June 28, 2024
3 mins
Indian equity indices continued their rally to fresh record highs on June 28, with Nifty surpassing the 24,100 mark and Sensex reaching 79,600, driven by Reliance Industries and other heavyweights. However, selling pressure at higher levels erased all the day’s gains, causing the indices to end in the red.
At the close, the Sensex was down 210.45 points or 0.27 % at 79,032.73, and the Nifty was down 33.90 points or 0.14 % at 24,010.60.
Despite the day's losses, both the BSE Sensex and Nifty50 index added 2 % each for the week and surged 6.5 % each in June 2024. The indices reached new record highs of 79,671.58 and 24,174, respectively, while the Nifty Midcap 100 index touched an intraday high of 55,927.60.
The market opened with a gap-up at fresh record highs and remained positive in the first half. However, it fluctuated between gains and losses in the second half, finishing near the day's low.
The biggest Nifty gainers included ONGC, Dr. Reddy's Labs, Reliance Industries, SBI Life Insurance, and Tata Motors. Conversely, IndusInd Bank, Bharti Airtel, Axis Bank, ICICI Bank, and Kotak Mahindra Bank were the top losers.
On the sectoral front, healthcare, metal, PSU bank, oil & gas, and realty indices rose 0.5-1 %, while the bank index fell 1 percent and the capital goods index shed 0.4 %. The BSE midcap and smallcap indices each added 0.5 percent.
Nifty may expect an immediate support near 23916 then 23822 and resistances are 24104 then 24198. Now the nifty is looking at a positive range bound trade.
Bank Nifty may expect an immediate support near 51948 then 51554 and resistances are 52736 then 53130. Now the bank nifty is looking at a recovery from lower levels.
PCR Analysis: Nifty PCR-OI has decreased with nifty has negative which shows CALL WRITING.
Open Interest Analysis: Nifty future June contract OI has increased with positive close which shows Long Buildup.
Cost of Carry Analysis: Nifty July month contract has ended in high compare with Aug contract and high range compare with previous sessions which indicates a positive range bound trade.
India VIX Analysis: India VIX has closed at 13.80 vs 14.15 (DoD) basis which shows decrease in volatility.
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