POST-MARKET SUMMARY 28 June 2023
On the expiry day of June 28, Nifty surpassed its previous highs and achieved a significant milestone by crossing the major resistance level of 19,000. The trading volumes on the National Stock Exchange (NSE) were much higher compared to the recent average for a monthly Futures and Options (F&O) expiry day. We also saw positive performance in global stocks amid unexpected positive economic news from the United States alleviating concerns about global growth. The Indian stock market will remain shut on June 29, on account of the Bakri Id.
NIFTY: The index opened 91 points higher at 18,908 and made a high of 19,011 before closing at 18,972. Nifty has formed a bullish candlestick pattern on the daily chart, making higher tops and bottoms formation for second consecutive session. Its immediate resistance level is now placed at 19,110 while support is at 18,900.
BANK NIFTY: The index opened 298 points higher at 44,419 and closed at 44,327. Bank Nifty has formed a bearish candlestick pattern on the daily chart, but maintained higher highs and higher lows formation for second straight day. Its immediate resistance level is now placed at 44,500 while support is at 44,150.
Stocks in Spotlight
▪ InterGlobe Aviation Ltd: Stock gained over 3% as the airline became India's first aviation company to cross Rs 1 trillion market cap after its shares hit a record high today.
▪ BEML: Stock gained 2.4% after the company bagged an order worth Rs 385 crore for high mobility vehicles.
▪ Shalby: Stock rose over 2.5% after the company inked pact with Divine Super Specialty Hospital in Ranchi, to establish a Franchise-Owned-Shalby-Managed (FOSM) hospital in the region.
Global News
▪ Asia-Pacific markets were mixed as Australia inflation slowed and China's industrial profits shrunk in May.
▪ The U.S. dollar remained flat on Wednesday, with resilient economic data easing investor worries over a recession and reducing risk sentiment.
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