IT stocks.
NIFTY: The index opened 33 points higher at 18,849 and made a high of 18,875 before closing at 18,856. Nifty has formed a Doji sort of candlestick pattern on the daily chart, indicating a tug-of-war between the bulls and bears. But it also registered a higher high, higher low formation. Its immediate resistance level is now placed at 18,900 while support is at 18,690.
BANK NIFTY: The index opened 128 points higher at 43,894 and closed at 43,859. Bank Nifty has formed a Doji kind of candlestick on the daily chart which indicates battle between the bulls and the bears. Its immediate resistance level is now placed at 44,000 while support is at 43,500.
Stocks in Spotlight
▪ Rail Vikas Nigam Ltd: Stock gained 4% in early trade today after the company received 3 Letters of Acceptance from Chennai Metro Rail for various underground stations.
▪ Shree Cements: Stock slipped over 1% after CNBC-TV18 reported that Income Tax Department was conducting surveys at five company locations.
▪ HDFC: Stock ended 1.6% higher on CCI approval for acquisition of stake in HDFC Life, HDFC Ergo
▪ Nvidia's stunning stock rally has hit a new milestone as the AI frenzy fuels interest in the Santa Clara based chipmaker.
▪ UK inflation came in hotter than expected in May, as consumer prices rose by an annual 8.7%, unchanged from the previous month. Economists polled by Reuters had projected an annual rise in the headline CPI of 8.4%.
▪ Russia's economy is likely to shrink again this year as Putin's war on Ukraine worsens inflation and labor shortages.
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