Today’s Market Summarised

A green close to the week with mostly consolidation.

Nifty opened the day at 15,800 with a gap-up and tried to move up a bit. Just at 15,836, the index made a fresh high. At 11 am, 12 pm and 1 pm, quick and sharp falls were seen in the market. 15,750(yesterday’s high) was taken as a support and the index gained back.

Nifty closed the day at 15,799, up 61 points or 0.39%.

Bank Nifty opened the day at 35,300 with a gap-up, but was not at all strong. It kept on falling till after noon, and took support at 34,890 and moved up. The index got back above 35,000 and was able to sustain it. Bank Nifty closed the day at 35,047, down 84 points or 0.25%.

Nifty Metal(+2.69%) and Nifty IT(+1.5%) and Nifty Pharma(+1.05%) closed with gains today. Yesterday’s top gaining sectors Nifty Realty(-1.04%) and Nifty Media(-0.96%) cooled off a bit today.

Asian markets closed flat in the day. European markets are trading in the green with small gains currently.

News Picks

SAIL reported a 26.4% YoY growth in net profit at Rs 3,444 crore for Q4. The stock closed 5% up. With this positivity, steel stocks broke consolidation and moved up.

4 out of top 5 gainers in Nifty 50 were from Nifty Metal. Tata Steel(+3.9%), Coal India(+3.9%) and Hindalco(+2%) gained the most. JindalSteel(+3.8%) and NMDC(+2.4%) also went up.

Coal India has hit a post-covid high today. Can be watched for upcoming sessions.

Ahead of the Reliance Annual General Meet(AGM) 2 weeks from now, stocks related to the company have been seeing good buying. Yesterday, Hathway, Network18 and more moved up. Today, Future Consumer(+18%), Future Retail(+9.9%), Alok Industries(+17.8%) went up.

Dr Reddy’s took support once again at the 5140 zone and shot up. The stock hit a fresh 52-week high today and closed 3% up.

Jaguar launched the updated version of the F-Pace SUV model for Rs 69.99 lakhs. Tata Motors also received an order of 115 ambulances from the Government of Gujarat. The stock closed 1.7% up. 

From Nifty Auto, Ashok Leyland(+3,94%) closed at a 100 day high.

AU Small Finance Bank shot up in the morning with huge buying volumes and closed 5.4% up. The stock is trying to break a beautiful channel and move up after the big fall in April.

With the rupee weakening against the dollar, IT and Pharma stocks found a reason to move up. Indices of both sectors closed at all-time highs.

From IT, TCS and Infy both gained more than 1.5%. OFSS(+4%), LTI(+3.4%) were notable gainers from the index.

British airline Virgin Atlantic partnered with TCS to power recovery & transformation-led growth. TCS stock closed 1.7% up.

Cadila HealthCare(+2.2%) is looking for approval from DCGI for Covid vaccine within a week.

Vakrangee is set to consider the demerger of physical & digital Vakrangee Kendra(Bharat Easy Super App) on June 19. The company says demerger will unlock the value of both businesses. The stock closed at 10% Upper Circuit.

China suspended frozen seafood imports from six Indian firms after traces of virus found on the packaging. Venkys(-1.2%), Avanti Feed(-2.2%), Apex Frozen(-1.3%) fell heavily from day’s high.

Ashoka Buildcon bags order worth Rs 730 crores. Declared as the lowest bidder for the NHAI project. The stock shot up after the news and closed 3.5% up.

Indian Renewable Energy Development Agency (IREDA) has invited bids from solar module manufacturers for setting up solar manufacturing units under the central Govt Rs 4,500 crore Production Linked Incentive (PLI) scheme

Government-run NBCC stock went up 12% after the company informed about the expiry of a 1-year extension given to Director Rajendra Chaudhari. Also, lenders of bankrupt Jaypee Infratech are voting for bids of NBCC and Suraksha Group next week.

Markets Ahead

Once again a day of consolidation in the market!

Nifty has closed at record highs in the day, following U.S markets.

Yesterday, we had talked about how the market would look bullish if Nifty closes above 15,800. Today is close enough with the index ending at 15,799 for the day.

Reliance once again moving up and is close to its recent highs.  A breakout in the stock is expected ahead of the company’s AGM. Sadly, HDFC Bank is still weak with even 1,500 not being broken. Keep watching this level.

I feel that next week we may see Nifty at 16,000 and above. The 15,500 mark is likely to act as good support going ahead and the bulls are ready. Once again, moves with consolidation are expected with the India VIX now at 14.

Expecting some buying from both Foreign and Domestic Institutions next week if global cues remain positive!

Hope you had a great week in the market! Let us know in the comments of marketfeed App how this week went by for you.

Catch you all on The Stock Market Show tonight!